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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Pricing Constraints and Technical Limitation associated with software to Restrain Global Market Expansion
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.
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Services segment to Lose Market Share
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.
Oncology to Be the Most Promising Application to Invest In
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.
Europe to Resister Exponential Growth and Offer Huge Incremental Opportunity
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.
Key Players such as Bayer HealthCare AG, GE Healthcare, Agfa-Gevaert N.V. and Koninklijke Philips N.V. are Likely to Continue to Lead the Global Radiation Dose Management Market
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