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The radiation detection, monitoring, and safety market was valued at USD 2.53 billion in 2018 and is expected to reach USD 3.56 billion by 2024, registering a CAGR of 6.3% during the forecast period (2019

NEW YORK, Sept. 11, 2019 /PRNewswire/ --

Market Overview
The radiation detection, monitoring, and safety market was valued at USD 2.53 billion in 2018 and is expected to reach USD 3.56 billion by 2024, registering a CAGR of 6.3% during the forecast period (2019-2024). The market is constantly driven by regulatory requirements and evolving customer needs. The increased use of radioactive materials in areas, such as power production, industrial processing, research and processing, and the security sector, intensified the need for equipment offering protection against radioactive radiations.

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- The increased stability of manufacturing industries is likely to augment the growth of the market during the forecast period. Usage of radiography testing in the manufacturing industry to test the quality of manufactured goods and to inspect flaws is also likely to fuel the growth of the market.
- Increasing incidence of cancer is leading to high awareness, related to the harmful effect of radiation. Government and environmental protection agencies are introducing rules and regulations and imposing limitations on radiation levels.
- Furthermore, countries spend significantly in the development of nuclear weapons and facilities, which is expected to boost the adoption of radiation detection, monitoring, and safety equipment. According to the Federation of American Scientists, the United States and Russia are among the countries with the maximum number of nuclear weapons as of May 2019.
- Increased use of radioactive materials across areas, such as diverse industrial processes, power production, and the defense sector, coupled with the heightened global threat of terrorist-operated nuclear weapons, has intensified the need for reliable equipment that offers protection from radioactive radiation.

Scope of the Report
The detection and monitoring products segment includes personal dosimeters, area process monitors, environmental radiation monitors, surface contamination monitors, and radioactive material monitors. The Safety products segment covers the products used for the safety of hands, face, and body. The homeland security segment covers hardened equipment desired to meet military standards including personal dosimeters, survey meters, area and air monitors, and a variety of identification equipment.

Key Market Trends
Medical and Healthcare Segment Occupies the Largest Market Share

- The medical and healthcare industry accounts for the highest market share, owing to the increasing use of dosimeters and detectors in radiology, emergency care, dentistry, nuclear medicine, and therapy applications. Various forms of radiation are used in medical diagnostics and treatment. All forms are potentially dangerous, and exposure must be carefully controlled to ensure that the benefit to patients outweighs the risks from exposure.
- X-ray diagnostics (general and dental radiography) and therapies, which make use of radioisotopes in oncology and some other serious diseases, attribute to the primary contribution to the dose absorbed by a person from human-made radiation sources. The upcoming diagnostic and therapeutic methods, based on the use of radioactive elements, are also being adopted.
- Radiation (radioisotope) therapy remains one of the main approaches to fight cancer. To reduce the negative impact of radiation on the personnel of healthcare facilities, the market vendors are offering personal dosimeters and automated systems of personal dosimetry control. Moreover, with the increasing cancer cases across the globe, the market is expected to witness growth.

North American Region Occupies the Largest Market Share

- As per the World Nuclear Association, the United States, the world's largest producer of nuclear power, accounted for more than 30% of worldwide nuclear generation of electricity. Currently, the United States has 98 operating nuclear power reactors in 30 states, operated by 30 different power companies. Strict regulations for workers' safety in the nuclear industry are expected to drive its demand in the country.
- The leading stance of North America in the global market can majorly be credited to the fact that most of the major vendors in the global radiation detection, monitoring, and safety market are based in the US. Favorable government support through incentives and regulatory support to research and development in the field are expected to allow North America to retain its dominant position.
- Further, the incidences of cancer across the region are leading to high awareness related to the harmful effect of radiations, and the environmental protection agencies are initiating rules and regulations as well, thereby, enforcing limitations on radiation levels.

Competitive Landscape
The radiation detection, monitoring, and safety market is moderately concentrated moving towards the fragmented stage and features a significant amount of innovation derived from basic scientific research. Major players with a prominent share in the market are focusing on expanding their customer base across the served end-user industries. The companies leverage on strategic collaborative initiatives to increase their market share and profitability. The companies operating in the market are also acquiring start-ups working on Radiation Detection, Monitoring, and Safety technologies to strengthen their product capabilities.

-March 2019 - Radiation detection vendor, Arktis Radiations Detectors developed a new flat panel gamma (FPG) detector which assists to improve significantly the capability for detecting radioactive sources in a variety of applications. The slim form factor of Arktis' new detector means that gamma detectors can now be placed in areas where it was previously unfeasible or untenable for cost reasons.
-December 2018 - Arktis deepened its relationship with BrightSpec NV/SA, signing an exclusive license agreement to distribute the BrightSpec Compact Digital Multi-Channel Analyzer (bMCA) in the US Homeland Security market. Arktis has previously deployed BrightSpec bMCA technology for gamma detection, on its deployed fleet of vehicle radiation portal monitors and in US government test programs.

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