MarketsandMarkets New release: Radiation Detection Monitoring Safety Market Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2026

MarketsandMarkets New release: Radiation Detection Monitoring Safety Market  Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2026

The key factors propelling the growth of this market are growing security threats, the growing prevalence of cancer worldwide, increasing radiation safety awareness, growth in the number of PET/CT scans, and the increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment.

[240 Pages Report] The global radiation detection, monitoring, and safety market is expected to grow at a CAGR of 6.9% during the forecast period to reach USD 3.1 billion by 2026 from an estimated USD 2.2 billion in 2021.

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COVID-19 has disrupted healthcare services in most countries worldwide; the worst affected are the US, Russia, Spain, Italy, the UK, India, Germany, and Iran. Many countries across the globe have seen non-urgent diagnostic imaging surgeries being postponed due to the pandemic.

The COVID-19 pandemic has significantly impacted the buying capacity of hospitals, especially small-scale hospitals and scanning centers. According to an article in Livemint, private hospitals in India have faced revenue losses of up to 90% due to the COVID-19 pandemic. The pandemic has also impacted the operation of manufacturing companies. Companies are functioning with a limited workforce. Moreover, the turnaround time for delivering products and services has been affected due to newer packaging protocols and lockdown measures imposed by countries.

The COVID-19 pandemic has also impacted nuclear power and the nuclear fuel industry on both the supply and demand sides. According to the International Association for Energy Economics, the demand for electricity in the US will decline by 3% in 2020. Similarly, in France, where nearly 75% of electrical generation is supplied from nuclear energy, electricity demand is projected to be down 15–20%. Additionally, the delay in reactor construction coupled with the decline in electricity demand is expected to negatively affect nuclear power output in the 2021–2025 period

DRIVER: Rising military expenditure to drive the market for homeland security applications
In the defense industry, common sources of radiation exposure include nuclear submarines or nuclear ships; the handling, detonation, and maintenance of nuclear weapons; depleted uranium weapons and military equipment; and nuclear waste transport and storage. The possibility and risks of exposure to high radiation levels have driven the use of monitors and detectors in this application area. Consequently, the rising government expenditure on defense has proved favorable to manufacturers of radiation detection and monitoring devices.

The emergence and wide expanse of terrorist organizations, unstable geopolitical climate, and the development of several radiological and nuclear technologies have also posed threats to homeland security. Realizing the potential human and economic loss caused by these threats, security, military, and defense organizations have increased their investments for effectively detecting and preventing radiological attacks.

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Key Market Players

Some of the major players operating in this market are Thermo Fisher Scientific (US), Mirion Technologies, Inc. (US),Fortive (US). In 2020, Thermo Fisher Scientific held the leading position in the radiation detection, monitoring, and safety market. The company offer radiation detection & monitoring products which are widely used by people across globe across various industries. Mirion Technologies, Inc. held the second position in the radiation detection, monitoring, and safety market in 2020.

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