Radiometric Detectors Market Trends

Growth Drivers

• Rising Number of Research Laboratories Owing to Improvements in Healthcare Infrastructure – Growing number of research laboratories owing to the improvement in healthcare infrastructure is expected to drive the growth of the global market. Moreover, increasing investment by market players and the governments of various regions in the enhancement of the healthcare sector is the factor driving the growth of the market. For instance, Million Technologies and Canberra Industries partner with academic and research institutions to develop new technologies and applications for radiometric detectors for healthcare. 
• Increasing Penetration of the Product – Another factor driving the growth of the global radiometric detectors market is the increasing penetration of the product. For instance, one of the products increasingly used in the market is the Thermo Scientific RadEye PRD Personal Radiation Detector. The product has been recognized by industry experts such as the National Institute of Standards and Technology (NIST) and has received positive customer reviews. 
• Increasing Investment in Research and Development Activities – Growing investment by the government of various regions and multiple market players in research and development activities is expected to drive the growth of the global market in the forecast period. In 2021, Mirion Technologies, Inc., a leader in the radiation detection and measurement industry, announced a significant investment in its research and development capabilities. The company will invest more than USD 25 million in research and development activities to develop new products and technologies for the radiation detection and measurement market.   
• Stringent Regulatory Requirement - Regulatory requirements for radiometric detectors are increasing as radiation safety concerns grow. For instance, the International Atomic Energy Agency (IAEA) has established guidelines for the use of radiation detection equipment in various applications. This has increased the demand for high-quality, reliable radiometric detectors that comply with these regulations. 

Challenges

• Low Popularity of Radiometric Detectors – The first and foremost challenge that comes in the way of this market is the low popularity of radiometric detectors. Many people around the globe are aware of this product and supporting the product however, there are also a huge amount of people who are not in support of this technology yet owing to its disadvantages which might hamper the market in the future.