The increasing usage of radioactive elements in various areas such as medical research, industrial processing, and power production is the major factor driving the growth of radiation tester market. A radiation tester is a crucial equipment which caters to the need for the detection of radioactive radiations. Adoption of radiation tester is increasing continuously due to the increasing level of radiations causing harm to the human health. Growing prevalence of chronic diseases such as cancer and increasing awareness in the radiation-prone environments are creating potential growth opportunities for radiation tester market.
Growing Demand of Radiation Tester for Homeland Security and National Defense
In past few years, the innovation in radiation detection technologies and growing usage of radiation testers in national defence and homeland security applications is propelling the growth of radiation tester market. Moreover, the growing number of nuclear power plants and development of next-generation radiation detection materials are creating potential growth opportunities for radiation tester market. In addition, the rising threat of nuclear disasters is driving the need for radiation detection and monitoring devices which further drives the growth of radiation tester market. Furthermore, usage of nuclear weapons by defence sector has strengthened the need for reliable equipment that offers protection from radioactive radiations. Therefore, due to this factor, the demand for radiation tester is increasing rapidly.
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Growing Prevalence of Chronic Diseases Creating More Demand
The increasing prevalence of various diseases such as cancer is generating the huge demand for radiation testers. Also, the surge in demand for radiation detection and monitoring equipment in healthcare facilities is driving the growth of radiation tester market. The rising use of radiation based equipment in the treatment and diagnosis various health problems is creating potential growth opportunities for radiation tester market.
Stringent Government Regulations and Growing Safety Concerns
Government and Federal authorities are playing a crucial role in the growing demand for radiation testers.
Growing need for safety standards in radiation and rising government focus on the standards and regulations are expected to drive the demand of radiation tester. For instance, American National Standards Institute has set the testing and evaluation protocol for mobile and transportable radiation monitors used for homeland security. This standard also includes specifications for various test categories such as radiological, electrostatic discharge, temperature & humidity, and electrical & electromagnetic. Apart from this, the growing concern regarding the safety of the workforces in the radioactive industries is also supporting the rapid adoption of radiation tester market. Moreover, increasing research & development expenditure along with the technological enhancements in the radiation detection and monitoring equipment are playing an important role in boosting the growth of radiation tester market.
Radiation Tester Market: Segmentation
Segmentation of Radiation Tester Market on the Basis of Product Type:
Area Process Monitors
Radioactive Material Monitors
Environment Radiation Monitors
Segmentation of Radiation Tester Market on the Basis of End Use:
Defence & Homeland Security
Nuclear Power Plants
Oil & Resource Exploration
Radiation Tester Market: Competition Landscape
Prominent players in the global radiation tester market are Thermo Fisher Scientific, Inc., Bar-Ray Products, Inc., Amtek, Inc., Mirion Technologies, Inc., Landauer Inc., Ludlum Measurements, Inc., Radiation Detection Company, Inc., Arrow-Tech, Inc., RAE Systems, Atomtex SPE, and Canberra Industries, Inc.
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Radiation Tester Market: Regional Overview
On the basis of geography, North America is expected to capture the significant market share in terms of revenue in the radiation tester market, due to the establishment of favourable regulatory framework and the presence of various key radiation tester providers in the region. Asia Pacific is expected to witness high growth rates in terms of value in radiation tester market owing to the growing adoption of radiation testers in various countries around the region to cater the growing nuclear threats and rising concern of government regarding national security. Furthermore, the radiation tester market in Europe is expected to capture substantial market share in radiation tester market due to the rapid adoption of radiation tester in healthcare sector and increasing investments in research & development sector.