Global Medical Radiation Detection, Monitoring & Safety Market
Various fields, including industries, agriculture, and medicine, are known to utilize radiation power extensively for facilitating their work processes. It is being used in modern medical treatments, especially for the cancer treatment, as radiation helps in weakening and destroying particular cancer cells. Modern medicine uses radiation power to obtain diagnostic information about a specific organ of the patient for treatment. Medical imaging makes use of radiation to help diagnose and detect diseases at an early stage. For instance, exploratory cardiac catheterization is replaced with CT scan for the detection of polyp in the body, which can turn cancerous if not detected at an early stage.
The global medical radiation detection, monitoring, and safety market is segmented into detector type, monitoring products, and safety products. Various types of detectors include solid-state detectors, liquid filled detectors, and scintillators. Solid-state detectors, which provides good accuracy and reproducibility, are used to perform in vivo dosimetry and quality control for both radiotherapy and radiology.
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Global Medical Radiation Detection, Monitoring, and Safety Market Dynamics
Increasing use of radiation therapy for treatment and diagnosis purposes is expected to fuel growth of medical radiation detection, monitoring, and safety market. According to a study conducted by the National Academics of Sciences Engineering and Medicine in 2016, over 400 million diagnostic examinations and around150 million dental X-ray examinations were performed in the 2015. Surging prevalence of cancer, rising awareness about the use of radiation therapy to treat diseases, and favorable reimbursement policies are other significant factors fueling the growth of the global medical radiation detection, monitoring, and safety market. In 2016, the U.S. Department of Health & Human Services reported that over 80% people in the U.S. have some form of medical insurance. Mergers and acquisitions adopted by major players are also expected to drive growth of medical radiation detection, monitoring, and safety market. For instance, in 2014, Elekta, a Sweden-based company acquired Medical Resonant Inc., a Canada-based company. Through this acquisition, Elekta added new solutions for image guidance and R&D resources in the field of oncology imaging to their product portfolio. Moreover, innovations in the field of radiation therapy are likely to boost the global market growth. For instance, in 2017, QFix, a U.S.-based company, launched Access 360 G2 and Access Prone G2, a radiotherapy positioning technology for precise treatment of breast cancer. These devices help reduce radiation dose to a healthy tissue, while improving patient comfort.
However, lack of skilled technicians to use radiation therapy devices and high cost of radiation therapy devices are prominent factors that limit the global market development.
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Global Medical Radiation Detection, Monitoring, and Safety Market -Regional Analysis
North America is expected to witness significant growth in the global medical radiation detection, monitoring, and safety market over the forecast period, due to new innovations taking place in radiation therapy in the region. For instance, in April 2018, Varian Medical Systems, a U.S.-based company launched 4.0 velocity cancer imaging software with selective internal radiation therapy dosimetry analysis. This software includes Rapidsphere, a module used for Selective Internal Radiation Therapy (SIRT) dosimetry analysis. Rapidsphere provides the ability to understand tumor response and normal tissue toxicity for individual patients receiving SIRT.
As per the latest report, Asia Pacific would witness considerable growth in the global medical radiation detection, monitoring, and safety market over the forecast period, on account of the effective reimbursement policies implemented by various governments. For instance, the Central Government Health Scheme in India has taken initiative to reimburse medical expenses within six months of treatment of diseases such as cancer and cardiovascular diseases. Furthermore, Europe is expected to witness growth in the market due to high prevalence of cancer. According to a study conducted by the European Cancer Organization, in 2017, over 1.7 billion people were diagnosed with cancer, out of which around 20% of the people died due to late treatment and diagnosis.
Global Medical Radiation Detection, Monitoring, and Safety Market -Competitive Landscape
The key players operating in the global medical radiation detection, monitoring, and safety market include Thermo Fisher Scientific Inc., Canberra Industries Inc., Bar-Ray products Inc., Protech Radiation Safety, ProtecX, Landauer Inc., Mirion Technologies Inc., Amtech Inc., and Biodex Medical Inc.
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