Gamma ray spectroscopy is an analytical technique used for elemental analysis and characterization of materials based on the emitted gamma ray spectrum. It helps determine the elemental composition of materials to analyze impurities. Gamma ray spectroscopy finds application in medical imaging, oil & gas exploration, homeland security, food quality testing among others. The rising demand for characterization of materials from healthcare, energy, industrial and research sectors is driving the gamma ray spectroscopy market.

The global gamma ray spectroscopy market is estimated to be valued at US$ 1,301.1 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the gamma ray spectroscopy market are Thermo Fisher Scientific Inc., Mirion Technologies, Inc., AMETEK, Inc. (Ortec), Flir Systems, Inc., Canberra Industries, Inc. The rising demand for advanced analytical techniques from the medical imaging industry has opened opportunities for market players to collaborate with research institutes and launch innovative spectrometers. The growing exploration and production activities in the oil & gas industry world over is expected to drive the global expansion of the gamma ray spectroscopy market during the forecast period.

Market drivers
The growing Gamma Ray Spectroscopy Market Trends for medical imaging techniques like SPECT and PET from the healthcare sector is the key driver for the gamma ray spectroscopy market. Gamma ray spectroscopy helps detect even trace elements and constitutes an integral part of nuclear medical imaging technologies. The increasing government and private investments in life sciences research and rising cancer incidence globally is fueling the adoption of gamma ray spectroscopy technique in medical sciences.

PEST Analysis

Political: There have been increasing efforts by governments across the world to develop nuclear non-proliferation programs and nuclear security programs. This increased emphasis on nuclear security measures is expected to boost demand for gamma ray spectroscopy systems for detection and identification of radioactive and nuclear materials.

Economic: The global economy has seen steady growth in the past few years which has positively impacted industries such as healthcare, nuclear energy, and homeland security. The growth of these industries in turn is fueling demand for gamma ray spectroscopy systems.

Social: With greater awareness about security threats and health hazards of radiation exposure, there is increased focus on safety, security, and quality control across various industries. This has augmented the adoption of gamma ray spectroscopy for various non-destructive testing and quality check applications.

Technological: Advancements in detector materials such as lanthanum bromide and silicon drift detectors have enhanced the spectral resolution and detection efficiency of gamma ray spectroscopy systems. Integration of wireless connectivity and AI capabilities is further expanding the application scope of these systems.

Gamma ray spectroscopy finds widespread adoption in North America driven by substantial investments in homeland security, nuclear nonproliferation programs, and advancements in the healthcare sector. The region holds the largest share of the overall market in terms of value.
Within the Asian Pacific region, countries such as China, India, and Japan have emerged as highly lucrative markets for gamma ray spectroscopy. This can be attributed to rapid economic growth, significant expansion of the manufacturing sector, increased spending on nuclear power projects, and a large population base driving demand from various end-use verticals. The Asia Pacific region is expected to witness the fastest growth over the forecast period.

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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)