The medical radiation shielding market 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. Growth in MRI shielding products is mainly driven by the Awareness of the potential health risks associated with exposure to ionizing radiation is increasing rapidly among people working in radiation-prone environments. Various government and private organizations, such as Health Canada, the National Council on Radiation Protection & Measurements (NCRP), and the Australian Radiation Protection and Nuclear Safety Agency (ARPANSA), have incorporated guidelines and protocols regarding radiation shielding products. These initiatives increase safety awareness among professionals and encourage the adoption of radiation protection systems. Conferences and symposia also showcase research in this field and make industry leaders aware of the developments in this sector.
"The Diagnostic Shielding segment accounted for the highest market share in the medical radiation shielding solution market, by type, during the forecast period."
Based on the solution of the segment, the medical radiation shielding market is categorized as Diagnostic Shielding and Radiation Therapy Shielding. Diagnostic Shielding is expected to have the highest growth in the market, which is attributed to the rising prevalence of various chronic diseases like cancer, which is attributed to the Increasing public-private investments in cancer research, id supporting the growth of the Diagnostic Shielding market.
"The North America segment accounted for the highest market share in the medical radiation shielding market, by region, during the forecast period."
Based on the region, the global medical radiation shielding market is categorized into North America, Europe, Asia Pacific, and Rest of the world. North America is expected to witness a high market share during the forecast period due to the Increasing number of trained radiologic technologists. According to the Bureau of Labor Statistics, in 2020, ~254,000 radiologic technologists' jobs were expected to be available in the US. The Bureau of Labor Statistics has also estimated that the employment of radiologic and MRI technologists is expected to grow at a rate of 9% from 2020 to 2030 in the US.
Breakdown of supply-side primary interviews by company type, designation, and region:
By Company Type: Tier 1 (32%), Tier 2 (46%), and Tier 3 (22%)
By Designation: C-level (40%), Director-level (26%), and Others (34%)
By Region: North America (35%), Europe (30%), Asia- Pacific (21%), RoW- (14%),
Prominent companies include 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).
Research Coverage
This research report categorizes the medical radiation shielding market by product (MRI Shielding Products, Lead Lined Glass, Doors & Windows, Lead Lined Drywalls & Plywood, Shields, Barriers, Booths, Lead Sheet, Lead Bricks, High-Density Concrete Blocks, X-ray Rooms, Lead Curtains & Screens and Lead Acrylic), By Solution (Diagnostic Shielding and Radiation Therapy Shielding), Diagnostic Shielding segment (X-ray, MRI, CT scanners and Nuclear Imaging) and Radiation Therapy Shielding segment (Linear Accelerator, Multimodality, Cyclotron, Brachytherapy, and Proton Therapy), by end-user (Hospitals, Clinics and Ambulatory Surgery Centers and Diagnostic Centers), and region (North America, Europe, Asia Pacific and Rest of world). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the medical radiation shielding market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, services; key strategies; Contracts, partnerships, and agreements. New product & service launches, mergers and acquisitions, and recent developments associated with the medical radiation shielding market. Competitive analysis of upcoming startups in the medical radiation shielding market ecosystem is covered in this report.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall medical radiation shielding market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers (Increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment, Growing incidences of cancer, Increasing safety awareness among people working in radiation-prone environments, Growth in the number of PET/CT scans, and Increasing number of trained radiologic technologists,), restraints (Lack of adequate healthcare infrastructure and Dearth Of Skilled Oncologist/Radiologist) opportunities (Rising healthcare expenditure across developing countries, Increasing public-private investments in cancer research, Growing government and private investments to meet the increasing demand for cancer treatment, Technological advancements in radiation detection and Increasing usage of nuclear medicine & radiation therapy coupled with the rising incidence of cancer) and Challenges (High cost of lead in manufacturing radiation accessories) are influencing the growth of the radiation shielding market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the medical radiation shielding market.
