Medical Radiation Shielding Market Size, Share, Growth Analysis, By Product (MRI Shielding Products, Lead-Lined Glass), By Material (Lead-based Shielding, Non-lead Shielding), By Solution (Radiation Therapy Shielding, Diagnostic Shielding), By End User, By Region - Industry Forecast 2024-2031

Global Medical Radiation Shielding Market size was valued at USD 1.33 billion in 2022 and is poised to grow from USD 1.42 billion in 2023 to USD 2.35 billion by 2031, growing at a CAGR of 6.52% during 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.