Radiation detection monitoring and safety market size to grow by USD 1.48 billion between 2021 and 2026; Growth driven by increasing military expenditure - Technavio
NEW YORK, March 28, 2023 /PRNewswire/ -- The radiation detection monitoring and safety market size is estimated to grow by USD 1.48 billion between 2021 and 2026, progressing at a CAGR of 7.21% during the forecast period, according to Technavio. The market is driven by increasing military expenditure. Globally, the spending on the military grew by 6.1% and accounted for USD 2.1 trillion in 2021. This can be attributed to increased R&D spending for the development of next-generation technologies. Also, the global expenditure on the military continued to grow amid the outbreak of the COVID-19 pandemic. All these factors have increased the growth opportunities for vendors that offer radiation detection monitoring and safety solutions, which is driving the growth of the market. For more insights on the market size (2022 to 2026) - Request a sample report
Radiation Detection Monitoring and Safety Market 2022-2026: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our radiation detection monitoring and safety market report covers the following areas:
Radiation Detection Monitoring and Safety Market 2022-2026: Regional Analysis
North America will account for 34% of the market growth during the forecast period. The growth of the regional market can be attributed to the strong presence of key vendors, the increasing adoption of technologically advanced radiation detection, monitoring, and safety devices, and growing demand from various end-users. The growth of the radiation detection monitoring and safety market in North America will also be driven by factors such as the rising number of PET/CT scan procedures performed on patients, increasing R&D activities in nuclear medicine and radiation therapy for the diagnosis and treatment of various diseases, and the growing prevalence of cancer.
Radiation Detection Monitoring and Safety Market 2022-2026: Segmentation
The radiation detection monitoring and safety market is segmented as below:
The market growth in the healthcare segment will be significant during the forecast period. The increasing use of radiation-based equipment in the diagnosis and treatment of various health conditions and the increasing adoption of diagnostic nuclear medicine equipment are driving the growth of the segment. Also, the increasing number of interventional procedures that involve medical radiation is driving the growth of the segment.
Learn about the factors impacting the future of the market across various segments and
Radiation Detection Monitoring and Safety Market 2022-2026: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the radiation detection monitoring and safety market, including some of the key vendors. Backed with competitive intelligence and benchmarking, our research report on the radiation detection monitoring and safety market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
The global radiation detection, monitoring, and safety market is fragmented due to the presence of many vendors. Vendors are trying to expand their product portfolios by launching new variants of radiation detection, monitoring, and safety products. Some vendors are launching new radiation detection, monitoring, and safety devices, such as hybrid wearable and smart home devices, to expand their product portfolios and gain a competitive edge in the market. Also, vendors compete based on price, product performance, R&D, technological innovations, strategic collaborations, market expansion, and distribution networks. The competition is likely to become more intense during the forecast period with the launch of new, innovative products. Hence, the threat of rivalry was high in 2021, and it is anticipated to remain unchanged during the forecast period. Some of the key vendors covered in this report include:
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Radiation Detection Monitoring and Safety Market 2022-2026: Key Highlights
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Table of contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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