Scintillators Market Growth and Recent Trends by 2025

The scintillators market is expected to grow from US$ 373.2 million in 2017 to US$ 609.4 million by 2025 at a CAGR of 6.5% between 2017 and 2025.

In recent years, the demand for scintillators and scintillation detectors has been increasing significantly among various industries such as medical & healthcare, oil & gas, nuclear power plants, research labs & general engineering industries, homeland security, and high energy physics labs. The scintillators market growth can be attributed to an upsurge in the usage of scintillators across industries in developed and developing countries. Further, constant innovation of advanced technologies, governmental initiatives in various countries, rise in funding for research and development among private organizations, and development of technologically enriched products at a low cost are among the other factors responsible for boosting the scintillators market.

Scintillators provide several advantages, including the simplicity of sample preparation and the possibility of running multiple labeling studies simultaneously. These benefits attract a number of end-user industries, which, in turn, act as a catalyst for the scintillator market. However, the scintillators market is projected to be hampered by high CAPEX and high production costs. These are two key challenges faced by the scintillator market players while expanding their business. According to several sources, the prices are expected to drop due to technological developments, which would positively impact the scintillators market in the coming years.

In recent years, the scintillators market has grown dramatically. This may be attributed mostly to the strong performance and growing recognition of scintillator devices across the world. Scintillators play an important role in addressing several issues associated with detecting particles and radiations for healthcare purposes. During the projected period, the increase in the usage of scintillator devices in nuclear and other industrial sectors is likely to boost the scintillators market. Space exploration is an upcoming application for scintillators. Scintillators are employed in space explorations in particle spectrometers, neutron detectors, and gamma-ray spectrometers. Scintillators have proved to be a reliable technology involved in space explorations and space missions due to their properties such as better resolution, resistance to radiation, and relatively low cost. The increase in space programs across countries would boost the demand for scintillation products, which would cater to the scintillator market growth.

Published Report - Scintillators Market: Strategic Insights

Scintillators Market Insights

Increasing Demand due to Technological Advancements

The scintillators market expansion will be driven by technical advancements and innovation in the foreseeable period. The scintillators market growth may be aided by the development of high-performance goods at a cheap cost, as well as rising demand for radiation detection devices across all application areas. Furthermore, developments in nuclear medicine and medical imaging, as well as helium 3 depletion for protective neutron detection, are likely to contribute to global scintillator market growth. Moreover, during the projected period, a growing number of power plants are likely to meet the high demand. For example, there are 440 operational nuclear power reactors across the globe, as of April 2020, with a total electrical capacity of 390 GW. Furthermore, 55 reactors are under construction and 109 reactors are planned, with a total capacity of 63 GW and 118 GW, respectively, while 329 more reactors are proposed. Thus, the increasing number of nuclear power plants is acting as a key opportunity for the scintillator market players.

Material Composition-Based Market Insights

The global scintillators market by material composition is segmented into organic scintillator and inorganic scintillator. The inorganic scintillators segment led the scintillators market. Due to increased R&D activity throughout the world, the inorganic scintillators segment held the largest share of the scintillator market in 2020. Inorganic scintillators are employed in X-ray and gamma spectroscopy, as well as medical imaging and gamma imaging. Inorganic scintillators are also employed in a variety of applications, including oil wells and mining. As a result, growing R&D work to improve light absorption will help inorganic scintillators flourish, which would ultimately drive the scintillators market.

Industries-Based Market Insights

Scintillators such as ammonium molybdate, ethylhexylphosphoric acid, and yttrium silicate are used to diagnose cardiovascular and neurological disorders. Moreover, governments across the world place severe limitations on the use of conventional medical equipment, forcing hospitals and healthcare organizations to invest in advanced scintillation and radiation detectors. The implementation of such regulation has upsurged the demand for scintillated products. Apart from that, these materials are used by security and safety authorities worldwide to increase home security and avoid human loss. Therefore, the medical & healthcare industry dominated the scintillators market in 2017 and is likely to witness a CAGR of 6.4% during the forecast period.

Scintillators

Published Report - Scintillators Market Players Density: Understanding Its Impact on Business Dynamics

The Published Report - Scintillators Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Applied Scintillation Technologies Ltd, Argus Imaging Bv Inc., Hamamatsu Photonics K.K. Hitachi Metals Ltd, Ludlum Measurements Inc., Mirion Technologies Inc., Radiation Monitoring Devices Inc, Rexon Components and TLD Systems Inc., Saint Gobain, Zecotek Photonics Inc., NCR Corporation, and Triton Systems are among the major players operating in the scintillators market. The players operating in the scintillators market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

• Mirion Technologies Inc. will release the Series 6LB counter in 2020, which improved gas management technologies. The Series 6LB counter uses less gas compared with the Series 5 XLB counter. It employs a cutting-edge guard detector that does not require the usage of P-10 gas.