Dosimetry Market Buoyant by Increasing Emphasis on Medical Staff Health Check-up; Coronavirus Outbreak Turns out to be a Damper: FMI Study
Surge in the number of cancer patients and the subsequent demand for internal radiotherapy devices will continue to drive the demand for dosimetry products.
The global dosimetry market will create incremental dollar opportunities to the tune of US$ 4 Bn from 2019 to 2029. Research and development in cancer treatment and medical devices used for chemotherapy will generate continued sales for dosimetry products. Increases in the geriatric population segment of developed countries such as the US coupled with declining health conditions create lucrative opportunities for the dosimetry market. Omnipresent government investments in developing nuclear energy capabilities will further the demand for dosimeters during the forecast period.
“Growing emphasis on monitoring and propagating the health of hospital staff treating cancer patients will generate additional revenues for market players. Further, the uptake in residential chemotherapy furthers the demand for remote monitoring of radiation levels using dosimetry products.” finds a FMI analyst
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Dosimetry market – Key Takeaways
- Personal electronic dosimeters hold more than 60% share of the total market revenues.
- Wearable dosimeter will account for an eminent revenue share among modality segments.
- Passive dosimeters maintain their hegemony holding a majority market value share.
- Industrial and medical end-uses will garner a lion’s share of 40% of the total market value.
- North America currently leads global sales.
- South Asia & Oceania present the most remunerative growth opportunities through 2029.
Dosimetry market – Key Driving Factors
- Emphasis on enhanced protection of medical professionals working in high radiation environments drives growth for dosimetry product manufacturers.
- Increase in consumer spending on cancer detection tests and treatments continue to bolster revenues for market players.
- Advancements in high-performance dosimetry coupled with reduction in product size propels the adoption of dosimetry in end-uses.
- Growing demand for residential care for cancer patients on the back of high disposable income of consumers will continue to generate revenues.
Dosimetry Market – Key Constraint
- Scrutiny of nuclear projects from non-profit organizations run by radiation affected patients poses mild constraint on the demand for dosimetry products for preventive healthcare checks.
Calculating the Negative Impact of COVID-19
The pandemic has shifted focus on essential medical supplies such as ventilators, face masks, and sterilization equipment. This has a negative impact on the growth of the dosimetry market. As transportation of all non-essential healthcare products is suspended to contain the COVID-19 outbreak. Market players will witness an uptake in demand depending on how countries’ healthcare response fairs against novel coronavirus.
However, manufacturers are urged to contribute in any capacity they can. This means demand from cancer patients undergoing treatment should be catered to amid the pandemic. Manufacturers must then devise strategies to manufacture and deliver dosimeters to crucial cancer patients and healthcare institutions.
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Leveraging industry 4.0 technologies to enhance product performance, and production capacity are the most popular strategies among major players. Mergers and acquisitions are a commonplace occurrence in the dosimetry market. For instance, acquisition of Canberra Industries by Mirion Technologies was one of the biggest acquisitions in the history of the dosimetry market. Competition in dosimetry products is moving towards consolidation during the forecast period. Key players in the market are, but not limited to, Honeywell, Fisher Scientific Inc., Landauer, Inc. (Fortive), Mirion Technologies Inc., Fuji Electric Corporation of America, Polimaster Inc., JP Laboratories Inc., X-Z Lab Inc., Ludlum Measurements Inc., Laurus Systems Inc., Far West Technology Inc., and S.E. International Inc.
More About the Report
The FMI’s market research report of 300 pages offers comprehensive insights on the synthetic quartz market. The market is analyzed on the basis of product (personal electronic, self-reading, and processed dosimeters), modality (wearable (collar, chest, waist, wrist, and finger), and non-wearable), energy (active and passive), end-user (industrial, medical, oil & gas, defense & homeland security, mining, environmental, and others), across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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