Global Medical Radiation Shielding Market Size (2024 - 2029)

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 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.