Chicago, Aug. 08, 2023 (GLOBE NEWSWIRE) -- In the near future, the medical radiation shielding industry is poised to undergo significant advancements and growth, driven by cutting-edge technologies and an increased focus on patient safety and radiation protection. As medical imaging and radiation therapy continue to play pivotal roles in diagnosing and treating various diseases, the demand for innovative radiation shielding solutions will surge. Advanced materials, such as lead-free and composite alternatives, will become more prevalent, offering superior radiation attenuation while reducing environmental and health risks. Additionally, precision manufacturing techniques and computer simulations will lead to the development of custom-made shielding solutions, enhancing their effectiveness and adaptability to specific medical settings. Furthermore, artificial intelligence and machine learning will revolutionize dose optimization and personalized shielding design, further ensuring patient and healthcare provider safety. As the industry embraces these technological advancements, the medical radiation shielding sector will witness a transformative shift, promoting safer and more efficient medical practices globally.
Medical Radiation Shielding market in terms of revenue was estimated to be worth $1.4 Billion in 2023 and is poised to reach $1.8 Billion by 2028, growing at a CAGR of 6.5% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Growth in the medical radiation shielding market is mainly driven by the Increasing usage of nuclear medicine & radiation therapy coupled with the rising incidence of cancer.
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Medical Radiation Shielding Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $1.4 Billion |
| Estimated Value by 2028 | $1.8 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.5% |
| Market Size Available for | 2021–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Solution, and End-user |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising healthcare expenditure across developing countries |
| Key Market Drivers | Increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment |
Medical Radiation Shielding market major players covered in the report, such as:
- 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)
- European EMC Products (UK)
- and Among Others
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This research report categorizes the medical radiation shielding market to forecast revenue and analyze trends in each of the following submarkets:
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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
- Lead Acrylic
By Solution
- Diagnostic Shielding
- X-ray
- MRI
- CT scanners
- Nuclear Imaging
- Radiation Therapy Shielding
- Linear Accelerator
- Multimodality
- Cyclotron
- Brachytherapy
- Proton Therapy
By End User
- Hospitals and Clinics & ASCs
- Diagnostic Centers
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The key stakeholders in the Medical Radiation Shielding market include:
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
Recent Developments:
- 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.
Frequently Asked Questions (FAQs) of Medical Radiation Shielding Market:
Question 1: What is the projected market value of the global medical radiation shielding market?
Answer: The Medical Radiation Shielding market is projected to reach USD 1.8 Billion by 2028 from USD 1.4 Billion in 2023.
Question 2: What is the estimated growth rate (CAGR) of the global medical radiation shielding market for the next five years?
Answer: The medical radiation shielding market is projected to reach a CAGR of 6.5% during the forecast period.
Question 3: Which type segment of the medical radiation shielding market witness the highest market share?
Answer: The MRI Shielding Products segment is projected to observe the highest market share due to the increasing technological advancements in radiation detection.
Question 4: What are the major revenue pockets in the medical radiation shielding market currently?
Answer: Asia Pacific is expected to grow at the highest pace during the forecast period, primarily due to growing incidences of cancer which boost the demand for medical radiation shielding products.
Question 5: Who are the key players operating in the medical radiation shielding market, and what are the key growth strategies applied?
Answer: In 2022, the global Medical Radiation Shielding market was dominated by ESCO Technologies Inc. (US) and Mirion Technologies, Inc (US). The players adopted key strategies, such as collaborations, partnerships, acquisitions, expansions, and product launches, to increase their market penetration.
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Report Objectives:
- To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To define, describe, segment, and forecast the Medical radiation shielding market by product, application, end-user, and region
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To analyze micro markets with respect to individual growth trends, prospects, and contributions to the overall Medical radiation shielding market
- To forecast the size of the Medical radiation shielding market in five main regions along with their respective key countries, namely, North America, Europe, the Asia Pacific, and Rest of the world
- To profile key players in the Medical radiation shielding market and comprehensively analyze their core competencies and market shares
- To track and analyze competitive developments, such as acquisitions; product launches; expansions; collaborations, agreements, & partnerships; and R&D activities of the leading players in the Medical radiation shielding market.
- To benchmark players within the Medical radiation shielding market using the Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product strategy
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