Medical Radiation Shielding Market Share, Size, Trends, Industry Analysis Report, By Product; By Solution (Diagnostic Shielding, Radiation Therapy Shielding); By End-user; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM4303
- Base Year: 2023
- Historical Data: 2019 – 2022
The global medical radiation shielding market was valued at USD 1.33 billion in 2023 and is expected to grow at a CAGR of 6.8% during the forecast period.
Radiation shielding is a barrier that is positioned between a radiation source and the area or person that needs to be protected. It has the function of reducing, controlling, or altering the radiation exposure rate at a predetermined spot. Without shielding, radiation exposure to the general public, radiation workers (such as dentists and veterinarians), and even neighboring office workers could exceed permitted exposure limits, which could have a harmful impact on their health. Shielding is a crucial factor in every medical institution that considerably lowers unwanted exposure, even though it is difficult to avoid exposure to radiation totally. The ongoing research activities are establishing new growth potential with innovative product launches in the marketplace.
- For instance, in June 2022, a study published in PubMed Central focused on the development of a new robotic radiation shielding device for interventional cardiology procedures. They developed a radiation shielding system, which was tested for its performance in one week at the coronary catheterization laboratory. The result witnessed a significant reduction in radiation than without any shielding.
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Moreover, the stringent regulations by the government enhance workplace safety for healthcare providers as well as patient care. This may increase the adoption of radiation shielding systems in the coming years. However, the higher costs associated with medical radiation shielding are hampering the product adoption rate in small healthcare centers.
Companies' profound interest in expanding their market presence is driving innovations in the marketplace.
The increasing number of radiation therapies in the world is driving the importance of radiation shielding systems. According to the International Atomic Energy Agency, in the final year for which data are available, in 2020, around 24 million such procedures were carried out in the world, a six-fold increase over the previous 12 years.
The rising research activities are creating new growth opportunities for medical radiation shielding and assisting healthcare providers to protect patients from harmful radiation involved in their treatment, primarily cancer, which requires radiotherapy to destroy cancer cells. Radiation Medical's innovative new product, the Radiation Shield System, which went on sale in the spring of 2022, is a completely automatic, integrated, head-to-toe shielding system that prevents radiation from scattering at its source. At the touch of a button, doctors can entirely cover themselves and their personnel from radiation. This will further fuel the research activities and expand the availability of radiation shielding systems to a wider audience soon.
The market is primarily segmented based on product, solution, end-user, and region.
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By Product Analysis
The X-ray Rooms segment is expected to witness the highest growth during the forecast period.
The X-ray rooms segment is projected to grow at a CAGR during the projected period, mainly driven by the existence of higher use in the healthcare industry. X-rays are now a crucial component of medical diagnosis and treatment. Intervention operations in orthopedic surgery are now mostly carried out with image intensifiers (C-Arm), posing concerns to patients and medical professionals about occupational radiation overexposure. The widespread use of X-rays in hospitals is driving the need for effective medical radiation shielding systems to improve healthcare personnel and patient safety in X-ray rooms.
The MRI shielding products segment led the industry market with a substantial revenue share in 2023, largely attributable to the demand for specialized shielding solutions. Magnetic resonance imaging (MRI), a non-invasive imaging technique, creates three-dimensional, finely detailed images of the human anatomy. Radiofrequency shielding, which serves two objectives, is necessary for MRI scanners. One is to stop external electromagnetic radiation from contaminating or distorting the MR signal, and the other is to stop electromagnetic radiation produced by the MR scanner from interfering with nearby medical devices. This is further boosting the demand for medical radiation shielding systems in the coming years.
By Solution Analysis
Diagnostic shielding segment accounted for the largest market share in 2023.
The diagnostic shielding segment accounted for the largest market share. This is gaining traction nowadays due to the ease of disease diagnosis, which has caused a downward trend in the patient fatality rate. There are many uses for imaging devices, and some of them emit radiation that is harmful to the human body. While radiation is crucial and necessary for patients who need treatment, it is not necessary for the machine operators, staff members, or guests of the building where the imaging machines are located. With the increasing demand for diagnosis, including X-rays, CT scanners, and more, there will be a need for radiation shielding systems soon.
By End-User Analysis
The hospitals, Clinics & ASCs segment held a significant market revenue share in 2023.
The hospitals, clinics, and ambulatory surgery centers segment held a significant market share in revenue in 2023, attributable to the growing importance of healthcare providers' health and safety, along with patients, to hospital management. The growing cancer cases in the world population are driving new diagnostic centers, hospitals, clinics, and ambulatory surgery centers, which may further create a necessity for radiation shielding systems.
Asia Pacific region registered the largest share in the global market in 2023.
Asia Pacific held the largest share. Cancer is one of the top causes of death around the globe, registering approximately 20 million deaths in 2020. The WHO Southeast Asia region reported an estimated 2.2 Mn new cases & 1.4 Mn cancer-based deaths, accounting for around 1 in 10 fatalities across the region. The rising prevalence of cancer is driving the demand for radiotherapy centers in the region, fueling demand for medical radiation shielding systems in the coming years.
Europe will grow at a rapid pace, owing to the growing technological advancements in diagnostic therapies that are driving the demand for radiation shielding systems. The rising awareness about the health issues associated with radiation is encouraging the use of radiation shielding systems in the healthcare industry.
Key Market Players & Competitive Insights
The medical radiation shielding market is witnessing a rapid increase in research studies by companies and other researchers to solve ongoing health issues for healthcare providers because of radiation in treatment procedures. The growing partnerships, collaborations, mergers, and acquisitions among the key market players are being driven by a desire to increase their global market presence along with the development of new technologies in a way to take advantage of competitive advantages among the firms.
Some of the major players operating in the global market include:
- A&L Shielding
- Amray Radiation Protection
- ESCO Technologies
- Gaven Industries
- Globe Composite Solutions
- Gravita India
- IKEN Engineering
- Nelco, Inc.
- Radiation Protection Products
- Scanflex Medical
- Veritas Medical Solutions
- Von Gahlen
- In July 2022, a study published in PubMed Central focused on creating a new radiation shield for IVR physicians for the face and neck. They used a phantom in the IVR X-ray system to test the novel shield's ability to shield. It revealed that the device's radiation protection efficiency was better than 80% in practically all measurement scenarios, especially in eye lens exposure.
Medical Radiation Shielding Market Report Scope
Market size value in 2024
USD 1.42 billion
Revenue Forecast in 2032
USD 2.40 billion
6.8% from 2024 – 2032
2019 – 2022
2024 – 2032
Revenue in USD billion and CAGR from 2024 to 2032
By Product, By Solution, By End-User, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Report customization as per your requirements with respect to countries, regions, and segmentation.
The medical radiation shielding market report covering key segments are product, solution, end-user, and region.
Medical Radiation Shielding Market Size Worth $2.40 Billion By 2032
The global medical radiation shielding market is expected to grow at a CAGR of 6.8% during the forecast period.
Asia Pacific is leading the global market
key driving factors in medical radiation shielding market are increasing demand for diagnostic imaging procedures