Radiation protection is essential in various industries like healthcare, research laboratories and nuclear power plants. Growing application of radiation in medical imaging techniques has boosted demand for radiation protective clothing, bed shields, lead curtains and other equipment. Hospitals perform a number of diagnostic imaging tests on a daily basis which involves exposure to X-rays, CT scans and other forms of radiation. This factor has driven the need for radiation protective equipment and shielding products to safeguard patients and medical staff against the harmful effects of radiation.
The global radiation protection market is estimated to be valued at US$ 1,792.7 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the radiation protection market are Marswell Group of Companies, Mirion Technologies, Inc., Esco Micro Pte. Ltd., MAVIG GmbH., Radiaction Ltd, Burlington Medical, Gaven Industries, Inc., Nelco, Inc., Marshield, Radiation Protection Products, Inc., Ultraray, Lemer Pax, Berthold Technologies GmbH & Co.KG, SDS Specialist Door Solutions.
The market offers lucrative growth opportunities due to the expanding healthcare sector and rising incidence of cancer. According to WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. This has augmented the demand for radiation therapy, pushing the requirement for radiation safety equipment.
Major players are focusing on geographic expansion strategies to capitalize on opportunities in developing countries. For instance, Mirion Technologies recently launched Mirion Technologies Pvt. Ltd. in India to offer services, technical support and supply of nuclear measurement instruments across the region.
Market Drivers and Restraints
Increasing application of radiation technology in medical diagnosis and cancer treatment is a key driver propelling the Radiation Protection Market Growth. Growing prevalence of chronic diseases and rapid technological advancements are fueling investments in radiology departments in hospitals. However, high costs associated with installation and maintenance of radiation shielding products might restrict the market growth to some extent over the forecast period. Stringent regulatory standards for radioisotope handling could also challenge the uptake of radiation protection equipment.
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