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The Inorganic Scintillators market studied was anticipated to grow with a CAGR of more than 5.3%, during the forecast period. The major factors attributing to the growth of the Inorganic Scintillators market are increased incidences of cancer cases contributing to growth in the number of PET/CT scans, and the growing threat of nuclear terrorism. For instance, in 2019, according to the National Cancer Institute, 1.76 billion new cancer cases recorded in the United States. Furthermore, the rise in government support in R&D owing to growing security threats, growth in security budgets of global sports events fuel the Inorganic Scintillators market.
Scope of the Report
The inorganic scintillators are commonly used for the detection of ionizing radiation owing to their ability to emit photons after exposure to radiation. They are made of oxides or alkali halides and are found in the form of crystal at high furnaces temperature. Scintillating materials are extensively used in numerous industries such as security & defense, medical, and others.
Key Market Trends
Sodium Iodide Segment By Scintillation Material is Expected to Hold the Largest Market Share in the Inorganic Scintillators Market
- Currently, the Sodium iodide segment was expected to hold the most significant revenue over the forecast period. Sodium iodide scintillators are vastly used in the medical imaging sector is due to high light output, high resolution, and attractive price, which accounted for its largest share in the market.
- The growth of the Sodium iodide segment is also driven by factors such as its wide range of applications, including defense and nuclear power plants. The rise in homeland security expenditure to combat terrorism worldwide and an increasing number of nuclear power plants also fuels demand for inorganic scintillators.
- By the end-user segment, growing dependence on radio imaging in the healthcare/medical sector is expected to fuel the demand for the scintillators over the forecast period. X-ray imaging and PET/CT scans playing a vital role in the medical equipment sector are majorly driving the market.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is anticipated to account for the largest share of the global inorganic scintillators market. This dominance is mainly due to factors such as the increasing prevalence of cancer, rising adoption of nuclear imaging systems, government initiatives with growing security concerns, and an increase in the number of nuclear power plants in the U.S.
Europe contributed to the second largest market share owing to rapid growth in defense research and the increasing threat of terrorism thus projecting to propel the global market.
Asia - Pacific region is expected to witness the fastest growth in the forthcoming years due to the presence of global and local players in the Chinese market. Also, the increasing number of nuclear power plants with increasing installations of nuclear imaging systems in India are expected to propel the growth of the inorganic scintillators market in the Asia-Pacific region.
The inorganic scintillators market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some prominent players are vigorously making acquisitions with the other companies to consolidate their market positions across the globe and while others are distributing products. For instance, in November 2019, Saint-Gobain acquired Continental Building Products, which has developed a top-tier platform in the plasterboard in North America. The acquisition increases Saint-Gobain’s global R&D and product development infrastructure.
Some of the companies which are currently dominating the market are Saint-Gobain S.A., Dynasil Corporation of America, Toshiba Materials Co. Ltd, Hamamatsu Photonics K.K., and Nihon Kessho Kogaku Co. Ltd
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