New York, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The global radiometric detectors market size is predicted to grow at a CAGR of over ~6% from 2023 to 2035. The market is projected to garner a revenue of USD 7 billion by the end of 2035, up from a revenue of ~USD 3 billion in the year 2022.owing to growing adoption of radiometric detectors in various applications, such as cancer research, gene sequencing, and clinical diagnosis. Moreover, the increasing government initiatives for the development of healthcare infrastructure and the rising funding for research and development activities are expected to drive the growth of the radiometric detectors market.
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It was observed that the U.S. medical and health sector invested nearly 65% of its R&D budget in 2020, reaching USD 160 billion. In 2020, the National Institutes of Health (NIH) alone accounted for 20%, USD 49 billion of all U.S. medical and health R&D investment. With more funds available, more research and development initiatives are being undertaken, contributing to greater innovation and technological advances in the field of radiometric detectors, which is driving the growth of the market. In addition, the development of new radiometric detectors, such as chip scale detectors with enhanced sensitivity and accuracy, is creating a lot of opportunities in the market.
Radiometric Detectors Market: Key Takeaways
- Market in North America to propel highest growth
- A large portion of the growth to come from the UV/IR Detection segment
- Market in Asia Pacific to grow at highest rate
Increasing Awareness of Consumers about Radiometric Detectors to Boost Market Growth
Consumers are becoming more aware of the health risks associated with radiation, and are increasingly looking for ways to detect and monitor radiation levels. This increased awareness of the need for radiometric detectors has boosted market growth, as consumers are more likely to purchase them. With the proliferation of mobile phones, wireless networks and other sources of radiation, it is becoming more important for consumers to be able to measure their exposure to radiation. The Environmental Protection Agency states that exposure to high levels of radiation, such as that produced by atomic blasts, can result in acute health effects such as skin burns and acute radiation syndrome. Long-term exposure to radiation can also lead to long-term health problems like cancer and cardiovascular disease. Moreover, growing awareness about the benefits and capabilities of radiometric detectors has resulted in an increase in demand, especially in the healthcare and life sciences sectors, as these detectors are more accurate and reliable than traditional methods and provide more detailed information.
Radiometric Detectors Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Implementation of Radiometric Detection Technologies in the Food Sector to Drive Growth in the North American Region
The radiometric detectors market in the North America region is estimated to garner the largest revenue by the end of 2035 owing to increased consumer awareness regarding food safety and regulatory compliance in the region, which has resulted in the increasing use of radiometric detectors for monitoring food safety. Moreover, the increasing use of radiometric detectors in the food industry to detect contaminants such as toxins, bacteria, and viruses will further drive the growth of the market in this region. Radiometric detectors allow for the rapid, non-destructive analysis of food items and can detect even minute amounts of contaminants. This makes them ideal for use in monitoring food safety, as they can help quickly detect and prevent the spread of foodborne illnesses. Additionally, the presence of stringent government regulations and standards, such as the Hazard Analysis and Critical Control Point (HACCP) system and the Global Food Safety Initiative (GFSI), is expected to encourage the implementation of radiometric detection technologies in the food industry.
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Tremendous Growth in the Automotive Sector to Drive Market Growth in the Asia Pacific Region
The radiometric detectors market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035, owing to the rapid expansion of the automotive business in the region. It is observed that 7% of India's GDP is contributed by the automobile industry and 50% by manufacturing. Also, a total of 30% of global automotive sales are generated in China. Automotive manufacturers are increasingly using radiometric detectors to detect and measure radiation in order to identify faulty components or materials and ensure the safety of the vehicle. Aside from their use for detecting radiation from space, these detectors are also used to detect air quality in vehicles for a variety of purposes, including in-vehicle navigation, emission control, and safety systems. Additionally, the presence of a large number of healthcare organizations in the region, along with the increasing demand for advanced imaging technologies in the region, is expected to propel the growth of the radiometric detectors market in the region.
Radiometric Detectors, Segmentation by Application
- Proximity Detection
- RGB Color Sensing
- Gesture Recognition
- Light Sensing
- UV/IR Detection
The UV/IR Detection segment is anticipated to hold the largest revenue by the end of 2035, as UV/IR detection is used in an array of applications such as air quality monitoring and chemical process control, as well as UV measurement in laboratories. Additionally, the increasing demand for automation and the growing need for accurate detection of UV and IR radiation are expected to drive segment growth. It is observed that a number of UV light sources are used in laboratories, including handheld UV lamps, UV transilluminators, and equipment for documenting gels. The wavelength of UVR emitted by these sources is usually between 280 nm and 400 nm. The demand for UV/IR detectors is further fuelled by the increasing reliance of industries on automation as well as the need for precise and accurate detection of UV and infrared radiations. This is especially true for applications such as air quality monitoring, chemical process control, and medical imaging. Furthermore, the growing awareness among consumers about the benefits of using UV/IR detectors is expected to further boost the segment's growth.
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Radiometric Detectors, Segmentation by End User
- Diagnostic Laboratories
- Research Institutes
- Biotechnology and Pharmaceutical Institutes
The biotechnology and pharmaceutical institutes segment is anticipated to hold the largest revenue by the end of 2035, owing to the rapid expansion of the pharma and biotechnology industries. In 2022, India’s biotechnology industry crossed USD 80 billion, growing 15% from the previous year. Around 1,125 biotech startups were registered in India in 2021, bringing the total number of biotech startups to 5,360 in 2021. Approximately 10,000 startups are expected to be formed by 2024. The demand for innovative and advanced detection systems is increasing in the pharmaceutical and biotechnology sectors, owing to the need to increase the efficiency of drug development and manufacturing processes. Moreover, biotechnology and pharmaceutical institutes have to analyze the drug pathways and protect their laboratory environments from hazardous radiation. Radiometric detectors are ideal for this purpose, as they can detect even the smallest amounts of radiation, ensuring the safety of the laboratory environment. Furthermore, the use of radiometric detectors also helps reduce the time it takes to analyze drug pathways.
Few of the well-known industry leaders in the radiometric detectors market that are profiled by Research Nester are Gigahertz-Optik, Inc., PerkinElmer Inc., Geomatrix Earth Science Ltd, Inphora Inc., Sierra Olympic Technologies Inc., Mirion Technologies, Inc., Ludlum Measurements, Inc., Gamma Scientific Inc, Berthold Technologies GmbH & Co.KG, and other key market players.
Recent Development in the Radiometric Detectors Market
- A leading provider of radiation therapy phantoms for the medical industry, Computerized Imaging Reference Systems, Inc. ("CIRS") has been acquired by Mirion Technologies, Inc. The acquisition will enable Mirion Technologies, Inc. to expand its offerings in radiation and imaging protection solutions, bringing CIRS's expertise in radiation therapy phantoms and related products to the market.
- In order to improve efficiency during the cement production process, Berthold has launched a non-contact radiometric level measurement technology. This technology uses powerful infrared sensors to measure the level of the cement in the silos without having to contact or even see the material inside.
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