Based on its recent analysis of the radiation detection equipment market, Frost & Sullivan recognizes Thermo Fisher Scientific with the 2014 North American Frost & Sullivan Award for Company of the Year. Despite the slowdown in the nuclear energy industry post-9/11 and the Fukushima nuclear disaster, Thermo Fisher has excelled in the market by being at the forefront of investing, enhancing, and offering new technologies for radiation detection.
Thermo Fisher has battled sequestration and the closing down of several government-funded programs to maintain a steady market for its radiation detection equipment. Its strategy of focusing on and investing deeper in its core market areas nuclear energy and the industrial markets has enabled it to weather the storm better than its closest competitors. In addition, despite the sequestration, the company won various Department of Homeland Security (DHS)-funded new projects that have allowed it to maintain high growth in the security market.
"Thermo Fisher Scientific's in-house capabilities and strategic acquisition of Eberline Instrument Corp has helped it retain its leadership position in the market for radiation detection and contamination control products," said Frost & Sullivan Research Director Kiran Unni. "It is a leading supplier of different types of portable and large system-based radiation detection equipment, and is among the few corporations that offers its products and services to four of the largest markets, including nuclear energy, homeland security, industrial (steel manufacturing and scrap), and medical applications."
The launch of the Thermo Scientific™ RadEye™ GN+ radiation detector and the Thermo Scientific™ RIIDEye™ GiN+ isotope identification instruments has played an important role in the company’s success. The RIIDEye X is a handheld radiation isotope identifier that enables first responders to detect different levels of radiation in conditions that can be harsh and often unpredictable.
The RIIDEye was recently enhanced for use in detecting and identifying neutron and gamma radiation sources in several places, including food, solids, cargo, liquids, semi-solids, or on people. Frost & Sullivan expects this redesigned version to be the front-runner in several new multi-million dollar projects, in addition to the projects that Thermo Fisher has already secured. These projects were part of the "Secure the Cities" initiative started by the Domestic Nuclear Detection Office (DNDO).
Thermo Fisher offers a wide variety of radiation detection equipment, ranging from the portable and handheld detectors used by first responders and military personnel, to the large systems (radiation detection portals) used in industrial and steel manufacturing and scrap metal applications. By covering numerous industries, it is less vulnerable to economic downturns than its counterparts that focus on just one or a couple of industries.
"Thermo Fisher expects to see steady growth in industrial applications, mainly in the manufacture and growth of steel, especially in China and other emerging countries," observed Unni. "An increase in steel production will raise the volume of scrap material and the possible presence of radioactive material, indicating a steady stream of demand for radiation detection equipment, which Thermo Fisher is well positioned to make the most of."
Meanwhile, Thermo Fisher has also successfully entered markets that it had not been previously focused on, such as safety applications for medical service providers. The company is remedying this situation by offering its dosimetry solutions to a third party that sells the technology to the film badges market in medical applications. These initiatives have resulted in the availability of better products and value for customers.
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in terms of growth strategy and implementation. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
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