Radiometric Detectors Market size is estimated to reach USD 7 billion by the end of 2035, growing at a significant CAGR of 6% during the forecast period i.e., 2023-2035. The growth of the market can be attributed to the rising number of research laboratories resulting from improvements in healthcare infrastructure, and the increase in penetration of the product across the globe. According to a report by the World Health Organization (WHO), global spending on health grew continually between 2000 and 2019 and reached a value of USD 8.3 trillion, or 10% of global GDP.
Along with these, growing awareness levels regarding automated in-built sensors and user-friendly interfaces that can be used in radiometric detectors are also expected to drive market growth in the forthcoming years. Furthermore, escalating usage of these detectors in the pharmaceutical and chemical industries is projected to offer lucrative opportunities to the market in the near future. The global market for radiometric detectors is expanding as a result of ongoing innovation. Most radiometric detector companies operate with a sense of urgency and a customer-centric mindset in the post-pandemic period. Attempts to reduce costs along different links in the value chain so that items can be sold for a profit. However, in the long run, production modernization and expansion together with ongoing innovation and customer-focused initiatives will continue to be major success drivers.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023 - 2035 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 3 billion |
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Forecast Year Market Size (2035) |
~USD 7 billion |
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Regional Scope |
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Application (Proximity Detection, RGB Color Sensing, Gesture Recognition, Light Sensing, UV/IR Detection)
The market is segmented by application into proximity detection, RGB color sensing, gesture recognition, light sensing, and UV/IR detection. Out of these, the UV/IR detection segment is anticipated to hold the largest share in the global radiometric detectors market on account of the high utilization of the device for measuring electromagnetic radiations from visible light. Apart from this, radiometric detectors are also used for spectral broadband irradiance measurements within a defined spectral range, which is also predicted to drive the growth of the market segment in the future.
End-user (Diagnostic Laboratories, Research Institutes, Pharmaceutical Institutes)
The market is segmented and analyzed for demand and supply by end users into Diagnostic Laboratories, research institutes, biotechnology, and pharmaceutical institutes. Out of which, the research institute segment is expected to have the largest market share in the forecast period. Owing to the increase in investment and funds by the government of various regions and market players in the research and development activities to enhance the healthcare infrastructure around the globe is the factor driving the growth of this segment. For instance, the Central and State Government of India’s budgeted expenditure on the health sector reached almost 2 percent of GDP in FY23 against 1.6 percent in FY21
Our in-depth analysis of the global market includes the following segments:
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By Application |
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By End User |
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Europe Market Forecast
The market in Europe is estimated to witness noteworthy growth over the forecast period on the back of the high rate of adoption of radiometric detectors, and growing healthcare spending in the region. Moreover, the market in North America is expected to grab the largest share during the forecast period ascribing to the increasing number of research laboratories and diagnostic centers in the region. It is evaluated that there are more than 10,000 new imaging centers businesses in the United States in 2022. In addition, the strong footprint of market players is also projected to boost the growth of the market in the region.
APAC Market Statistics
Asia Pacific region is expected to share remarkable growth in the forecast period. Radiation detectors are used to measure radiation and have a wide range of applications in fields such as healthcare, nuclear power plants, and environmental monitoring. The Asia-Pacific region has many countries investing in nuclear and radiation-based technologies, creating demand for radiometric detectors. China, India, and Japan are some of the largest markets for radiometric detectors in the Asia-Pacific region. These countries are investing heavily in nuclear and other radiation-based technologies, boosting the growth of the radiometric detector market. Other countries in the region, such as South Korea and Australia, are also in great demand for radiometric detectors.
North American Market Forecast
The market in North America is expected to grab a significant share during the forecast period. This can be attributed owing to the increasing number of research laboratories and diagnostic centers in the region. It is evaluated that there are more than 10,000 new imaging centers businesses in the United States in 2022. In addition, the strong footprint of market players is also projected to boost the growth of the market in the region.
Author Credits: Radhika Gupta, Shivam Bhutani
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