Radiometric Detectors Market Segmentation by Application (Proximity Detection, RGB Color Sensing, Gesture Recognition, Light Sensing, UV/IR Detection); End User (Diagnostic Laboratories, Research Institutes, Pharmaceutical Institutes) – Global Demand Analysis & Opportunity Outlook 2023 - 2035
Buy Now Report ID: 3927 | Published Date: Apr 26, 2023
Radiometric Detectors Market size is estimated to garner a revenue of ~USD 7 billion by the end of 2035 by growing at a significant CAGR of ~6% over the forecast period, i.e., 2023 – 2035. Further, the market generated revenue of ~USD 3 billion in the year 2022. 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.
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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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Growth Drivers
Challenges
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.
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 radiometric detectors market includes the following segments:
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By Application |
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By End User |
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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.
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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Rising number of research laboratories owing to improvement in healthcare infrastructure and increasing penetration of products are the major factors driving the growth of the radiometric detector market.
Ans: The market is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2023 – 2035.
Ans: Low popularity of radiometric detectors is likely to hamper the market growth.
Ans: The market in Europe is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are 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 many more.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by application, and by end user.
Ans: The UV/IR detection sub segment from application segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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