The Medical Radiation Shielding market refers to the commercial sector that deals with the production, distribution, and sale of various products and services related to radiation shielding in the medical field. This market exists to meet the increasing demand for radiation protection solutions in healthcare settings where ionizing radiation is used for diagnostic imaging and radiation therapy.
The report "Medical Radiation Shielding market size by Products (Shields, Booths, Lead sheet, Doors, Windows, Curtain, X-Ray), Solution (Radiation Therapy, Cyclotron, PET, CT, MRI), End-user (Hospitals, Clinics, ASCs, Diagnostic Center), & Region - Global Forecast to 2028", is projected to reach USD 1.8 Billion by 2028 from USD 1.4 Billion in 2023, at a CAGR of 6.5% during the forecast period.
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DRIVER: Increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment
Nuclear medicine & radiotherapy have a wide range of applications in cancer treatment; thus, the increasing prevalence of the disease will favor the radiation detection, monitoring, and safety market. According to GLOBOCAN, the number of cancer cases will rise to ~30 million by 2040 from 19.3 million in 2020. More than 60% of new cancer cases occur in Africa, Asia, and Central & South America; 70% of global cancer deaths also occur in these regions. According to the World Nuclear Association, more than 40 million nuclear medicine procedures are performed every year, and the demand for radioisotopes has increased by 5% annually (data as of May 2020). Nearly 10,000 hospitals across the globe use radioisotopes. In the US, more than 20 million nuclear medicine procedures are performed yearly. In April 2022, According to the World Nuclear Association, North America dominated the diagnostic radioisotopes market and accounted for 50% of the market share, and Europe accounted for 20%.
According to NHS England 2020, Radiography (X-ray) was the most common imaging test performed, with 22.9 million procedures, followed by diagnostic ultrasonography (9.51 million procedures), computerized axial tomography (5.15 million procedures), and MRI (3.46 million procedures). The increasing use of radiation therapy is expected to drive the adoption of medical radiation shielding products market.
RESTRAINTS: Lack of adequate healthcare infrastructure
Radiotherapy devices are larger in size and require ample space for installation. One of the major factors restraining the adoption of medical radiation shielding systems is the lack of adequate healthcare infrastructure due to limited healthcare expenditure. In underdeveloped and developing countries very few healthcare institutions are able to utilize the medical radiation shielding solutions for cancer treatment. This, in turn, limits the number of radiotherapy procedures despite their high demand. According to the National Association for Proton Therapy, over 170,000 patients have received proton therapy worldwide, with over 75,000 in the US. By 2030, it is estimated that between 300,000 and 600,000 patients will have received proton therapy treatment. Although clinical experience with proton therapy is increasing now, only approximately 1% of all radiation therapy recipients receive proton therapy, and prospective randomized studies involving large sample populations remain very limited. Most high-income countries have at least one radiotherapy unit available for every 250,000 people. This, on average, would mean four radiotherapy machines per million population.
Companies covered
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 of Medical Radiation Shielding Industry
- 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.
Report Objectives
- To provide detailed information regarding the major factors (such as drivers, restraints, opportunities, and challenges) influencing the market growth
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To strategically analyze the market structure and profile the key players of the market and comprehensively analyze their core competencies
- To forecast the size of the market segments with respect to four regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
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