Market Development: Comprehensive information about lucrative markets - the report analyses the medical radiation shielding market across varied regions.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the medical radiation shielding market
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, among others, in the medical radiation shielding market strategies.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS & EXCLUSIONS
1.3 MARKET SCOPE
1.3.1 MARKETS COVERED
FIGURE 1 MEDICAL RADIATION SHIELDING MARKET SEGMENTATION
1.3.2 GEOGRAPHIC SCOPE
1.3.3 YEARS CONSIDERED
1.4 CURRENCY
1.5 LIMITATIONS
1.6 MARKET STAKEHOLDERS
1.7 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 2 RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.1.1 Secondary sources
2.1.2 PRIMARY DATA
FIGURE 3 PRIMARY SOURCES
2.1.2.1 Key data from primary sources
2.1.2.2 Key industry insights
2.1.2.3 Breakdown of primary interviews
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS: SUPPLY- AND DEMAND-SIDE PARTICIPANTS
FIGURE 5 BREAKDOWN OF PRIMARY INTERVIEWS
2.2 MARKET SIZE ESTIMATION
2.2.1 GROWTH FORECAST
FIGURE 6 CAGR PROJECTIONS: SUPPLY-SIDE ANALYSIS
FIGURE 7 TOP-DOWN APPROACH
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 8 DATA TRIANGULATION METHODOLOGY
2.4 MARKET SHARE ANALYSIS
2.5 ASSUMPTIONS
2.6 INDICATORS AND ASSUMPTIONS
2.7 RISK ASSESSMENT
TABLE 1 RISK ASSESSMENT
2.8 IMPACT OF RECESSION: MEDICAL RADIATION SHIELDING MARKET
3 EXECUTIVE SUMMARY
FIGURE 9 MEDICAL RADIATION SHIELDING MARKET, BY PRODUCT, 2023 VS. 2028 (USD MILLION)
FIGURE 10 MEDICAL RADIATION SHIELDING MARKET, BY SOLUTION, 2023 VS. 2028 (USD MILLION)
FIGURE 11 MEDICAL RADIATION SHIELDING MARKET FOR RADIATION THERAPY SHIELDING, BY TYPE, 2023 VS. 2028 (USD MILLION)
FIGURE 12 MEDICAL RADIATION SHIELDING MARKET FOR DIAGNOSTIC SHIELDING, BY TYPE, 2023 VS. 2028 (USD MILLION)
FIGURE 13 MEDICAL RADIATION SHIELDING MARKET, BY END USER, 2023 VS. 2028 (USD MILLION)
FIGURE 14 GEOGRAPHICAL SNAPSHOT OF MEDICAL RADIATION SHIELDING MARKET
4 PREMIUM INSIGHTS
4.1 MEDICAL RADIATION SHIELDING MARKET OVERVIEW
FIGURE 15 GROWING GLOBAL INCIDENCE OF CANCER TO DRIVE MARKET GROWTH
4.2 NORTH AMERICA: MEDICAL RADIATION SHIELDING MARKET, BY SOLUTION AND COUNTRY, 2022
FIGURE 16 DIAGNOSTIC SHIELDING HELD LARGEST SHARE OF NORTH AMERICAN MARKET IN 2022
4.3 MEDICAL RADIATION SHIELDING MARKET: GEOGRAPHIC SNAPSHOT
FIGURE 17 CHINA TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 18 MEDICAL RADIATION SHIELDING MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Increasing use of nuclear medicine and radiation therapy for diagnosis and treatment
5.2.1.2 Growing incidence of cancer
TABLE 2 NUMBER OF NEW CANCER CASES, 2020-2040
TABLE 3 INCREASING INCIDENCE OF CANCER, BY REGION, 2020 VS. 2030 VS. 2040 (MILLION)
5.2.1.3 Increasing safety awareness among people working in radiation-prone environments
5.2.1.4 Growth in number of PET/CT scans
TABLE 4 CT SCANNERS INSTALLED, BY COUNTRY, 2019 VS. 2021 (PER MILLION INHABITANTS)
TABLE 5 CT SCAN PROCEDURAL VOLUME, BY COUNTRY, 2019 VS. 2021 (PER 1,000 INHABITANTS)
5.2.1.5 Increasing number of trained radiologic technologists
TABLE 6 METROPOLITAN AREAS IN US WITH HIGH EMPLOYMENT LEVELS AMONG RADIOLOGY TECHNOLOGISTS AND TECHNICIANS
5.2.2 RESTRAINTS
5.2.2.1 Lack of adequate healthcare infrastructure
5.2.2.2 Shortage of skilled oncologists/radiologists
5.2.3 OPPORTUNITIES
5.2.3.1 Rising healthcare expenditure across developing countries
5.2.3.2 Increasing public-private investments in cancer research
5.2.3.3 Technological advancements in radiation detection
5.2.4 CHALLENGES
5.2.4.1 High cost of lead in manufacturing radiation accessories
5.3 VALUE CHAIN ANALYSIS
FIGURE 19 VALUE CHAIN ANALYSIS: MAJOR VALUE ADDED DURING MANUFACTURING AND ASSEMBLY PHASES
5.4 SUPPLY CHAIN ANALYSIS
FIGURE 20 DIRECT DISTRIBUTION-PREFERRED STRATEGY FOR PROMINENT COMPANIES
5.5 PORTER'S FIVE FORCES ANALYSIS
5.5.1 THREAT OF NEW ENTRANTS
5.5.2 THREAT OF SUBSTITUTES
5.5.3 BARGAINING POWER OF BUYERS
5.5.4 BARGAINING POWER OF SUPPLIERS
5.5.5 INTENSITY OF COMPETITIVE RIVALRY
5.6 KEY STAKEHOLDERS & BUYING CRITERIA
5.6.1 KEY STAKEHOLDERS IN BUYING PROCESS
FIGURE 21 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR HOSPITALS, CLINICS, AND ASCS AND DIAGNOSTIC CENTERS
TABLE 7 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP END USERS (%)
5.6.2 BUYING CRITERIA
FIGURE 22 KEY BUYING CRITERIA FOR HOSPITALS, CLINICS, AND ASCS AND DIAGNOSTIC CENTERS
TABLE 8 KEY BUYING CRITERIA FOR HOSPITALS, CLINICS, AND ASCS AND DIAGNOSTIC CENTERS
5.7 REGULATORY LANDSCAPE
5.7.1 NORTH AMERICA
5.7.2 EUROPE
5.7.3 ASIA PACIFIC
5.8 TRADE ANALYSIS
TABLE 9 IMPORT DATA FOR HS CODE 903010, BY COUNTRY, 2018-2022 (USD THOUSAND)
TABLE 10 EXPORT DATA FOR HS CODE 903010, BY COUNTRY, 2018-2022 (USD THOUSAND)
5.9 ECOSYSTEM ANALYSIS
FIGURE 23 KEY PLAYERS OPERATING IN MEDICAL RADIATION SHIELDING MARKET
TABLE 11 ROLE IN ECOSYSTEM
5.10 PATENT ANALYSIS
5.11 KEY CONFERENCES & EVENTS IN 2023-2024
TABLE 12 LIST OF CONFERENCES & EVENTS
5.12 PRICING ANALYSIS
5.12.1 AVERAGE SELLING PRICE OF KEY PRODUCTS
TABLE 13 PRICE RANGE OF KEY PRODUCTS IN MEDICAL RADIATION SHIELDING MARKET (USD)