Newark, New Castle, USA, May 16, 2023 (GLOBE NEWSWIRE) -- According to a recent report published by Growth Plus Reports, the Medical Radiation Shielding Market is projected to register a CAGR of 4.30% from 2022 to 2030. In 2022 the medical radiation shielding market was valued at US$ 1.60 billion in 2021 and will reach US$ 2.40 billion by 2030. The medical radiation shielding market research report includes detailed information on the industry's economics, trends, major competitors, key regions, revenue growth drivers, prospects, and an overall revenue estimate from 2022 to 2030.
Key Takeaways:
- North America will garner the largest revenue share and emerge as a promising market.
- The increasing need for radiation protection in healthcare will support market revenue growth.
- The diagnostics shielding segment will dominate the medical radiation shielding market.
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Medical Radiation Shielding Market Scope
| Report Attribute | Details |
| Market size value in 2021 | US$ 1.6 billion |
| Revenue forecast in 2030 | US$ 2.4 billion |
| Growth Rate | CAGR of 4.3% from 2022 to 2030 |
| Base Year for Estimation | 2021 |
| Forecast Period | 2022-2030 |
| Historical Year | 2020 |
| Segments Covered | Solution, End User and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Market Drivers
The increasing demand for radiation protection in healthcare applications will drive the market's revenue growth. Furthermore, the rising prevalence of cancer, increasing demand for radiation therapies, and the growing number of diagnostic imaging procedures are expected to fuel the market's revenue growth. Besides, technological advancements, rising radiation safety awareness, and increased healthcare spending will support the market's revenue growth.
Market Segmentation
Growth Plus Reports has analyzed the medical radiation shielding market from three perspectives: Solution, End User, and Region.
- Based on the solution, the medical radiation shielding market is segmented into radiation therapy shielding and diagnostics shielding.
- Based on the end user, the medical radiation shielding market is segmented into hospitals and diagnostics centers, research institutes, and others.
Solution Segmentation
Based on the solution, the medical radiation shielding market is divided into two categories: radiation therapy shielding and diagnostics shielding. The diagnostics shielding segment dominates the market because of technological advances, increased medical diagnostic equipment, and advanced therapies adoption.
Regional Growth Dynamics
Based on the region, the global medical radiation shielding market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the medical radiation shielding market with the largest revenue share because of several big corporations, greater radiation safety awareness, and increased healthcare expenditures.
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Competitive Landscape
The top companies in the medical radiation shielding market are:
- ETS-Lindgren
- Veritas Medical Solutions LLC
- RAY-BAR ENGINEERING CORP.
- Radiation Protection Products, Inc.
- A&L Shielding Gaven Industries Inc.
- MEDICAL SHIELDING SOLUTIONS
- Global Partners in Shielding, Inc.
- Mars Metal Company
- Nuclear Lead Co. Inc
Recent Developments:
- Radiction Medical Ltd. got FDA 510(K) approval to commercialize their RadiationShield System in the United States in April 2022.
- Rampart IC entered an exclusive distribution agreement with Japan Lifeline (JLL) in March 2022, ensuring distribution to the Japanese market. The Rampart M1128 is a completely adjustable and portable piece of medical equipment furnished with radiation-attenuating panels with 1mm lead equivalency, resulting in a large shielding area that protects the physician and other medical personnel.
- TVM Capital Life Science invested US$ 13 million in Egg Medical Inc. in March 2022 to address radiation dispersion during X-ray-guided operations, a concern in interventional cardiology.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years - 2020
- Base Years - 2021
- Forecast Years – 2022 to 2030
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trend (COVID-19 Perspective)
- Key Players & Competitive Positioning (2021)
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL MEDICAL RADIATION SHIELDING MARKET - ANALYSIS & FORECAST, BY SOLUTION
- Radiation Therapy Shielding
- Diagnostics Shielding
- GLOBAL MEDICAL RADIATION SHIELDING MARKET - ANALYSIS & FORECAST, BY END USER
- Hospital and Diagnostics Centers
- Research Institutes
- Others
MEDICAL RADIATION SHIELDING MARKET TOC
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- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market.
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2022-2030
