Radiation Detection Market: Growth Drivers in Healthcare, Nuclear, and Industrial Sectors

The global radiation detection monitoring safety market, valued at US$2.7 billion in 2023, is forecasted to grow at a robust CAGR of 8.3%, reaching US$2.9 billion in 2024 and an impressive US$4.4 billion by 2029. Factors influencing the growth of this market are majorly cancer prevalence, safety awareness for radiation exposure, growth in the number of radiation-based scans such as CT/PET, and increasing radiation therapy. On the other hand, various alternatives such as renewable energy and the shortage of nuclear power workforce are restraints.

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Developing economies such as India, Russia, South Korea, Brazil and South Africa are expected to offer potential growth opportunities for major players operating in the radiation detection, monitoring and safety market. India is planning in nuclear power plant projects to reduce costs and construction time. As per the Department of Atomic Energy (DAE), India has planned new 17 nuclear power reactors. Furthermore, India focuses on nuclear power to meet its future electricity needs. For instance, as per the World Nuclear Association, India aims to supply 25% of electricity from nuclear power by 2050.According to the World Nuclear Association, in 2023, China had 38 operational nuclear power reactors and 20 nuclear power reactors under construction.

In today’s world, nuclear medicine and radiotherapy are widely used due to increasing prevalence of the cancer which will favor in turn boost the radiation detection, monitoring, and safety market. According to the World Nuclear Association, ~40 million procedures are performed every year, and demand for radioisotopes has increased by ~5-6%. In the US, annually, more than 20 million nuclear medicine procedures are performed. During the past 10 years, there is a tremendous transformation in nuclear medicine practices due to advances in radio pharmacy, instrumentation, and IT. The increasing usage of nuclear medicine in diagnostics and treatment of cancer and cardiovascular disorders, has increased the demand for radiation detection, monitoring, and safety products.