The radiation dose management market size is expected to reach $1.7 billion by 2023, growing at a CAGR of 46.0% between 2017-2023. Key factors driving the market growth include increasing concerns associated with radiation overexposure, growing focus on improving quality of patient care, and growing awareness and industry initiatives.
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Geographically, North America has been the largest radiation dose management market, with the U.S. being the larger contributor to the regional market, as compared to Canada. The leading position of the North American market is mainly attributable to the high number of CT examinations performed, increasing prevalence of chronic diseases and rising adoption of radiation dose management software in the region. The Medical Imaging and Technology Alliance (MITA) has taken aggressive efforts to optimize patient dose across the industry in the U.S., which is further expected to increase the demand for RDM solutions in the region.
The European Directives has set some standard for safety and health in the workplace. These directives have to be transposed into the national legislation of the member states of the European Union, by February 2018, which is likely to increase the adoption of solutions and services by healthcare providers in the region to maintain the safety standards for radiation dose in diagnostic imaging.
There are several movements being made to reduce the dose of interventional radiology, which provides growth opportunities to increase market share of RDM solutions and services providers. For instance, with the explosive growth of interventional oncology, the Society of Interventional Oncology (SIO) has been founded to focus entirely on the sub-specialty field of interventional radiology in order to reduce the use of radioactive material for radiation therapy.
Some of the key players operating in radiation dose management market include Bayer AG, General Electric Company, PACSHealth, LLC, Bracco Imaging S.p.A, Novarad Corporation, Siemens AG, Koninklijke Philips N.V., Sectra AB, Agfa Gevaert, and Qaleum N.V.