Radiation detection, monitoring, and safety equipment mitigate the detrimental effects of radiation. Radiation monitoring is performed to provide acceptably protected radiological workplace conditions to measure workplace circumstances and personal exposures. The radiation detection technology allows the user to monitor ionizing radiation from various sources to monitor nuclear security in diverse places across the world. It can be deployed to detect radioactive isotopes in small doses that are challenging to detect with human vision or automated devices.
To eliminate tumors and cancer cells, radiation treatment employs extremely high-frequency radiation. Gamma rays and X-rays are two forms of radiation used to treat cancer. Ionizing radiation is a type of high-energy radiation used in cancer treatment. Ionizing radiation is one of the most severe threats to healthcare personnel and patients worldwide.
As a result, hospital employees in radiology departments require measurements to determine the dosage of radiation they absorb while working near radioisotope-containing medical equipment. It also assures that radioactive sources in the device are not producing unsafe levels of radiation. This necessitates the deployment of detectors and monitoring and safety devices to gather radiation doses in real-time. The advancements in nuclear medicine and the increase in demand for radiation-based diagnostic processes are also expected to drive the market.
As recent developments and competencies in radiation detection, monitoring, and equipment for insurance, homeland defense & military, and nuclear power plants grow, research and development in this area are expected to expand its potential.
In April 2020, Los Alamos National Laboratory and Argonne National Laboratory researchers developed a new X-ray detector working model that reduces radiation exposure and health hazards while improving resolution in monitoring scanners and scientific research.
With multiple places experiencing varying degrees of COVID-19 effect, specific radiation shielding components are in high demand. One of them is the concentration of power plants to meet rising power requirements. Hospitals that require therapeutic and diagnostic operations have specified their needs for radiation monitoring systems. Similarly, there is still a high demand for radioactive medicine to be manufactured and adequately conveyed to pharmacies.
Thus, radioactive origin gauges have been employed for quality control in various industrial operations. COVID-19 did not affect industrial radiologists and engineers who were obliged to test the structural integrity of manufacturing units. However, the time span required to work securely with or around radiation-emitting equipment was critical. The proliferation of detection/monitoring devices came to a halt during this time span.
The International Atomic Energy Agency started a survey in 123 nations entitled "The Impact of the COVID-19 Pandemic on Regulatory Activities for the Safety of Radiation Sources." The poll results emphasized the possible safety issues associated with the COVID-19 pandemic and strategies for dealing with them.
While 85 percent of the countries investigated acknowledged a decline in regulatory activity in some circumstances due to access limitations to nuclear sites or budget cuts, they also stated that measures to prevent accidents were in place. However, the market is likely to develop throughout the post-pandemic period, attributed to the high use of low-dose radioactive treatment for illness treatment.
Based on region, the global radiation detection, monitoring, and safety market are divided into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
North America accounted for a share of 41% of the market studied in 2020. The region captures the largest share in the market. The North American global radiation detection, monitoring, and safety market was valued at USD 1 billion in 2021. It is expected to reach USD 2 billion by 2030, registering a CAGR of 7%. The tremendous proportion of the radiation detection, monitoring, and safety market in North America is credited to supportive government policies, a more significant proportion of effective nuclear power plants, rising cancer predominance, and growing acceptance of radiation safety, which are steering the market in this region.
Asia-Pacific is the fastest-growing region, valued at USD 1 billion in 2021. It is expected to reach USD 1.2 billion by 2030, registering a CAGR of 9% due to the increasing adoption of radiation across the end-user industries in the region. Furthermore, it is predicted to develop significantly in terms of income, owing to a growing emphasis on nuclear power for power generation to fulfill rising power needs and stringent regulations for human and ecological safety in developing markets such as China, Japan, and India. For example, Exxon Mobil estimates that the Asia-Pacific region's nuclear energy consumption will reach 22 quadrillion BTUs by 2040.