Medical Radiation Shielding Market worth $1.8 billion

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03 Aug, 2023, 11:00 ET

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CHICAGO, Aug. 3, 2023 /PRNewswire/ -- In the near future, the medical radiation shielding industry is poised for significant advancements driven by cutting-edge technologies and increased demand for radiation-based medical procedures. Innovations in materials science and engineering will lead to the development of more efficient and lightweight shielding solutions, enhancing both patient safety and healthcare professionals' protection. With the rise of personalized medicine and targeted therapies, medical facilities will adopt advanced radiation therapies, such as proton therapy and brachytherapy, necessitating the integration of sophisticated shielding systems. Furthermore, the industry's growth will be fueled by a heightened focus on sustainability, with the adoption of eco-friendly and recyclable shielding materials becoming a norm. Collaborations between medical professionals, researchers, and industry experts will accelerate the pace of progress, paving the way for safer, more precise, and environmentally conscious medical radiation shielding practices in the years to come.

Medical Radiation Shielding Market in terms of revenue was estimated to be worth $1.4 billion in 2023 and is poised to reach $1.8 billion by 2028, growing at a CAGR of 6.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growth in the Medical Radiation Shielding market is mainly driven by the Increasing usage of radiation therapy for diagnosis, and the rising number of trained radiologic technologists is expected to offer growth opportunities for players operating in the Medical Radiation Shielding market during the forecast period. However, the Lack of adequate healthcare infrastructure and the dearth of skilled oncologists/radiologists are restricting the growth of this market.

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Browse in-depth TOC on "Medical Radiation Shielding Market"142 - Tables29 - Figures200 - Pages

Medical Radiation Shielding Market Scope:

Report Coverage

Details

Market Revenue in 2023

$1.4 billion

Estimated Value by 2028

$1.8 billion

Growth Rate

Poised to grow at a CAGR of 6.5%

Market Size Available for

2021–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Product, Solution, and End-user

Geographies Covered

North America, Europe, Asia Pacific, and Rest of the World

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Rising healthcare expenditure across developing countries

Key Market Drivers

Increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment

MRI Shielding Products segment is expected to account for the largest share in 2022.

The Medical Radiation Shielding market, by product, has been segmented into MRI Shielding Products, Lead Lined Glass, Doors & Windows, Lead Lined Drywalls & Plywood, Shields, Barriers, Booths, Lead Sheets, Lead Bricks, High-Density Concrete Blocks, X-ray Rooms, Lead Curtains & Screens and Lead Acrylic. Rising healthcare expenditure across developing countries, Increasing investments for cancer research with technological advancements in radiation detection to meet the growing demand.

The Diagnostic Shielding segment held the largest market share in the solution market.

By solution, the global Medical Radiation Shieldingmarket is broadly segmented into Diagnostic Shielding and Radiation Therapy Shielding. Increasing demand for a number of PET/CT scans for diagnostic imaging will drive the growth of the market. According to a 2020 report from the Canadian Agency for Drugs and Technologies in Health (CADTH), there were 378 MRI units in Canada in 2019. The country also had 305 SPECT units, 271 SPECT-PET units, and 57 PET-CT units in 2019. CT is the most common modality, with 549 machines in Canada, up from 484 machines in 2010; MRI is the second most common, with 378 machines in 2020 from 281 machines in 2010. The number of CT scanners in Canada is well below the average—15 per million population, as opposed to 26—among OECD countries.

North America dominates the global Medical Radiation Shielding market.

Based on the region, the Medical Radiation Shielding market is segmented into North America, Europe, Asia Pacific and Rest of the world. The North American market is driven by the growing focus on growing government and private investments to meet the increasing demand for cancer treatment. According to a report published by ACS (in October 2020), cancer patients in the US paid USD 5.6 billion out-of-pocket for cancer treatments, including surgical procedures, radiation treatments, and chemotherapy drugs, in 2018. Approximately USD 183 billion was spent in the US on cancer-related healthcare in 2015, and this figure is projected to grow to USD 222.2 billion by 2025 and USD 246 billion by 2030.

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Medical Radiation Shielding Market Dynamics:

Drivers:

Restraints:

Opportunities:

Challenges:

Key Market Players:

The Key players in the Medical Radiation Shielding market are ESCO Technologies (US), Mirion Technology (US), Nelco Worldwide (US), Gaven Industries Inc. (US), Radiation Protection Products, Inc. (US), Marshield (Canada), Ray-Bar Engineering Corp. (US), Amray Medical (Ireland), A&L Shielding (US), Global Partners in Shielding Inc. (US), Veritas Medical Solutions LLC. (US), AliMed Inc. (US), Protech Medical (US), Ultraray (US), Mars Metal Company (Canada), Nuclear Lead Co. Inc. (US), Nuclear Shields B.V. (Netherlands), Globe Composite Solutions LLC. (US), Shielding International Inc. (US), Bar-Ray Products (US), Xena Shield (India), Burlington Medical (US), SIMAD S.r.l. (Italy) and European EMC Products (UK).

Recent Developments:

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Medical Radiation Shielding Market Advantages:

In conclusion, the medical radiation shielding market offers essential advantages in terms of safety, regulatory compliance, and technological advancements, serving a critical role in safeguarding both patients and healthcare professionals while supporting the broader goals of effective medical imaging and radiation therapy.

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