At 7.0% CAGR, the North America Gamma Ray Spectroscopy Market is projected to be worth US$ 434.81 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the North America gamma ray spectroscopy market was valued at US$ 289.14 million in 2022 and is expected to reach US$ 434.81 million by 2028, registering a CAGR of 7.0% from 2022 to 2028. Increased preference for gamma rays in medical industry and rising usage of HPGe detectors are the critical factors attributed to the North America gamma ray spectroscopy market expansion.            

Gamma rays are more energetic than X-rays and have a stronger ionizing ability than X-rays. They are preferred (within a prescribed limit) in the medical industry to kill cancer cells or sterilize medical equipment. Gamma rays are used in cancer screening devices and surgical procedures for the removal of tumours. Due to the high penetration level of gamma rays compared to alpha and beta radiation, they are used for medical imaging. In this process, a gamma source enters the patient’s body, and the radiation that comes from the patient’s body is detected using a gamma camera. Further, gamma ray spectrometry is used to monitor and assess the amount of radiation. Therefore, growing preference for gamma rays in medical industry is expected to drive the North America gamma ray spectroscopy market.  

On the contrary, adverse effects of gamma rays on consumer’s health hurdles the growth of North America gamma ray spectroscopy market.   

Based on type, the North America gamma ray spectroscopy market is segmented into hardware, software, and services. The hardware segment held 64.5% market share in 2022, amassing US$ 186.62 million. It is projected to garner US$ 273.43 million by 2028 to expand at 6.6% CAGR during 2022–2028.   

Based on end-user, the North America gamma ray spectroscopy market is segmented into space research, nuclear facilities, and mineral exploration. The nuclear facilities segment held 51.8% market share in 2022, amassing US$ 149.67 million. It is projected to garner US$ 235.52 million by 2028 to expand at 7.8% CAGR during 2022–2028. 

Based on country, the North America gamma ray spectroscopy market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 73.2% market share in 2022. It was assessed at US$ 211.77 million in 2022 and is likely to hit US$ 328.42 million by 2028, exhibiting a CAGR of 7.6% during the forecast period.      

Key players dominating the North America gamma ray spectroscopy market are AMETEK Inc.; ANTECH; ATOMTEX; CAEN S.p.A.; Geomatrix Earth Science Ltd; Linde Plc; Mirion Technologies, Inc.; NATS, Inc.; NUVIATech Instruments; and Sander Geophysics Limited, among others.

• In July 2019, ATOMTEX announced the extension of STB ISO 9001-2015 Quality management system conformity certificate to acknowledge that development, manufacture, maintenance of instruments and equipment for nuclear measurements and radiation control conforms to all requirements.

• In Nov 2021, Mirion Technologies, Inc. announced the acquisition of CHP Dosimetry, a U.S.-based distributor of dosimetry services. The acquisition closed on November 1, 2021.

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