Medical Radiation Shielding Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.01 Billion |
| Market Size (2029) | USD 1.35 Billion |
| CAGR (2024 - 2029) | 5.94 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Medical Radiation Shielding Market Analysis
The Global Medical Radiation Shielding Market size is estimated at USD 1.01 billion in 2024, and is expected to reach USD 1.35 billion by 2029, growing at a CAGR of 5.94% during the forecast period (2024-2029).
Factors driving the medical radiation shielding market include increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment, rising incidences of chronic diseases, including cancer, and growing safety awareness among people working in radiation-prone environments. For instance, according to the Global Cancer Observatory 2022 update, lung cancer and female breast cancer were commonly diagnosed cancers worldwide (12.4% and 11.6% of total new cases, respectively), followed by colorectal cancer (9.6%), prostate cancer (7.3%) and stomach cancer (4.9%). The high prevalence of cancer is increasing the demand for radioisotope therapies, which use a radioactive drug that seeks out and destroys cancer cells, hence expected to propel the growth of the market over the forecast period.
With the growing demand and number of treatment procedures for diseases such as cancer and neurological disorders, nuclear medicine and radiation therapy usage is also increasing, which is projected to boost the demand for medical radiation shielding materials and products, boosting the market’s growth. For instance, according to the July 2023 update of the Organization for Economic Co-operation and Development (OECD), the number of positron emission tomography (PET) procedures is increasing in the member states of OECD. About 143,098 PET scans in Australia were performed in 2022, compared to 136,820 scans in 2021.
Similarly, according to the report published by Radiotherapy United Kingdom in June 2023, radiotherapy is one of the key treatment methods for treating cancer alongside surgery and drug therapy. It is required in 50% of cancer treatments and 40% of cancer cures. As per the same source, about 100,000 cancer patients annually receive radiotherapy treatment in the United Kingdom. With the rising burden of cancer, the demand for radiotherapy procedures is expected to increase, and it is projected to impact the market positively.
Thus, the increase in chronic diseases and the adoption of radiotherapy are expected to boost the market growth over the forecast period. However, the high cost of radiation shielding and the need for more awareness among healthcare professionals may restrain the market's growth.
Medical Radiation Shielding Market Trends
Diagnostic Shielding Segment is Anticipated to Witness a Significant Growth Over the Forecast Period
Diagnostic X-rays and other radiation procedures frequently require medical personnel to remain in the exam room, where they are subjected to scattered radiation. Frequent exposure to radiation leads to many side effects. Sometimes, lead aprons offer valuable protection from radiation exposure, but there are times when a mobile lead radiation barrier is required to provide a full-body shielding barrier. The growing burden of chronic diseases and awareness of early diagnosis and treatment is anticipated to increase the diagnosis rate and further use of diagnostic radiation shields.
The rising concerns from medical agencies about the harmful effects of radiation are anticipated to drive market growth. For instance, as per the article published in June 2023 in the Radiologie (Heidelb) journal, the researchers demonstrated that the Radiation Protection Committee published a recommendation on the use of patient radiation shields by considering the recent findings on dose savings but also the risks of incorrect use. Hence, with the help of diagnostic shielding products, the proper diagnosis will be achieved with limited exposure to radiation, which is expected to fuel the segment growth over the forecast period.
The rising diagnostic examination globally is anticipated to increase the adoption of medical radiation shielding, driving market growth. For instance, according to the Organization for Economic Cooperation and Development in October 2023, the total number of computed tomography examinations in Australia and Costa Rica were 4,127,613 and 312,252, respectively, and magnetic resonance imaging examinations were 1,378,805 and 14,512, respectively, in 2022. Such a huge number of diagnostic examinations in the countries is anticipated to increase the adoption of diagnostic shielding, driving the market growth.
