Radiation Dose Monitoring Market (2024 - 2030)

Radiation Dose Monitoring Market Trends

The global radiation dose monitoring market size was valued at USD 3.44 billion in 2023 and is projected to grow at a CAGR of 6.3% from 2024 to 2030. The market is expected to grow exponentially due to integrating artificial intelligence (AI) into radiation dose monitoring. It is also growing rapidly due to the regulatory compulsion of radiation dose monitoring in medical imaging procedures. Increased spending on research and development in novel radiation dose monitoring devices is driving the market. Recent technological advancements in various radiation dose monitoring devices and services have led to rapid growth of the market in the forecast period.

Artificial intelligence (AI) integration in radiation dose monitoring is expected to drive the market. For instance, in June 2022, a study in Children's Journal explored using AI (specifically deep convolutional neural networks (CNNs)) to reduce radiation doses in pediatric computed tomography (CT) scans. Researchers looked at scans of various areas and found AI could cut radiation by 36-70% while maintaining image quality for diagnosis.

Regulatory guidelines for integrating radiation dose monitoring in medical imaging drive the market. For instance, in July 2023, the International Atomic Energy Agency (IAEA) published guidelines on patient radiation exposure monitoring in medical imaging.

Increasing research and development spending on advanced radiation dose monitoring devices and services is responsible for higher market growth. For instance, in January 2021, the International Atomic Energy Agency's (IAEA) new Coordinated Research Project (CRP) was announced. The CRP was expected to develop automated tools for better quality control in X-ray imaging, ensuring safe and accurate diagnoses.

Component Insights

The software segment dominated the market with a market share of 61.9% in 2023 and is expected to grow at the fastest CAGR of 13.2% over the forecast period. Factors responsible for the growth include its usefulness in conveniently gathering and evaluating patient exposure to ionizing radiation emissions across various imaging environments with different facilities, modalities, and vendors. Using software to track radiation doses allows healthcare providers to monitor levels according to standard guidelines, ultimately enhancing the quality of life for cancer-prone patients. For instance, in April 2024, MIM Software from GE HealthCare announced a partnership with Elekta to enhance radiation therapy treatments and improve patient outcomes.

The service segment is expected to grow significantly over the forecast period due to remote monitoring and support, leading to higher system reliability and efficiency. For instance, in September 2023, iRhythm Technologies, Inc. released their latest Zio monitor in the U.S. This new device is smaller and lighter, improving comfort for patients undergoing long-term cardiac monitoring.

Application Insights

The radiography segment dominated the market and accounted for a share of 38.9% in 2023. The segment continues to dominate due to an increase in the usage of radiography. As cancer rates climb with an aging population, radiography's role in cancer diagnosis is driving its growth as the leading revenue generator in the imaging field. For instance, in 2022, nearly 20 million people worldwide were diagnosed with cancer, and close to 10 million died from the disease. International Agency for Research on Cancer (IARC) estimates suggested a 1 in 5 chance of developing cancer in your lifetime.

The angiography market is expected to grow at the fastest CAGR of 9.3% over the forecast period due to its increasing use in diagnosing heart disease and breast cancer, both of which are becoming more prevalent worldwide. For instance, a World Heart Federation report showed cardiovascular diseases remain a major global health burden, affecting over 500 million people and causing 20.5 million deaths in 2021, highlighting a significant rise from prior estimates.

Product Insights

Dosimeters accounted for largest market share of 44.8% in 2023. Dosimeters dominated the market owing to their effectiveness in protecting against human emissions. Dosimeters play a valuable role in measuring dosage in medical and industrial procedures. The segment is expected to dominate the market over the forecast period due to recent launches by major regional players. For instance, in June 2024, Thermo Fisher Scientific Inc. launched NetDose, a novel wearable connected dosimeter to monitor radiation exposure. It is designed to monitor radiation exposure risk for personnel in various industries, including healthcare, the small device aids companies in meeting strict regulatory standards. The new device achieves this by constantly monitoring radiation levels and sending the information to a mobile app or a web interface, ensuring the security of personal and customer data.

The area process monitors segment is expected to grow at the fastest CAGR of 9.3% over the forecast period. The market is projected to be the fastest-growing segment due to its usage in monitoring ionization emission exposure in medical settings. These monitors provide practices with precision and dependability in detecting radiation and alerts when permitted radiation levels are exceeded.

Regional Insights

North America's radiation dose monitoring market dominated the market with a share of 46.4% in 2023. This dominance is attributed to the increased usage of medical imaging techniques in diagnostic procedures in the region. Robust healthcare systems in the region enable the implementation of cutting-edge medical technologies. The market growth is also driven by increased healthcare providers' awareness of the advantages of dose monitoring in reducing radiation risks.

U.S. Radiation Dose Monitoring Market Trends

The radiation dose monitoring market in the U.S. dominated the market with a share of 77.0% in 2023 due to accelerated demand for radiation dose monitoring devices in the country. The market is predicted to grow exponentially due to the integration of AI-enabled radiation dose monitoring in medical imaging techniques. For instance, a study released in October 2023 by the Data Science Institute (DSI), American College of Radiology (ACR), and Harvey L. Neiman Health Policy Institute (HPI) projected a five-fold rise in new U.S. Food and Drug Administration (FDA)-approved AI medical imaging products by 2035.

