Medical radiation detection and monitoring market is poised to grow at a CAGR of 7% for the forecasted period of 2015-2021. The market which is segmented on the basis of industry, application and composition is a highly competitive market. The industries include healthcare, manufacturing, homeland security and defence, nuclear energy and power plants and others. Healthcare industry is the largest market segment and is expected to grow at a CAGR of approximately 6%. The market is mainly driven by high use of radiation therapies and nuclear medicines, high prevalence of cancer diseases and technological advancement. The awareness is rising amongst health and radiation professionals. The introduction of new and portable technology is also pushing the market forward. However, lack of trained professionals is major concern for the growth of market. Lack of professional leads to poor and adequate standardization of the devices. Another major issue is the availability of raw materials.
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Government regulations are also near term challenge for the market growth. Market finds ample opportunities in the developed market with ageing population and a growing preference of radiation therapies.
North America is leading among all geographies. The market is driven by various factors such as developed market, high awareness and availability of technology. Europe is followed by North American market. Asia pacific is expected to grow rapidly, driven by growing markets in India, China and other countries. Some of the macro economical factors such as growing healthcare expenditure, government support for the market are also key drivers for the market.
The market is highly competitive with player such as Landleur, Mirion technologies, Thermo Fisher Scientific, Biodex Medical systems and other major companies. The competitors follow various strategies such as technology leverage, innovation, partnership and collaborations, merger and acquisitions to stay competitive in the market.
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