The global radiation dose management market was valued at
approximately US$ 1.0 Bn in 2016 is projected to register cumulative
annual growth rate (CAGR) of over 9.0% from 2017 to 2025, according
to a new report published by Transparency Market Research (TMR)
titled “Radiation Dose Management Market – Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025”.
The report suggests that increase in prevalence/incidence of chronic
diseases such as cardiovascular and cancer is likely to spur the
demand of radiation dose management market in the coming years (2017
to 2025). As key players introduce their new radiation dose
monitoring system in developed markets such a North America and
Western Europe, these regions are likely to account for dominating
share of the global radiation dose management market. Increasing
incidences of chronic diseases, rising awareness regarding early
diagnosis, and innovation in medical technology in emerging markets
such as China, Japan and India is likely to boost growth of Asia
Pacific radiation dose management market at a CAGR of around 2.0%
from 2017 to 2025.
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Radiation dose monitoring is a software that stores and analyses
information on patients' radiation exposure from medical imaging
involving ionizing radiation. Radiation doses are monitored through
radiation dose monitoring software such as DoseWatch and DoseTrack.
Growing safety concerns, improving quality of patient care, rising
geriatric population is likely to fuel uptake of radiation dose
management system. However, medical imaging has become an essential
test before surgery and to diagnose diseases. Increasing radiation
dose monitoring software cost is a major restrain for the radiation
dose management market. Small hospital or clinics cannot not afford
as result. Moreover, hacking of data can erase the data, which can
tamper with the hospital’s database. High dependence on software
can leave the hospital vulnerable to software crashes and detection
of virus, which can corrupt the entire data. These major technical
limitations associated with software are likely some factor to hamper
the radiation dose monitoring market.
The report offers detailed segmentation of global radiation dose
management market based on product and services, modality,
application and end user. Among the product and services studied,
product (Software) segment is poised to account for leading share of
the global market during the forecast period from 2017 to 2025.
Growth of the segment is attributed to increasing application of
integrated software due to its benefits such as global access. The
software interconnects databases to make radiation dose easily
accessible. The services segment is anticipated to lose its market
share during the forecast period, and is expected to hold a share of
~23.0% by 2025 from ~24.0% in 2016. Availability of remote base
software system and integrated software are some factors likely to
hamper this segment.
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Among Application, oncology segment is projected to hold dominant
share of global radiation dose management market during the forecast
period and is likely to expand at CAGR of around 9.0% from 2017 to
2025. Growth of segment is attributed to increasing number of cancer
cases. According to American Cancer Society, in 2016, more than 3.5
million women in the U.S. suffer from breast cancer and the number of
patients is increasing. Others (neurology and gynecology) segment are
expected to grow at a sluggish pace and acquire a stable market share
of 2.1% by the end of 2025 and this is attributed to less prevalence
of neurological diseases as compared to oncology and cardiovascular
diseases. Hospitals are projected to be leading segment of end user
over the forecast period and are likely to register growth at CAGR of
over 9.0% from 2017 to 2025 and this is due to rise in the number of
patients getting treated at hospitals.
In terms of value, North America was leading contributor in global
radiation dose management market in 2016. Growth of the market in
North America is attributed to well-established health care
infrastructure, presence of key players in the region, and favorable
reimbursement policies. Moreover, growth of the region is due to
rising awareness regarding the use of integrated software technology
for radiation monitoring which allows faster and accurate analysis.
Healthcare spending in emerging markets such as Germany, France,
Switzerland are rising, which is fueling the expansion of Europe
radiation dose management market. Regaining economic growth in Latin
American markets such as Brazil is augmenting healthcare expenditure
through rise in private health insurance, entry of international
device manufacturers and health care providers in this region. This
factor is likely to propel Latin America radiation dose management
market at CAGR of 7.8% from 2017 to 2025.
The report also provide profiles of leading players operating in
global radiation dose management market include Landauer, Inc.,
Sectra AB, INFINITT Healthcare Co. Ltd. , PACSHealth, LLC , Thermo
Fisher Scientific, Medsquare SAS, Siemens AG, Fujifilm Holdings
Corporation, and QAELUM NV. Expansion of radiation dose management
market through improving existing products and developing new
products is one of the key strategy adopted by many key players,
recent developments and launch of new system such as Kyleena a new
low dose levonorgestrel-releasing intrauterine system by Bayer
HealthCare AG and other key players reflect these strategies.
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