Inorganic scintillators market is projected to reach USD 330.7 million by 2021 from USD 256.1 million in 2016, at a CAGR of 5.2% in the next five years (2016 to 2021).
The inorganic scintillators market is undergoing a significant transformation, with the changing landscapes of healthcare, nuclear power plants, homeland security and defense, and manufacturing industries. The growth of this market is majorly influenced by the dynamics of these industries.
Growing safety concerns post the Fukushima disaster, growing security threats, growing security budgets of global sporting events, increasing incidence of cancer, growth in the number of PET/CT scans, and growing threat of nuclear terrorism are some factors expected to drive the growth of the global inorganic scintillators market in the coming years. On the other hand, factors such as shortage of a nuclear power workforce worldwide and nuclear power phase-out in some European countries are expected to restrain the growth of the market. However, the increase in the number of nuclear power plants in India and Pacific countries, growing focus on clean and reliable electricity generation in China, and the decision of the Japanese government to reverse its nuclear power phase-out are posing lucrative opportunities for the inorganic scintillators market.
Lutetium oxyorthosilicate (LSO) & lutetium-yttrium oxyorthosilicate (LYSO) segment has benefits over other scintillators such as higher light output and short decay time. Thus, the LSO and LYSO segment is expected to grow at highest CAGRduring the forecast period. However, sodium iodide (NaI) segment is expected to have largest market size in 2016.
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Healthcare segment is estimated to grow at highest CAGR during forecast period, due to rising terrorism levels globally, growing government initiatives by governments worldwide to improve homeland security, and increasing security and defense expenditure. Furthermore, healthcare will have largest market size in 2016, due to increasing incidence of cancer, rising research activity, increasing installations of PET scanners worldwide, and growing preference for effective radiation protection in medical facilities.
In 2016, North America is expected to account for the largest share of the global inorganic scintillators market, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). North America’s large share is attributed to the increasing prevalence of cancer, rising adoption of nuclear imaging systems, government initiatives, the increase in the number of nuclear power plants in the U.S., growing security concerns, and the rising number of conferences. In the coming years, the inorganic scintillators market is expected to witness the highest growth in the Asia-Pacific region, with emphasis on India, China, and Japan. This can be attributed to factors such as high spending on homeland security in Asia, Japan’s decision to continue with the use of nuclear power, high growth expected in China’s nuclear power industry, presence of global and local players in the Chinese market, increasing number of nuclear power plants in India, and increasing installations of nuclear imaging systems in India.
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