Medical Radiation Detection, Monitoring & Safety Market Worth $1,207 million - Impact of Covid 19 Detailed Analysis
(EMAILWIRE.COM, October 24, 2020 ) According MarketsandMarkets Research - The Global Medical Radiation Detection, Monitoring and Safety Market size is projected to reach USD 1,207 million by 2025 from USD 949 million in 2020, at a CAGR of 4.9% during the forecast period.
COVID -19 Impact on the Medical Radiation Detection Market;
COVID-19 has disrupted healthcare services in most countries worldwide; the worst affected so far are the US, Russia, Spain, Italy, the UK, India, Germany, and Iran. A number of countries across the globe have seen non-urgent diagnostic imaging surgeries being postponed due to the pandemic.
The American College of Radiation supports guidelines suggested by the CDC that advises medical facilities to reschedule non-urgent outpatient visits. Non-urgent procedures include non-urgent imaging and fluoroscopy procedures, such as screening mammography, lung cancer screening, non-urgent computed tomography (CT), ultrasound, magnetic resonance imaging (MRI), plain film X-ray exams, and other non-emergent or elective radiologic and radiologically guided exams and procedures.
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Market Segmentation in Depth:
Based on the detector type, the medical radiation monitoring market is segmented into gas-filled detectors, solid-state detectors, and scintillators. In 2019, the gas-filled detectors segment accounted for the largest market share of medical radiation detection and monitoring market . The large share of this segment can be attributed to the favorable performance-to-cost ratio of gas-filled detectors coupled with their wide application in the medical imaging field.
Based on products, the medical radiation safety market is segmented into full-body protection, face protection, hand safety, and other medical radiation safety products. In 2019, the full-body protection products segment accounted for the largest market share of medical radiation safety market . The growing number of radiological procedures performed and increasing awareness among physicians, radiologists, and patients are driving the growth of the full-body protection products segment.
Growth Driver: Increasing use of nuclear medicine and radiation therapy for diagnosis and treatment;
According to the World Nuclear Association, more than 40 million nuclear medicine procedures are performed every year, and the demand for radioisotopes is increased at a rate of 5% annually (data as of May 2020). Radioisotopes are used by nearly 10,000 hospitals across the globe. In the US alone, annually, more than 20 million nuclear medicine procedures are performed. According to the World Nuclear Association, North America dominates the diagnostic radioisotopes market and accounts for ~50% of the market share (the US is the largest contributor to the North American diagnostic radioisotopes market), followed by Europe which accounts for a share of ~20%.
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Based on the region, the medical radiation safety market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America accounted for the largest share of the medical radiation detection, monitoring and safety market. The large share of North America can be attributed to factors such as increasing awareness about radiation safety, growing number of radiodiagnostic procedures performed, and ongoing research aimed at the development of new and advanced radiation detection, monitoring, and safety products.
Some of the major players operating in this market are Fortive Corporation (US), Mirion Technologies (US), and Thermo Fisher Scientific (US). In 2019, Fortive Corporation held the leading position in the medical radiation detection, monitoring and safety market. The company has a presence in more than 50 countries. Moreover, the companys strong brand recognition and comprehensive product portfolio in the medical radiation detection, monitoring and safety market is its key strength. Mirion Technologies held the second position in the medical radiation detection, monitoring and safety market in 2019.
Mr. Aashish Mehra
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