The various strategies adopted by the market players, such as product launches, mergers and acquisitions, and partnerships, are expected to boost the segment growth. For instance, in February 2022, Radiation Medical Ltd partnered with Mazowiecki Hospital's acquisitions of the Interventional Cardiology section in Ostroleka, Poland. Through the company's advanced fully-automated shielding technology, the hospital has the first installed system in Europe to support interventional cardiologists and medical staff from the fatal effects of X-ray radiation exposure.
Thus, owing to the increase in diagnostic shielding product adoption and diagnostic imaging, the segment studied is expected to witness significant growth over the forecast period.
North America is Expected to Witness a Significant Growth Over the Forecast Period
North America is expected to witness the largest market share, owing to factors such as the rise in prevalence of various chronic diseases, the growing adoption of nuclear medicines and radiology services, the strong presence of industry players, and better healthcare infrastructure in this region. The increasing focus of the government and awareness programs on radiation exposure among people working in radiation-prone environments are expected to bolster the market growth over the forecast period.
Radiation therapy is one of the significant treatment interventions used among cancer patients in the United States. This increase in cancer cases is projected to accelerate the demand for radiation shielding, boosting market growth over the forecast period. For instance, according to the American Cancer Society 2024 report, it was estimated that more than 2.0 million cancer cases would be diagnosed in the United States in 2024, an increase from 1.9 million cancer cases in 2023. Furthermore, around 88% of people diagnosed with cancer in the United States are 50 years of age or older, and 57% are 65 or older. Almost half of all people with cancer have radiotherapy as part of their treatment plan. With the increased use of radiotherapy among the population, the US government proposed a few strategic rules to reduce radiation exposure among workers.
For instance, in February 2023, a Radiological Health Regulation came into effect in the United States, which recommended ensuring radiation protection during medical procedures, certain records and reporting for electronic products, and performance standards for diagnostic x-ray systems and their major components, laser products, and ultrasonic therapy products. An increase in cancer screening programs across Canada is anticipated to create a demand for medical radiation shielding devices, leading to market growth over the forecast period.
For instance, in May 2022, BC Cancer launched a provincewide lung cancer screening program, which offers the access to eligible high-risk people at 36 sites throughout the province. Lung screening is available provincewide through 36 sites across all health authorities using the existing computed tomography (CT) scanning capacity. Thus, such cancer screening activities using CT are expected to utilize medical radiation shielding, bolstering market growth in North America over the forecast period.
Therefore, the high burden of cancer in the country and initiatives to improve cancer care and radiotherapies are expected to drive the growth of the market in North America over the forecast period.
Medical Radiation Shielding Industry Overview
The medical radiation shielding market is semi-consolidated in nature and consists of a few major players. The significant key players are significantly involved in many strategic activities to increase product availability globally. Some key market players are A&L Shielding, Amray Medical, Gaven Industries Inc., and Global Partners in Shielding Inc., among others.
Medical Radiation Shielding Market Leaders
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Nelco, Inc.
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Gaven Industries, Inc.
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Radiation Protection Products, Inc.
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Marshield
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ESCO Technologies Inc
*Disclaimer: Major Players sorted in no particular order
Medical Radiation Shielding Market News
- February 2024: Montérégie Integrated Cancer Center in Quebec, Canada, part of Charles-LeMoyne Hospital, was one of the first centers in the country to treat cancer patients using Accuray's Radixact radiation therapy delivery system. A second Radixact system will be installed at the center in 2024. The implementation of the advanced radiation therapy unit will necessitate the utilization of medical radiation shielding products in the hospital.
- May 2023: the University of Birmingham installed a Bariwall Radiation Shielding to advance its research in medical physics research areas. The University of Birmingham is at the forefront of science and engineering on nuclear materials. The Department for Business Energy and Industrial Strategy funded Neutron Therapeutics to install a new ‘nuBeam’ accelerator in Birmingham.
