The Medical Radiation Shielding market has witnessed significant growth over the past few years due to the growing incidences of cancer and increasing adoption of nuclear diagnostic imaging procedures such as X-rays, CT scans, mammography and nuclear medicine imaging globally. Medical radiation shielding products provide safety from scattered radiation during diagnostic and therapeutic medical procedures involving X-rays, gamma rays, and other types of ionizing radiation. The products include sheet lead, lead glass, lead bricks, cubicles and shields, drapes and barriers which are used as protective shielding in areas such as operating rooms, laboratories, medical examination rooms, imaging rooms and procedure rooms. Advantages such as high optical clarity, easy installation and affordability make lead acrylic more popular as protective eyewear.
The Global Medical Radiation Shielding Market is estimated to be valued at US$ 1.70 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Medical Radiation Shielding are Marswell Group of Companies, Mirion Technologies, Inc., Esco Micro Pte. Ltd., MAVIG GmbH., Burlington Medical, Gaven Industries, Inc., Nelco, Inc., Marshield, Radiation Protection Products, Inc., Ultraray, Lemer Pax, Berthold Technologies GmbH & Co.KG, SDS Specialist Door Solutions, Scanflex Medical AB, Veritas Medical Solutions LLC, Amray Radiation Protection, ProTechMed.
The growing trend of nuclear medicine procedures and rising safety concerns regarding harmful effects of overexposure to radiation present significant growth opportunities for players in the Medical Radiation Shielding Market Trends North America represents the largest regional market for medical radiation shielding attributed to well-established healthcare infrastructure and growing healthcare spending in the region.
Market Drivers
The increasing incidence of cancer and chronic diseases globally is boosting the adoption of radiation therapies. As per the WHO, cancer burden rose to 19.3 million cases and 10.0 million cancer deaths in 2020. Additionally, the use of advanced imaging modalities in diagnosis and intervention drives the need for radiation safety measures and personnel protection. With growing awareness regarding radiation hazards, stringent government regulations mandating the use of shielding materials during medical imaging and therapies are expected to drive the demand for medical radiation shielding over the forecast period.
PEST Analysis
Political: Regulations regarding radiation safety, occupational safety and disposal of hazardous materials impact the market. Economic: Growing healthcare spending, increasing incidence of cancer and growing number of diagnostic imaging centers is fueling market growth. Social: Rising health awareness and focus on safe medical procedures is driving demand. Technological: Advancements in imaging technologies and materials for radiation shielding help develop more effective solution with less weight.
North America region holds major share of the market owing to well established healthcare infrastructure and presence of leading market players. However, Asia pacific is fastest growing region due to increasing healthcare expenditure, expanding healthcare facilities and growing incidence of cancer. Rapid economic development in countries like China and India is further driving the regional market.
Europe is also one of the significant geographical regions of the medical radiation shielding market. Presence of stringent norms regarding radiation safety and preference for premium medical facilities aids the market growth here. Latin America and Middle East and Africa demonstrate lucrative opportunities over the forecast period attributable to growing medical tourism and rising disposable income.
The medical radiation shielding market is highly concentrated in developing regional clusters with high population density and healthcare spending such as eastern United States, Western Europe, China, India and Brazil. Tier 2 cities witness highest installation rate of medical imaging equipments requiring radiation protection.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.