Latest Study on “Radiation Dose Management Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Radiation Dose Management market size is expected to be worth around US$ 221.10 Million by 2027, according to a new report by nova one advisor.
The global Radiation Dose Management market size was valued at US$ 426 Million in 2020 and is anticipated to grow at a CAGR of 15.2% during forecast period 2021 to 2027.
Overview of Radiation Dose Management Market Study
Radiation Dose Management market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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Growth of the market is mainly driven by the increasing use of medical imaging modalities due to the rising incidence of chronic diseases, increasing concerns over radiation dose exposure, growth in the installed base of radiology equipment, and growing awareness on radiation dose management.
Global Radiation Dose Management Market Dynamics
DRIVER: Growing concerns over radiation exposure
In the last two decades, radiation exposure to patients has increased significantly. This can be attributed to the growing use of radiological procedures such as CT, fluoroscopy, and interventional imaging procedures, coupled with an increase in the radiation doses used in these procedures. In diagnostic imaging modalities, higher tube currents are used for obese patients to improve image quality. Owing to this, the risk of radiation overexposure for obese patients is high.
Earlier, dose management was not among the major concerns for the medical community, as their main focus was on image quality (with overexposure providing better images). As a result, the radiation doses used in procedures gradually increased. This increased the risk of radiation overexposure among patients.
OPPORTUNITY: Growing focus on interventional radiology and nuclear medicine
Across the globe, an increasing number of interventional radiology and nuclear medicine procedures are being performed owing to their high imaging efficiency. These procedures use a very high dose of radiation for patients; this, coupled with the longer duration of these procedures, can increase the risk of cancer in patients undergoing these procedures. According to the Society of Nuclear Medicine, around 20 million nuclear medicine procedures are performed every year in the US. As reported by the World Nuclear Association, more than 10,000 hospitals worldwide use radioisotopes in medicine; 90% of the procedures involving radioisotopes are diagnostic.
Thus, to cater to the needs of end-users, many players in the market, such as Bayer Healthcare and Sectra Medical Systems, are providing dose management software specifically for RDM in interventional imaging and nuclear medicine. Although CT applications account for a large share of the radiation dose management market, the interventional radiology and nuclear medicine applications are expected to offer significant growth opportunities in the next five years.
CHALLENGE: Lack of benchmarking for dose optimization across the globe
There are no defined standards by governments for radiation dose benchmarking across all radiology procedures. With the lack of standardized protocols, dose management software cannot be fully utilized to achieve dose reduction. Since 2011, the American College of Radiology has been trying to set benchmarks for CT procedures at the national level through DIR; however, benchmarking needs to be conducted for all imaging modalities across the globe.
There need to be standardized protocols for all examination types, imaging modalities, and patients of all sizes and age groups, at a global level. The availability of comprehensive benchmarking parameters and defined procedures would enable individual practices to monitor dose indices and compare standard dose reduction practices followed by similar healthcare provider facilities at the regional, state, national, or global levels.
The radiation dose management solutions segment is expected to grow at the highest CAGR during the forecast period
Based on product & service, the radiation dose management market is segmented into radiation dose management solutions and radiation dose management services. The radiation dose management solutions segment is projected to witness the highest growth during the forecast period. The increasing adoption of radiation dose management solutions by healthcare providers owing to the growing regulations regarding ionizing radiation across the globe is the major factor supporting the growth of this segment.
The computed tomography segment accounted for the largest share of the radiation dose management market in 2019
By modality, the radiation dose management market is segmented into computed tomography (CT), fluoroscopy & interventional imaging, mammography, and nuclear medicine. The computed tomography segment accounted for the largest market share in 2019. The large share of this segment can be attributed to the increasing number of CT examinations worldwide and the rising awareness of radiation dose exposure.
Hospitals accounted for the largest share of the radiation dose management market in 2019
Based on end-users, the radiation dose management market is segmented into hospitals, ambulatory care settings, and other end users. The hospital segment accounted for the largest share of the radiation dose management market in 2019. The rising patient population, growing awareness about the benefits of early disease diagnosis, technological advancements in imaging modalities, and the increasing awareness of the harmful effects of radiation exposure are some of the major factors responsible for the high demand for radiation dose management solutions in hospitals.
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COVID-19 Impact on Radiation Dose Management Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Radiation Dose Management market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Radiation Dose Management market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Radiation Dose Management market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Radiation Dose Management market include:
Bayer AG (Germany), GE Healthcare (US), Philips Healthcare (Netherlands), Siemens Healthineers (Germany), FUJIFILM Holdings Corporation (Japan), Canon Inc. (Japan), PACSHealth, LLC (US), Sectra AB (Sweden), Bracco Imaging S.p.A. (Italy), Qaelum N.V. (Belgium), Agfa Healthcare (Belgium), Novarad Corporation (US), Medic Vision (US), Volpara Solutions Inc. (US), Guerbet (France), Medsquare (France), Medic Vision (US)) and INFINITT Healthcare Co. Ltd. (South Korea).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Product and Services
- Radiation Dose Management Solutions
- Standalone Solutions
- Integrated Solutions
- Radiation Dose Management Services
- Support & Maintenance Services
- Implementation & Integration Services
- Consulting Services
- Education & Training Services
- Computed Tomography
- Fluoroscopy & Interventional Imaging
- Radiography & Mammography
- Nuclear Medicine
- Orthopedic Applications
- Other Application
- Small Hospitals
- Large Hospitals
- Ambulatory Care Settings
- Other End Users
Why Buy this Report?
The purpose of Nova one advisor’s Radiation Dose Management market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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