Radiation Shielding Market Forecast and CAGR
According to the latest research by Fact MR, the radiation shielding market is set to witness steady growth during 2021-2031. Demand for the market will witness a steady recovery in the short term, with an optimistic growth outlook in the long run. Less availability of skilled professional will mean limited opportunities in near future, however, the prevailing demand for nuclear medicine and radiation therapy will provide momentum.
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What is Driving Demand for Radiation Shielding?
A few driving factors for the demand of the radiation shielding market include the increasing prevalence of chronic diseases and the rise in the number of diagnostic imaging centers.
The global prevalence of diseases such as cancer, certain types of injuries reinforces the importance of the radiation shielding market and the development of new technology is a prime motivating factor for significant growth in the radiation shielding market.
Apart from these factors, actors’ rise in the number of nuclear energy plants such as an increase in the use of nuclear energy, growth in the use of radiation therapy is considered as one of the major driving factors for the growth of the radiation shielding market.
Technological Advancements and their impact on the for Radiation Shielding Market
There is a global adoption of upgraded technology in varied fields and then it has also appropriated the use of upgraded technologies. This has resulted in the growth of the radiation shielding market.
Through technological advancements and upgradations, there is an increased rise in automation and these help in faster methods with more efficiency and efficacy. This helps in creating quality data which not only, boosts the patient-doctor relationship but helps to attract more customers to use the technology, hence, augmenting the growth of the overall market.
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The US and Canada Radiation Shielding Market Outlook
The US dominates the radiation shielding market in the region of North America. The factors contributing to the significant market share of the country US are associated with revenue through increasing R&D activities in the medical devices and biotechnology industry.
Subsequently, North America is set to witness the fastest growth over the forecast period of 2021-2031 owing to the presence of previously overlooked market opportunities and growing expenditure on hospital setups and conductive government initiatives. The healthcare system of the U.S. is well-known for its advanced structure and spending. The countries have the highest rate of diagnosis and treatment adoption among all the other countries resulting in a key region for the radiation shielding market.
Moreover, U.S is set to aim in increasing awareness about healthcare resources to prevent risks associated with radiation therapies. In September 2016, the British Institute of Radiology (BIR) launched new radiation safety guidance for healthcare resources intending to prevent radiation exposure which provided information about risk assessments, methods, and materials for the radiation therapy market.
Europe Demand Outlook for Radiation Shielding
Europe is an attractive hub for enterprises operating in the medical radiation shielding market. The European radiation shielding market is expected to grow at a profitable rate over the forecast period. This growth is owed to the presence of an increasing number of key players and the opportunistic approach to new investments in the field of radiation shielding.
Furthermore, rising investments in the R&D sector in this region are set to generate momentum for new-age innovation in the radiation shielding market and would account for global growth in market size for the same. For example, a project of the European Alliance for Medical Radiation Protection Research (EURAMED) aimed at advancing the optimization of radiation protection of patients in Europe through Conducting an European DRL survey for x-ray imaging of adults and specifying up-to-date clinical DRLs, from a radiation protection perspective.
Also, EURAMED has launched a Cancer beating plan on February 3rd, 2020 which is highly structured around prevention, early detection, diagnosis & treatment, improve quality of life. However, this factor will remain key to steady demand in long run for Radiation shielding in Europe.
Who are the Key Manufacturers and Suppliers of Radiation Shielding?
Some of the leading manufacturers and suppliers of Radiation Shielding include
- MarShield
- ETS-Lindgren
- Amray Radiation Protection
- Globe Composite Solutions LLC
- Gaven Industries Inc.
- A&L Shielding
- Veritas Medical Solutions LLC
- AliMed Inc.
- Ultraray
- Von Gahlen
- Biodex
- ESCO Technologies Inc
- Scanflex Medical AB
- IKEN Engineering Co. Ltd.
- Gravita India Limited
Many radiation shielding manufacturers are launching new products which allow them to boost the market. Moreover, leading manufacturers are expanding their business through various advancements in technology, MarShield was contacted by a radiopharmaceutical developer The Center for Probe Development and Commercialization (CPDC) to develop and build a series of custom radiation barriers that would be used to shield individuals from the dose radiating from freezer units used to store radioactive pharmaceutical products.
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Key Segments
By Product Type
- Shields, Barriers, Booths
- X-ray rooms
- Sheet Lead
- Lead Bricks
- Lead Curtains
- Lead Lined Doors & Windows
- Lead Glass
- Lead Lined Drywall
- Lead Lined Plywood
- High-Density Concrete Blocks
- Lead Acrylic
- MRI Shielding Products
By Solution
- Radiation Therapy Shielding
- Linear Accelerator
- Multimodality
- Proton Therapy
- Cyclotron
- Brachytherapy
- Diagnostic Shielding
- PET & SPECT
- MRI
- CT
- Nuclear Medicine
- X-Ray
By End-User
- Hospitals
- Diagnostics Centers
By Region
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Argentina
- Europe
- Germany
- Italy
- France
- The U.K.
- Spain
- Russia
- Poland
- Rest of Europe
- South Asia
- India
- Thailand
- Malaysia
- Indonesia
- Rest of South Asia
- East Asia
- China
- Japan
- South Korea
- Oceania
- Australia
- New Zealand
- The Middle East and Africa
- GCC Countries
- South Africa
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