Irradiation Apparatus Market
Number of pages: 100 | Report Format: PDF | Published date: February 01, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 5.5 billion |
|
Revenue Forecast in 2030 |
US$ 7.56 billion |
|
CAGR |
3.6% |
|
Base Year For Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Type, Application, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global irradiation apparatus market was valued at US$ 5.5 billion in 2021 and is expected to register a revenue CAGR of 3.6% to reach US$ 7.56 billion by 2030.
Irradiation Apparatus Market Fundamentals
Irradiation apparatus is an electric device with set controls for producing ionized radiation or emitting ionized radiation as an end product. Ionizing radiation holds the ability to change materials’ physical, chemical, and biological properties. Its most typical applications include the sterilization of medical devices, food irradiation, environmental preservation, and polymer material modification. It is one of these areas’ most environmentally friendly and cost-effective solutions. These devices include computed tomography equipment, such as standard X-ray machines, and others capable of creating ionizing agents, such as beta and alpha particles, high gamma rays, and speed neutrons. The detector can be a film, a scintillation counter, or an ionization chamber. The source and detector are connected to a control system that monitors and records the radiation exposure.
The apparatus is designed to be used safely and securely to ensure that no radiation is released into the environment. There are two parts to meeting storage requirements. It cannot be easy to turn on the apparatus accidentally or on purpose. The apparatus must be protected against tampering, theft, or loss. Generally, this entails disconnecting from the power source (through the mains lead or supply fuses) and securing the unit (for instance, by keeping it in a room that is either locked or has controlled access). The device is designed to be used safely and precisely, with the radiation delivered in a controlled manner. The irradiation apparatus includes the radiation source, shielding, and control systems. The device must be tested and certified to ensure it functions properly and safely. Safety protocols must be followed when using an irradiation apparatus to prevent injuries or damage to people or property.
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Irradiation Apparatus Market Dynamics
Increased healthcare spending and awareness about healthcare procedures are expected to drive the global irradiation apparatus market revenue growth during the forecast period. The growing popularity of portable devices in various healthcare settings, such as pediatric diagnosis, dental, and veterinary sectors, is projected to fuel revenue growth in the irradiation equipment market. The utilization of cutting-edge technology in the healthcare sector has prompted medical and pharmaceutical industries to enhance their usage of irradiation devices. This is expected to drive market expansion during the forecast period. Furthermore, the availability of a wide range of instruments for usage in a variety of applications and end-use industries is anticipated to contribute to the overall growth of the global irradiation apparatus market in the next few years.
The introduction to and growing popularity of portable devices in various healthcare settings, such as pediatric diagnosis, dental, and veterinary sectors, is likely to propel the global irradiation apparatus market during the forecast period.
Irradiation Apparatus Market Ecosystem
The global irradiation apparatus market has been analyzed from three perspectives: type, application, and region.
Irradiation Apparatus Market by Type
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Based on the type, the global irradiation apparatus market has been segmented into X-rays, high-speed neutrons, electrons, and gamma rays.
The X-rays segment is expected to dominate the global market during the forecast period. Photon radiation is used in the X-ray irradiation process for a range of applications, including sterilization, decontamination, and material modification. Most materials are compatible with the X-ray technique, which offers high penetration on dense objects. X-rays begin as electron beams that are created and accelerated to obtain energy. Electrons are produced in equipment with energies ranging from 5 to 7.5 MeV (million electron volts) and high-power levels in the hundreds of kW (kilowatts). The electrons are then focused on a high atomic number metal target. The X-ray radiation is produced by a process known as Bremsstrahlung, which creates electromagnetic energy (photons) with the same energy as gamma.
Irradiation Apparatus Market by Application
Based on the application, the global irradiation apparatus market has been segmented into hospitals, laboratories, and others.
The hospitals segment is expected to lead the market during the forecast period. Hospitals have more operating capital to invest in cutting-edge medical technologies and essential medical equipment to offer patients complete care, as they are frequently multi-specialty centers. These factors are likely to help in the segment’s revenue growth in the next few years.
Irradiation Apparatus Market by Region
Based on the region, the global irradiation apparatus market has been segmented into North America, Europe, Asia Pacific, and the Rest of the Word.
North America accounted for the biggest revenue share of the global market due to the presence of a sizable number of key players and the rise in the demand for these apparatus owing to technological improvements in them. The Small Business Administration (SBA) in the United States has authorized a waiver for the non-manufacturer regulation for irradiation equipment manufacturing, allowing a regular dealer to deliver products under federal contract to a domestic manufacturer.
The market in Europe is projected to register higher revenue growth opportunities owing to increase in technological advancements in the region. Moreover, the rise in focus of governments of countries from Asia Pacific on implementing various steps to expand the usage of irradiation apparatus in the pharmaceutical business, developing healthcare sector, and increased penetration of major players in the region are expected to generate promising revenue growth potential in the Asia Pacific irradiation apparatus market during the forecast period.
Irradiation Apparatus Market Competitive Landscape
The global irradiation apparatus market is highly competitive, with the presence of several companies in it. While each player devises their plan for building a name for themselves in the competitive scene, the primary goal is to improve the global sales rate of irradiation equipment. Some firms spend money on research and development to maintain their position as one of the top competitors. Other players use joint ventures and merger acquisitions to increase revenue throughout the forecast period.
The prominent market players in the global irradiation apparatus market include:
Irradiation Apparatus Market Strategic Developments
Europe is the key revenue growth region in the global irradiation apparatus market.
The X-rays segment leads the global irradiation apparatus market.
Irradiation apparatus is an electric device with set controls for producing or emitting ionized radiation as an end product. Ionizing radiation can change the physical, chemical, and biological properties of materials. Its most typical applications include the sterilization of medical devices, food irradiation, environmental preservation, and polymer material modification.
Varian Medical Systems Inc., Hitachi, Ltd, Fujifilm Holdings Corporation, YXLON International, and Siemens Healthcare Private Ltd are among the prominent market players.
*Insights on financial performance are subject to availability of the information in the public domain