Radiation power is used in various fields such as industries, agriculture, and medicine to benefit humankind. It is widely being used in modern medical treatments, especially for the treatment of cancer, as radiation helps in weakening and destroying particular cancer cells. Modern medicine uses radiation power to obtain diagnostic information about a patient’s specific organ for treatment. Medical imaging helps in diagnosing and detection of diseases at early stages. For instance, exploratory cardiac catheterization is replaced with CT scan for the detection of polyp in the body, which can turn cancerous if it is not detected at the early stage. 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.
Medical Radiation Detection, Monitoring, and Safety Market: Drivers
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. Increasing prevalence of cancer, rising awareness about use of radiation therapy to treat diseases, and favorable reimbursement policies are other factors that drive growth of medical radiation detection, monitoring, and safety market. According to a study conducted by the U.S. Department of Health & Human Services in 2016, 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 is expected to boost growth of medical radiation detection, monitoring, and safety market. 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 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 factors that hamper growth of the market.
Medical Radiation Detection, Monitoring, and Safety Market: Regional Analysis
North America is expected to witness significant growth in the medical radiation detection, monitoring, and safety market over the forecast period due to new innovations 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.
Asia Pacific is expected to witness significant growth in the medical radiation detection, monitoring, and safety market over the forecast period due to reimbursement policies made by the government. For instance, the Central Government Health Scheme in India has taken initiative to reimburse medical expenses within 6 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 Organisation, 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.
Medical Radiation Detection, Monitoring, and Safety Market: Competitive Landscape
Key players operating in the 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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