Since the discovery of X-ray and ionizing radiations in the 1890s, the probable prospects of radiation usage for diagnosis were explored and studied. Further innovations in the field of medical devices paved the way for better application of radiation. The radiology sector has rapidly evolved in recent years with the emergence of advanced imaging technologies, capturing and interpreting the diseases, which can be later explored for disease monitoring and treatment.
However, the rising usage of radiation-derived technologies has led to an upsurge of consequences that pose a threat to human lives. This is one of the significant challenges concerning overexposures and has pressured the regulatory bodies to formulate laws with respect to dose monitorization. Thus, systematic and constant monitoring of radiation dose is vital to increase the overall quality of the radiological services to patients. Additionally, dose monitoring rises awareness among hospital staff, radiographers, radiologists, and medical physicists with improved dosimetry statistics.
The global radiation dose management market is driven by increasing installed bases of radiology and number of scans, growing geriatric population, and the increasing prevalence of chronic and lifestyle-associated diseases, such as cancer, respiratory disease, and cardiovascular diseases.
However, many hospitals have not historically used radiation dose management software as a quality benchmarking tool. With the rising prevalence of cancer cases or chronic diseases, coupled with the implementation of strict guidelines that mandate to regulate the minimal dose exposed through a product, led to the adoption of radiation management tools. This has enhanced the IT integration and interoperability of both patient and staff dose data to accurately track, capture, and measure information to assess quality in the long term.
Rising demand for radiation dose management awareness, increasing geriatric population, and increasing install base of radiology products are some of the factors promoting the growth of radiation dose management software in this region. The radiation dose management market is expected to reach $567.3 million by 2030, growing at a CAGR of10.96% during the forecast period 2021-2030. Major growth factors driving the market include the increasing incidence of lifestyle-related diseases and the rising demand for radiation-based diagnostic devices.
The presence of limited companies in the radiation dose management industry and the increasing regulations for radiation dose have increased the competition in the global market. Increasing awareness regarding radiation over exposure and its side-effects have increased the demand for radiation dose management software.
The radiation dose management market is gradually growing over time, compelling several companies to come up with collaborative strategies to sustain the intensely competitive market. Companies with identical goals pool in resources and sign agreements to assist each other in achieving those goals. The software platform permits medical professionals to manage, examine, and optimize dose delivered to patients during interventional procedures, medical imaging examination, and image-guided surgery.
The radiation dose management market is witnessing a significant increase in the market size due to the ongoing COVID-19 pandemic. The overall market was estimated to be $231.1 million in FY2019, and it is expected to grow at a CAGR of 10.96% during the forecast period, 2021-2030. Presently, more than 21 companies are operating in this market, including already existing and emerging medical device companies.
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