Europe Radiation Dose Monitoring Market Trends

Europe radiation dose monitoring market was identified as a lucrative region in this industry. It is expected to grow exponentially owing to increased investment in medical imaging in the region. For instance, according to a report by Signify Research in May 2023, venture capital funding for medical imaging AI surged to nearly USD 5 billion since 2015. Since 2021, investors were making fewer but significantly larger investments, with the average deal size increasing from USD 8 million in 2020 to USD 28 million in 2023.

The radiation dose monitoring market in UK is expected to grow rapidly in the coming years due to the government's increased investment in healthcare infrastructure advancement. For instance, in October 2021, the UK Government allocated 2.3 billion pounds in its new budget to boost the National Health Service (NHS) diagnostic services capacity.

Germany's radiation dose monitoring market held a substantial market share in 2023 due to recent medical imaging technology advancements. For instance, in April 2024, the German Group unveiled a virtual reality (VR) tool designed to optimize radiation protection during interventional radiology procedures.

Asia Pacific Radiation Dose Monitoring Market Trends

Asia Pacific's radiation dose monitoring market is anticipated to witness significant growth. This growth is attributed to the significantly increasing investments in healthcare infrastructure across the region. According to an article published by HSBC Bank, China's healthcare industry is set to double in size to USD 2.4 trillion by 2030. India's market grown over 20% in the past five years, driven by increased spending and a booming medical tech sector.

The radiation dose monitoring market in Japan is expected to grow rapidly in the coming years owing to the integration of artificial intelligence (AI) in medical devices and medical imaging technologies. The market in the region is poised to grow significantly due to recent policies promoting the development of AI-based medical devices in Japan. For instance, a report published in November 2021 by DIA Global Forum, described the events that occurred in the last few years regarding regulatory reforms for the development of medical devices.

China’s radiation dose monitoring market held a substantial market share in 2023 due to the country's increased healthcare expenditures. For instance, a report published by MSA Advisory in November 2023 stated that China raised its healthcare expenditures to enhance the quality and availability of healthcare services. In 2022, the Chinese government allocated a total of USD 0.31 trillion for health and hygiene purposes. In 2021, the healthcare sector comprised about 6.7% of the GDP.

Latin America Radiation Dose Monitoring Market Trends

The Latin America radiation dose monitoring market is anticipated to grow significantly over the forecast period. Partnerships and funding from major players in the industry are driving the market forward.

Recent collaborations between leading medical imaging market players are driving the market in the region. For instance, in May 2024, CARPL.ai., an enterprise imaging platform for radiology AI Solutions, collaborated with Koninklijke Philips N.V. to enhance radiology reading in the Brazilian healthcare system. The collaboration was intended to boost AI-powered diagnostics in Brazil.

Middle East & Africa Radiation Dose Monitoring Market Trends

The Middle East and Africa radiation dose monitoring market is anticipated to grow significantly over the forecast period. Advancements in developing novel medical imaging techniques integrated with radiation dose monitoring devices have increased market engagement within the region.

Rising awareness about individual patient radiation dose tracking (IPRDT) in medical imaging is expected to drive the market in South Africa. For instance, a study published by Elsevier in March 2024, conducted on 10 participants, described the awareness of IPRDT in participants. The study concluded that IPRDT is gaining momentum globally, and several methods were identified to track individual patients' radiation doses.

Key Radiation Dose Monitoring Company Insights

Some of the key companies in the Radiation Dose Monitoring industry are GE Healthcare, Spectra AB, Thermo Fisher Scientific Inc., Koninklijke Philips N.V., and Bayer AG. Market vendors are prioritizing expanding their customer base to stay ahead in the industry. As a result, major players are implementing a variety of strategic moves, such as mergers and acquisitions and forming partnerships with other leading firms.

• GE HealthCare is a significant supplier of diagnostic agents to the global radiology and nuclear medicine industry. The company specializes in medical technology, pharmaceutical diagnostics, and digital solutions. It creates, produces, and delivers diagnostic imaging, clinical systems, and products and services for various healthcare technologies, including imaging agents and IT solutions. GE HealthCare offers performance improvement solutions, computerized data management, and remote diagnostic and repair services for its medical equipment and other manufacturers.

• Koninklijke Philips N.V. is a technology company that designs and manufactures medical devices. The company offers products and solutions in different fields, such as enterprise diagnostic informatics, diagnostic imaging, monitoring image-guided therapy, analytics, ultrasound, sleep and respiratory care, population health management, connected care informatics, and therapeutic care.

Recent Developments

• In April 2024, Mirion Dosimetry Services, a subsidiary of Mirion Medical, launched its revolutionary new wireless dosimeter called InstadoseVUE. The latest wearable radiation monitoring device allows users to track their personal radiation exposure faster and more precisely, with enhanced reliability and better control.

• In November 2023, Qaelum, a top provider of creative healthcare solutions, partnered with Philips, a world leader in health technology, to transform radiation dose management in medical imaging. This partnership represents a significant achievement in improving patient safety and streamlining healthcare processes.

Radiation Dose Monitoring Market