Radiation Dose Monitoring Market

Radiation Dose Monitoring Market Size (2023 to 2028)

The global radiation dose monitoring market size is expected to grow at a compound annual growth rate of 8.2% during the forecast period. The market is predicted to be USD 3.81 billion by 2028 from USD 2.57 billion in 2023.

The radiation dose is determined as the skin radiation effect. The skin's sensitivity, exposure time, and radiation intensity are the main factors of radiation dose. Software and dosimeters are used in radiation dose monitoring. This radiation dose monitoring was used to analyze, optimize, and identify radiation dose performance with exact data; it helps physicians give patients high-quality medication. In addition, a few techniques like scintigraphies allow for calculating and recording the dose level, delivering low-dose radiation with high-quality diagnosis images, managing patient data, and sharing with physicians. Eventually, many patients are being studied using radiation technology to provide accurate information about the disease.

MARKET DRIVERS:

The growing incidence of chronic diseases is primarily driving the global radiation dose monitoring market. In addition, medical imaging techniques like X-ray, computed tomography (CT), nuclear medicine and fluoroscopy have influenced the global radiation dose monitoring market growth.

Moreover, the increase in the aging population worldwide is anticipated to increase the demand for radiation dose monitoring in the coming future. In addition, the rise in radiation safety awareness among the public has gained the global market. Furthermore, the increase in health care services and patient safety is expected to accelerate the growth rate of the worldwide radiation dose monitoring market. According to World Nuclear Association, radioisotopes are used in more than 10000 hospitals worldwide for diagnostic purposes. 

The increase in cancer patients due to long-term radiation exposure led to the establishment of radiation dose monitoring systems worldwide. Moreover, in 2017 the radiation dose monitors governed the market with 75%. Long-term exposure to radiation in medical imaging processes has led patients to an increased risk of cancer rather than mitigating these dangers. It, therefore, necessitated the establishment of radiation dose monitoring systems worldwide. The growth of the radiation dose monitoring market is expected to be fuelled by the changing laws in developed countries, which require recording doses and increasing public pressure from patients and the media. The foremost opportunity for the market would be increasing preference for Electronic Health Records (EHR). Moreover, increasing radiography studies would be a significant opportunity to grow the global radiation dose monitoring market.

MARKET RESTRAINTS:

The Lack of awareness of the radiation dose monitoring systems is one of the significant market growth restraints. In addition, the lack of understanding between physicians and technologists on the dose optimization approach is also expected to hinder the market's growth. The scarcity of trained professionals is another significant challenge to market growth. The low adoption of radiation dose management in emerging countries like Japan, South Korea, etc., is a significant challenge. Since there is no benchmarking for dose optimization, the market might see a loss in the coming years. The lack of funding is expected to slow down the market growth to a small extent.

Impact of COVID-19 on the radiation dose monitoring market:

COVID-19 has impacted negatively on the global radiation dose monitoring market. The novel coronavirus is a deadly disease that completely ruined many lives. The WHO declared it a pandemic on March 11, 2020. Since then, all the governments worldwide have imposed specific guidelines to curb the spread of COVID-19. Lockdowns and restrictions on movement are significant factors in controlling disease transmission. Doctors are the frontline warriors in the fight against COVID-19. Many healthcare providers postponed treatment procedures to lower the risk of COVID-19, and only emergency cases got treatment services during this time. Cancer treatment procedures were also postponed or canceled in the first half of 2020. Later, the healthcare sector resumed all activities with the unlock guidelines and decreasing COVID-19 cases. Hospitals are taking specific measures to avoid the coronavirus, and the demand for the radiation dose monitoring market is surging. During the forecast, the global radiation dose monitoring market is expected to regain its growth momentum.

REPORT COVERAGE:

This research report on the global radiation dose monitoring market has been segmented and sub-segmented into the following categories:

Radiation Dose Monitoring Market – By Component:

• Solutions
• Services

Based on the component, the software segment captured the dominating share in the global radiation dose monitoring market in 2022, and the domination of the segment is anticipated to continue throughout the forecast period.

On the other hand, the solutions segment is expected to experience the most significant growth over the forecast period. The surge in the adoption of these solutions by healthcare providers due to the growing regulation of ionizing radiation worldwide is the primary growth factor in this segment.

Radiation Dose Monitoring Market – By Application:

• Computed Tomography (CT)           
• Radiography           
• Angiography           
• Mammography     
• Fluoroscopy & Interventional Imaging        
• Nuclear Medicine 

Based on the application, the radiography segment had the largest share of the global radiation dose monitoring market in 2022.

However, the CT segment is predicted to grow at the fastest growth rate during the forecast period. Computed Tomography (CT) was primarily used in the pandemic period for Covid patients, which boosted the market growth. In addition, the increase in awareness of exposure to radiation doses fueled the market growth. 

Radiation Dose Monitoring Market – By End-User:

• Hospitals
• Ambulatory Care Settings

Based on end-users, the hospital segment led the market in 2022, and the increase in the patient population has helped the hospital segment to grow aggressively. In addition, the growing awareness of the benefits of early diagnosis of the disease and advancement in technology in imaging methods fueled the market. Moreover, radiation exposure's harmful effects are other prominent factors responsible for hospitals' high demand for radiation dose management solutions. Therefore, ambulatory care settings are growing prominently and are estimated to register a high market share in upcoming years.

Radiation Dose Monitoring Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

The North American region is forecasted to lead the global market during the forecast period and hold a vital part of the worldwide market in 2022 due to the high penetration of the end-user segments. The United States and Canada were the major contributors to the Radiation Dose Monitoring Market in North America. According to Harvard Medical School, more than 80 million CT scans were conducted in the United States. Introducing new treatment methods, like dual-energy and perfusion CT, colonography, and CT angiography, fuels the market growth in respective countries. According to the National Cancer Institute of Health, in 2018, more than 1,735,350 new cancer cases were registered in the US, and 609,640 people are estimated to die. These aspects boosted the Radiation Dose Monitoring Market in North America.

The European radiation dose monitoring market is expected to witness a significant CAGR during the forecast period. The European radiation dose management market is anticipated to see new players due to increased capital investment in the end-user sector. Germany and the United Kingdom (UK) are Europe's Radiation Dose Monitoring Market. Due to the increase of NCDs (Non-communicable Diseases) like diabetes, cardiovascular diseases, cancer, and chronic diseases, the market is expanding daily. WHO stated that in 2018, 23.4% of cancer cases and 20.3% of cancer deaths were registered, which boosted the radiation dose monitoring market.

The Asia-Pacific is estimated to reach a higher CAGR in the forecast period. The increasing number of chronic diseases like diabetes, cancer, etc., are significant aspects of the market's growth. According to National Center for Biotechnology Information, emerging regions like Asia and Africa may register 65% of cancer deaths. The higher case fatality rates in Asia fuel the Radiation Dose Monitoring Market.

KEY MARKET PARTICIPANTS:

A few notable companies operating in the global radiation dose monitoring market profiled in this report are GE Healthcare, Sectra, Medicvision, Philips Healthcare, Toshiba MSC, Bayer AG, Landauer, Inc., and Thermo Fisher Scientific, Inc.