PUBLISHER: Grand View Research | PRODUCT CODE: 1268842
PUBLISHER: Grand View Research | PRODUCT CODE: 1268842
The global medical radiation detection market size is expected to reach USD 1,683.35 million by 2030, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.53% from 2023 to 2030.The primary factor driving the industry is due to greater demand for radiation detection and medical diagnostics.
As per the estimates CDC in 2020 cancer was the second leading cause of death in the U.S. The increase in the prevalence of this disease is fuelling the demand for the treatment which in turn, is influencing the demand for detection devices. Additionally advancements in technology such as the use of artificial intelligence and nanotechnology aid in detecting the very low level of radiation with high accuracy further influencing the growth of the market.
The COVID-19 pandemic has had a significant impact on the medical radiation detection, monitoring and safety market. Radiation therapy is a critical component of cancer treatment, and the pandemic has disrupted cancer diagnosis and treatment globally. Many cancer patients have been forced to postpone or cancel their radiation therapy treatments due to the pandemic's limitations on healthcare systems and resources. The pandemic has also resulted in a decline in the number of cancer diagnoses, which has led to a decrease in the demand for radiation therapy. Furthermore, the COVID-19 outbreak had disrupted global supply chains and caused delays in the delivery of radiation therapy equipment and supplies. However, the market has also accelerated the adoption of advanced technologies in radiation therapy, such as image-guided radiation therapy and proton therapy, which can improve treatment outcomes and reduce the risk of side effects. These advancements are expected to drive the growth of the medical radiation therapy market over the forecast period.