The global radiation safety market has been forecast to increase at a compound annual growth rate (CAGR) of 6% over the next four years, rising from a value of $920 million in 2012, to hit a market value of $1,231.2 million in 2017.
The various industries covered by the radiation safety market include healthcare, manufacturing, defence, nuclear power plants, homeland security, and others (waste management, mining, agriculture, and food irradiation).
Heat and light are types of radiation that people can feel or see, but there are other kinds of radiation that human senses cannot detect. Indeed, we constantly receive such invisible radiation from the sky, the ground, the air, and even our food and drink.
Such "ionizing" radiation has been put to many uses: doctors use X rays to diagnose disease or injury; factories use radiation to check welds in machine components; gamma rays are used to sterilise medical equipment for safe use; and many new varieties of crops have been produced through radiation-induced mutations.
Today, moreover, about 17% of the world's electricity is supplied by nuclear power plants.
The medical industry was the largest segment in this market; it is poised to grow at a CAGR of 6% to reach $702.4 million by 2017. The global radiation safety market for medical applications will witness challenging and dynamic market conditions over the years to come, primarily driven by technological advancements and globalisation.
The high procedural volume of nuclear medicine and radiation therapy in the treatment and diagnosis of diseases is the key factor driving the growth of the radiation safety market for medical applications. In addition, increasing incidence of cancer cases, growing awareness among radiation professionals, and technological advancements are fuelling the growth of this market.
The market for certain radiation detection and monitoring devices, such as ionization chambers, has grown due to the evolution of portable hand-held ionization detectors in recent years.
Key players currently dominating the global radiation safety market include Landauer, Inc. (U.S.), Mirion Technologies, Inc. (U.S.), Radiation Detection Company (U.S.), Thermo Fisher Scientific, Inc. (U.S.), AmRay Medical (Ireland), Bar-Ray Products, Inc. (U.S.), Biodex Medical Systems, Inc. (U.S.), Protech Radiation Safety (U.S.), ProtecX (U.K.), and Unfors RaySafe AB (Sweden).
For more information on the global radiation safety market, see the latest research: Global Radiation Safety Market
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