Medical Radiation Shielding Market
Number of pages: 100 | Report Format: PDF | Published date: March 01, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 1.6 billion |
|
Revenue Forecast in 2030 |
US$ 2.4 billion |
|
CAGR |
4.3% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Solution, End User and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global medical radiation shielding market was valued at US$ 1.6 billion in 2021 and is expected to register a revenue CAGR of 4.3% to reach US$ 2.4 billion by 2030.
Medical Radiation Shielding Market Fundamentals
Using medical radiation shielding materials and devices keeps individuals safe from harmful radiation from diagnostic and therapeutic procedures. Medical radiation shielding products can minimize radiation exposure to gamma and X-rays. Ionizing radiation, which is employed in medical diagnostic procedures, has the potential to cause tissue damage. Medical radiation shielding solutions are in high demand as they protect patients and caregivers from the harmful effects of radiation. Traditional lead (Pb) shielding, composite lead (Pb) shielding, non-lead (Pb), and lead (Pb) free shielding are types of radiation shielding materials that play an important part in radiation protection. Medical radiation shielding is used in radiologic applications, such as MRI, X-ray, and other types of diagnostic imaging and radiotherapies.
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Medical Radiation Shielding Market Dynamics
The medical radiation shielding market is experiencing steady growth due to the consistently increasing demand for radiation protection in healthcare applications. A key factor for the global medical radiation shielding market growth is the alarming rise in worldwide cancer prevalence. The growing cancer patient base is correspondingly increasing the procedure rates of radiation therapies, thereby urging the uptake of medical radiation shielding products. Additionally, the growing number of diagnostic imaging procedures, such as MRI, X-ray, and CT scan, is also attributed to the demand for medical radiation shielding equipment. Technological advancements are another market driver of the global medical radiation shielding market. Innovation in terms of new materials and product design has made it easier for healthcare providers to use ore products to ensure patient and staff safety. For instance, the traditionally used lead vests and aprons are being replaced with flexible and lightweight materials, such as tungsten and bismuth.
Conversely, the medical radiation shielding market faces certain growth restraints, such as the high cost of such products. This leads to limited replacement of obsolete and old products with new ones. Additionally, several healthcare facilities in remote and low-income regions cannot afford to invest in expensive radiation shielding products and are forced to follow outdated and less effective practices. Moreover, the limited awareness about radiation shielding among healthcare staff and patients is restricting the market revenue growth. Several patients are not aware of the potential dangers of radiation exposure and may not be keen to adopt appropriate measures for radiation shielding. Stringent regulations can also pose a major challenge to the medical radiation shielding market. With strict radiation protection regulations in place, radiation shielding product manufacturers must ensure that their products comply with these regulations and obtain necessary approvals before entering the market.
To summarize, while the medical radiation shielding market is expected to grow in the coming years, it may face a number of challenges that may limit its growth. However, as technology advances and public awareness of the importance of radiation protection grows, the market is poised for further growth and innovation.
Medical Radiation Shielding Market Ecosystem
The global medical radiation shielding market has been analyzed from three perspectives: solution, end user, and region.
Medical Radiation Shielding Market by Solution
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Based on the solution, the global medical radiation shielding market has been segmented into radiation therapy shielding and diagnostics shielding.
The diagnostics shielding segment dominated the market in 2021, due to the technological advancements and rise in the uptake of medical diagnostic equipment and advanced procedures. Diagnostic X-rays and other radiation treatments typically require medical staff to stay in the exam room, where they are exposed to scattered radiation. Furthermore, repeated exposure to radiation causes a variety of adverse effects. Lead aprons can provide valuable radiation protection in some cases, but in others, a movable lead radiation barrier is necessary to provide a full body shielding barrier.
The growing prevalence of cancer and other diseases that require radiation therapy as part of the treatment regimen has increased the demand for radiation therapy shielding products. Furthermore, the growing awareness of the harmful effects of ionizing radiation has resulted in stringent radiation safety regulations in healthcare facilities, which has boosted the demand for radiation shielding products.
The COVID-19 pandemic has also had an impact on the demand for radiation therapy shielding products, as many healthcare facilities have been forced to divert resources and personnel to combat the pandemic. However, as the pandemic subsides and healthcare systems resume normal operations, demand for these products is expected to rise.
Medical Radiation Shielding Market by End User
Based on end user, the global medical radiation shielding market has been segmented into hospitals and diagnostics centers, research institutes, and others.
The hospital and diagnostics centers segment dominated the market during the forecast period, due to the increasing prevalence of chronic diseases and the rising geriatric population. Hospitals have a higher demand for radiation shielding products than research institutes due to the different nature of their activities. Hospitals provide patients with medical care, including radiation-based medical procedures such as radiation therapy, X-rays, and CT scans. These procedures are frequently performed in hospitals, and the risk of ionizing radiation exposure to healthcare workers and patients is significant. As a result, radiation shielding products, such as lead aprons, lead glasses, and lead shields, are required by hospitals to protect their staff and patients from ionizing radiation.
Research institutes, on the other hand, primarily conduct research and development activities involving the usage of ionizing radiation, such as radiation biology, radiography, and radiation oncology. These activities are less common than in hospitals, and the risk of exposure to ionizing radiation is lower. As a result, the demand for radiation shielding products in research institutes is generally lower than in hospitals. However, research institutes that conduct ionizing radiation activities still require radiation shielding products to protect their staff and ensure regulatory compliance. These products include lead-lined radiation shielding rooms, lead aprons, and other radiation shielding materials.
In conclusion, due to the nature of their activities, hospitals have a higher demand for radiation shielding products than research institutes. While both hospitals and research institutes require radiation shielding products, the frequency of their usage and the level of risk of ionizing radiation exposure differ, resulting in different radiation shielding product demands.
Medical Radiation Shielding Market by Region
Based on the region, the global medical radiation shielding market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America is expected to continue to offer significant prospects in the global medical radiation shielding market, followed by Europe and Asia Pacific. As a developed market, North America is an appealing center for firms working in the medical radiation shielding industry. However, due to the market expansion in India and China, Asia Pacific is anticipated to gradually come to the fore during the forecast period. Furthermore, the rising radiation safety awareness and the increasing financing in the healthcare sector are expected to drive the adoption of medical radiation shielding technologies in Asia Pacific.
Medical Radiation Shielding Market Competitive Landscape
The prominent market players in the global medical radiation shielding market include:
Medical Radiation Shielding Market Strategic Developments
The global medical radiation shielding market is expected to witness a revenue CAGR of 4.3% during the forecast period from 2022 to 2030.
Some of the prominent market players in the global medical radiation shielding market include ETS-Lindgren, Veritas Medical Solutions LLC, RAY-BAR ENGINEERING CORP., Radiation Protection Products, Inc., and A&L Shielding Gaven Industries Inc.
The diagnostics shielding segment is expected to dominate the global medical radiation shielding market in terms of revenue.
The market in Asia Pacific is expected to grow at the highest revenue CAGR during the forecast period from 2022 to 2030.
The lack of awareness among healthcare professionals and the high equipment cost are the key restraints to the global medical radiation shielding market revenue growth.
*Insights on financial performance are subject to the availability of information in public domain