Market Trends of Radiation Detection, Monitoring, And Safety Industry
Medical and Healthcare Industry to be the Largest End User
- The medical and healthcare industry accounts for major market shares due to the increasing adoption of dosimeters and detectors in radiology, emergency care, dentistry, nuclear medicine, and therapy applications. Several forms of radiation are being used in medical diagnostics and treatment. However, all forms are potentially dangerous, and exposure must be carefully controlled to ensure that the benefit to patients outweighs the risks from exposure.
- According to the Society for Radiological Protection, naturally occurring background radiation is the primary source of exposure for most people, contributing about 88% of the annual dose to the population, while medical procedures contribute most of the remaining 12%.
- Additionally, the increasing number of nuclear power facilities worldwide is increasing the demand for radiation monitoring equipment. Byproducts of these power plants can be used in the healthcare industry. Incidentally, hospitals have been promoting the installation of diagnostic radiology equipment accompanied by medical isotopes administered to patients.
- The increasing investments in cancer therapy within the regions witnessing an increase in diagnosed patients are further expected to increase the demand for radiation therapy and medical devices. According to the American Cancer Society, over 18 million Americans were reported to have cancer in the year 2022. It is estimated that over 2 million new cancer cases are predicted to be diagnosed in the United States in 2024. The data provided in the graph shows that the radiation therapy segment is among the major categories. Therefore, increasing cancer treatment cases may create an opportunity for the market vendors.
- According to Canadian Cancer Society data revised in November 2022, about 233,900 people were living with cancer in Canada in 2022. The Globocan estimates that globally, there will be more than 30 million individuals living with cancer by the year 2040. Thus, the high burden of cancer worldwide is expected to propel the market's growth in the coming years.
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Asia-Pacific to Witness Major Growth
- Asia-Pacific is expected to witness significant growth in the global market in terms of revenue, owing to the rising focus on nuclear power for electricity generation to meet the growing energy demands and rising stringent regulation for human and environmental safety among the emerging countries, such as China, India, and Japan.
- For instance, according to Exxon Mobil, it is anticipated that in 2040, the nuclear energy demand in Asia-Pacific will amount to approximately 22 quadrillion BTUs. That year, the world's nuclear energy demand is expected to account for 45 quadrillion BTUs.
- According to EIA, there are 55 operable nuclear power reactors in China as of May 2023. According to the National Bureau of Statistics of China, in January and February 2024, the electricity output from nuclear power plants was 69 terawatt-hours. That year, the monthly nuclear electricity production fluctuated between 30 and 40 terawatt-hours in the country.
- Radiation detection, monitoring, and safety are crucial in the manufacturing sector's non-destructive testing (NDT) processes. NDT techniques like radiography, gamma-ray scanning, and neutron radiography rely on radiation to inspect materials and components without causing damage.
- One of the primary factors fueling the region's demand for radiation detection, monitoring, and safety is its rapidly advancing healthcare infrastructure. As India continues to invest in modernizing its medical facilities, there is a growing emphasis on incorporating advanced diagnostic and imaging technologies.
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