Global Medical Radiation Shielding Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Usage of Nuclear Medicine and Radiation Therapy for Diagnosis and Treatment
4.2.2 Rising Burden of Chronic Diseases
4.2.3 Growing Safety Awareness Among People Working in Radiation-prone Environments
4.3 Market Restraints
4.3.1 Lack of Awareness Among Healthcare Professionals
4.3.2 High Cost of Radiation Shielding
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Solution
5.1.1 Radiation Therapy Shielding
5.1.2 Diagnostic Shielding
5.2 By End User
5.2.1 Hospitals and Diagnostic Centers
5.2.2 Research Institutes
5.2.3 Other End Users
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 A&L Shielding
6.1.2 Amray Medical
6.1.3 ESCO Technologies Inc
6.1.4 Gaven Industries Inc.
6.1.5 Global Partners in Shielding Inc.
6.1.6 Marshield
6.1.7 Nelco Inc.
6.1.8 Radiation Protection Products Inc.
6.1.9 Ray-Bar Engineering Corp.
6.1.10 Veritas Medical Solutions LLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Medical Radiation Shielding Industry Segmentation
As per the scope of the report, radiation shielding, also known as radiation protection or radiological protection, refers to the protection of people from the detrimental effects of exposure to ionizing radiation and the means to achieve this protection. The medical radiation shielding market is segmented by solution, end user, and geography. By solution, the market is segmented into radiation therapy shielding and diagnostic shielding. By end user, the market is segmented into hospitals and diagnostic centers, research institutes, and others. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD) for the above segments.
| By Solution | |
| Radiation Therapy Shielding | |
| Diagnostic Shielding |
| By End User | |
| Hospitals and Diagnostic Centers | |
| Research Institutes | |
| Other End Users |
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Global Medical Radiation Shielding Market Research Faqs
How big is the Global Medical Radiation Shielding Market?
The Global Medical Radiation Shielding Market size is expected to reach USD 1.01 billion in 2024 and grow at a CAGR of 5.94% to reach USD 1.35 billion by 2029.
What is the current Global Medical Radiation Shielding Market size?
In 2024, the Global Medical Radiation Shielding Market size is expected to reach USD 1.01 billion.
Who are the key players in Global Medical Radiation Shielding Market?
Nelco, Inc., Gaven Industries, Inc., Radiation Protection Products, Inc., Marshield and ESCO Technologies Inc are the major companies operating in the Global Medical Radiation Shielding Market.
Which is the fastest growing region in Global Medical Radiation Shielding Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Medical Radiation Shielding Market?
In 2024, the North America accounts for the largest market share in Global Medical Radiation Shielding Market.
What years does this Global Medical Radiation Shielding Market cover, and what was the market size in 2023?
In 2023, the Global Medical Radiation Shielding Market size was estimated at USD 0.95 billion. The report covers the Global Medical Radiation Shielding Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Medical Radiation Shielding Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Medical Radiation Shielding Industry Report
The report on Radiation Shielding Companies covers a comprehensive market analysis, segmented by solution and end user, providing valuable industry information. The market trends indicate significant growth in both radiation therapy shielding and diagnostic shielding solutions. Hospitals, diagnostic centers, research institutes, and other end users are key sectors driving this market growth. The market segmentation by geography includes North America, Europe, Asia-Pacific, Middle East, and Africa, as well as South America, which are pivotal in the industry outlook.
Industry reports suggest a robust market forecast with promising market growth and market value. The market overview highlights the importance of market leaders in shaping the future market predictions. The industry research points to substantial market data supporting the industry trends observed. This market review also includes industry statistics that underscore the market size and industry sales.
The report example provided offers a detailed market report and market research, essential for understanding the market dynamics. The market forecast and market outlook are crucial for stakeholders to strategize effectively. The industry analysis and industry statistics further elaborate on the market segmentation and market value, providing a holistic view of the industry.
For those seeking more detailed insights, the report pdf is available for download, offering an extensive industry overview and market data. This industry research is indispensable for research companies aiming to delve deeper into the market. The market predictions and industry trends discussed in the report are vital for comprehending the future trajectory of the medical radiation shielding market.
Global Medical Radiation Shielding Market Report Snapshots
