Medical Radiation Shielding Market worth $1.8 billion | MarketsandMarkets

2023-08-03

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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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Medical Radiation Shielding Market

Scope:

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:

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

Restraints:

Lack of adequate healthcare infrastructure

Opportunities:

Rising healthcare expenditure across developing countries

Challenges:

High cost of lead in manufacturing radiation accessories

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:

In September 2022, ESCO Technologies partnered with IMRIS, Deerfield Imaging, on a state-of-the-art MRI facility at Boston Children's Hospital located in Boston, Massachusetts. The newly opened Hale Family building will provide diagnostic and treatment capabilities using IMRIS' unique on-demand intraoperative MRI (iMRI) during surgery.

In January 2021, Mirion Technologies acquired Sun Nuclear Corporation to strengthen its position in the market.

In September 2020, Mirion acquired Biodex Medical Systems, a leader in the medical industry that offers nuclear medicine instruments, medical imaging equipment, and rehabilitation systems.

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Medical Radiation Shielding Market Advantages:

Enhanced Patient Safety: Radiation shielding products, such as lead aprons, thyroid shields, and lead glasses, protect patients from unnecessary exposure to ionizing radiation during medical imaging and radiation-based treatments. This ensures safer procedures with reduced risks of radiation-related health issues.

Healthcare Worker Protection: Shielding solutions provide crucial protection to healthcare professionals who work regularly with radiation equipment. Lead-lined barriers and protective apparel shield medical staff from potential long-term health risks associated with radiation exposure, promoting a safer working environment.

Regulatory Compliance: Compliance with strict radiation safety regulations is essential for medical facilities. Implementing effective shielding measures ensures adherence to regulatory guidelines, avoiding penalties and legal consequences.

Technological Advancements: The market's ongoing advancements in materials science and engineering result in more efficient and innovative shielding solutions. Advancements like composite materials and digital radiography systems offer improved protection without compromising diagnostic image quality.

Rising Demand for Medical Imaging and Radiation Therapy: The increasing prevalence of chronic diseases and the aging population drive the demand for medical imaging and radiation therapy. As a result, the need for radiation shielding products and solutions also rises, supporting the growth of the market.

Growing Oncology Treatment Segment: Radiation therapy plays a crucial role in cancer treatment. As the number of cancer cases increases globally, the demand for effective radiation shielding products in oncology departments also surges.

Evolving Healthcare Infrastructure: The development of new healthcare facilities and the modernization of existing ones lead to an increased adoption of state-of-the-art radiation shielding solutions, improving overall patient care.

Sustainability and Eco-friendliness: There is a growing emphasis on sustainable practices in the healthcare industry. Many shielding manufacturers are investing in eco-friendly materials and processes, attracting environmentally conscious healthcare facilities.

Global Awareness of Radiation Safety: Greater awareness about the risks of radiation exposure has driven medical professionals and patients alike to prioritize safety measures. This trend fuels the demand for innovative and reliable radiation shielding products.

R&D Investments: Significant investments in research and development within the medical radiation shielding sector contribute to continuous improvements in product performance, efficiency, and safety.

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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