Analysis on New Product Launches in Covid-19 Related Markets-Radiation Detection and Monitoring Equipment Market 2020-2024| Demand from Healthcare Facilities to Boost Market Growth | Technavio
LONDON–(BUSINESS WIRE)–#GlobalRadiationDetectionandMonitoringEquipmentMarket–The radiation detection and monitoring equipment market is expected to grow by USD 558.94 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Globally, over 70 million people undergo diagnostic, therapeutic, or interventional procedures that involve medical radiation every week. Healthcare workers are regularly exposed to radiation from PET scanners. Hence, they are required to wear dosimeters to track exposure to radiation doses. Also, healthcare facilities are required to ensure zero leakage from radioactive sources. Patients undergoing radiotherapy procedures must also be closely monitored using radiation detection and monitoring equipment. In addition, several regulatory bodies across the world are taking initiatives to ensure the protection of workers and patients from hazardous or radiation-emitting electronic products. This has made it necessary for healthcare facilities to conduct annual performance evaluations of advanced imaging modalities. Several rules also specify that the radiation dose of every CT exam must be recorded and high radiation dose incidents must be evaluated against industry benchmarks. These factors are leading to an increase in the adoption of radiation detection and monitoring equipment among healthcare facilities, thus, driving the growth of the market.
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As per Technavio, the service contracts for equipment will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Radiation Detection and Monitoring Equipment Market: Service Contracts For Equipment
Many healthcare facilities that do not have adequate resources to procure and maintain radiation detection and monitoring services. Hence, they opt to enter into service contracts with radiation detection and monitoring service providers. This is beneficial for small and medium-sized hospitals, medical and dental offices, universities, national laboratories, and nuclear facilities as it eliminates the need to recruit, train, and manage qualified professionals to conduct radiation surveys and analyze data. Prominent vendors such as LANDAUER are expanding their radiation detection services by partnering with domestic service providers that have a prominent local presence. This trend is expected to increase the demand for radiation detection and measurement devices during the forecast period.
“Technological advances and increased investment in smart cities will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Radiation Detection and Monitoring Equipment Market: Segmentation Analysis
This market research report segments the radiation detection and monitoring equipment market by product (dosimeters, area monitors, survey meters, and others) and geographic landscape (APAC, Europe, MEA, North America, and South America).
The North America region led the radiation detection and monitoring equipment market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the strong presence of key vendors in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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