USD 1.38 Billion
Report ID:
SQMIG35H2260 |
Region:
Global |
Published Date: September, 2024
Pages:
162
|Tables:
107
|Figures:
68
Global Medical Radiation Shielding Market size was valued at USD 1.38 Billion in 2022 and is poised to grow from USD 1.47 Billion in 2023 to USD 2.47 Billion by 2031, growing at a CAGR of 6.69% in the forecast period (2024-2031).
The increase of medical radiation shielding market can be attributed to the increasing incidence of chronic diseases and the rise in diagnostic imaging modalities. As the demand for radiotherapy and diagnostic imaging in the treatment of cancer and other conditions increases, the need for effective radiation shielding solutions to protect patients & healthcare workers. For example, according to the WHO, in 2022 there will be about 20 million new cases of cancer and about 9.7 million deaths from the disease. It is estimated that about 1 in 5 people developed cancer in their lifetime. Also, technological advancements in imaging and radiotherapy equipment help to expand the market, as new devices generally require advanced protective features to drive them stringent government regulations.
Governments and health regulatory agencies are implementing stringent guidelines and regulations regarding radiation safety in medical facilities. These regulations require adequate protective measures to minimize radiation exposure during diagnostic and treatment procedures. For example, the Nuclear Regulatory Commission (NRC) has implemented regulations mandating the use of radiation shielding materials in diagnostic imaging procedures. Technological advancements in radiation protection chemicals and equipment are driving the market. Non-toxic and lead-free protection methods have been developed that provide improved results compared to traditional lead-based solutions.
Global Market Size
USD 1.38 Billion
Largest Segment
CT scanners
Fastest Growth
MRI Shielding Products
Growth Rate
6.69%
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Based on Product the market is segmented as, MRI Shielding Products, Lead Lined Glass, Doors & Windows, Lead Lined Drywalls & Plywood, Shields, Barriers, Booths, Lead Sheet, Lead Bricks, High-Density Concrete Blocks, X-ray Rooms, Lead Curtains & Screens, Lead Acrylic. Based on Solution the market is segmented as, Diagnostic Shielding, X-ray, MRI, CT scanners, Nuclear Imaging, Radiation Therapy Shielding, Linear Accelerator, Multimodality, Cyclotron, Brachytherapy, Proton Therapy. Based on End User the market is segmented as, Hospitals and Clinics & ASCs, Diagnostic Centers. Based on Application the market is segmented as, Diagnostics, Therapeutics. Based on Region the market is segmented as, North America, Asia Pacific, Europe, Latin America, Middle East and Africa.
Analysis by Application
The diagnostics segment held the largest share at 52.78% in 2023. This segment includes radiography (X-ray), computed tomography (CT), fluoroscopy, mammography and dental imaging. This growth can be attributed to cancer and diseases the rise of other chronic diseases and the increasing number of elderly people. Diagnostic imaging techniques such as X-rays, CT scans, MRIs and PET scans are increasingly used for early detection, accurate diagnosis and monitoring of health conditions. According to the United Nations, it is expected that the global population an aged 65 and increase from 10% in 2022 to 16% in 2050, contributing to the growing need for diagnostic imaging to manage age-related health issues. Advanced imaging technologies such as 3D mammography, PET/CT, and 3T MRI systems are being widely adopted the diagnostic section is gaining momentum.
The therapeutics segment is expected to grow significantly over the forecast period. The growth is being driven by increasing adoption of advanced radiation therapies such as radiotherapy, brachytherapy and proton therapy. These techniques provide precise tumor targeting, reduce damage to surrounding healthy tissue, and improve patient clinical outcomes. Additionally, artificial intelligence and machine learning algorithms combined with radiation therapy planning and delivery are enhancing medical care by improving treatment accuracy. In May 2022, Elekta began unprecedented growth in radiosurgery with the launch of Elekta Esprit. This advanced program represents a significant advancement in the field, offering benefits that raise the standard of care for patients treated with radiotherapy.
Analysis by End User
Hospitals & clinics is the dominant segment in the medical radiation shielding market. Hospitals & clinics had the largest share at 55.14% in 2023. Hospitals and clinics play an important role in the market due to high demand for radiation protection products. These facilities are subject to stringent regulations regarding radiation safety under, compliance with these regulations requires effective radiation protection measures by the hospital. Resources and diagnostic imaging have been expanded. As hospitals invest in advanced imaging equipment, the demand for radiation protection solutions also increases.
The diagnostic imaging centers segment is estimated to witness the highest growth during the forecast period. Diagnostic imaging centers are increasingly adopting advanced imaging modalities such as MRI, PET-CT, and nuclear medicine studies. This technology requires specialized wind shield solutions to maintain safety standards. Strengths in early detection and preventive health care have led to an increase in the number of diagnostic imaging centers offering diagnostic services. This expansion is driving demand for radiation protection products in these areas. Many healthcare providers outsource their imaging services to specialized imaging labs due to cost-effectiveness and efficiency. This trend is increasing the demand for radiation protection solutions in stand-alone imaging facilities.
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North America dominates the medical radiation shielding market, primarily due to its advanced healthcare infrastructure, widespread adoption of diagnostic imaging technologies, and the stringent regulatory standards. Strong North American focus on cancer therapies and use of radiation protection policies are also important factors contributing to its market leadership. According to the Society of Nuclear Medicine, the number of nuclear medicine procedures especially increased in the US, with nearly 20 million procedures performed annually to diagnose and treat the condition types, widely used in cardiology, cancer, neurology, and other medical fields.
Asia-Pacific is emerging as the dominant region in the medical radiation shielding market, with increasing demand for healthcare services, rising incidence of cancer, and expanding healthcare infrastructure. Countries such as China, India and Japan and a rapidly aging population are driving demand for advanced radiation protection solutions. Moreover, government initiatives to improve access to healthcare and safety standards are fueling market growth in Asia Pacific. The medical radiation shielding market in Asia Pacific is expected to grow at the fastest CAGR during the forecast period. This may be due to the increasing prevalence of chronic diseases, especially cancer, in the region.
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Drivers
Growing Demand for Diagnostic Imaging and Radiotherapy Services
Increased Awareness and Compliance
Restraints
High Cost of Radiation Protection
Limited Adoptions in Low-income Areas
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A notable example of prominent firms in the market are Nelco Worldwide and ETS-Lindgren, two major players in medical radiation protection in 2022, These companies will be functional firms in addition to their expertise as it enhances their service delivery. The purpose of this collaboration was to deliver effective, scalable security solutions to hospitals and facilities around the world. The collaboration also enabled the use of advanced technologies, providing innovative radiation protection solutions that meet the evolving requirements of today’s healthcare facilities.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the medical radiation shielding market is poised for tremendous growth, driven by increasing demand for diagnostic imaging and the radiation therapy services, as well as increasing radiation risk and need illegal. But challenges such as high prices of wind shield products and inconsistent use in low-income areas. The shift towards environmentally friendly shield solutions and the rise of lightweight portable products represents the key trends shaping the future of the market.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1.38 Billion |
Market size value in 2031 | USD 2.47 Billion |
Growth Rate | 6.69% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Medical Radiation Shielding Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Radiation Shielding Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Radiation Shielding Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Radiation Shielding Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35H2260