Medical Radiation Shielding Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.60 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Medical Radiation Shielding Market Analysis
The medical radiation shielding market studied is anticipated to witness a CAGR of nearly 4.6%, during the forecast period.
During the COVID-19 crisis, non-urgent clinical treatments were postponed until the situation eased, and the hospital was preoccupied with patient care. Many steps have been put in place to slow the spread of COVID-19, causing severe operational interruption for many businesses, particularly those in the healthcare field. Companies have faced major challenges as a result of employee quarantine, supply-chain failures, and demand cutbacks. In-patient and out-patient visits for private hospital chains have also decreased significantly. As a result, the medical radiation shielding market suffers. The decrease in imaging volumes during the pandemic affected the growth pace of the market. For instance, the Journal of American College of Radiology article titled 'Impact of the Coronavirus Disease 2019 (COVID-19) Pandemic on Imaging Case Volumes' published in May 2020 reported that the total imaging volume in 2020 declined by 12.29% compared with 2019. It also reported that Post-COVID-19 revealed a greater decrease (28.10%) in imaging volumes across all patient service locations. The same source also reported that an 88% decline was seen at week 16 in outpatient imaging, and X-rays contributed to a nearly 22% decline. Such a decline in volumes due to pandemics also affects the market's growth.
Certain factors driving the market growth 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. According to GLOBOCAN 2020, the new cancer cases that were diagnosed accounted for 19,292,789 in 2020 globally, with 9,958,133 deaths due to cancer. Moreover, as per the same source, among all cancers, breast cancer accounted for 2,261,419 new cancer cases, followed by lung cancer with 2,206,771 new cases, prostate cancer with 1,414,259, and colon cancer with 1,148,515 new cases in 2020. This global and extensive threat of cancer remains a major market driver for new cancer therapies that help in risk assessment, early diagnosis, and effective monitoring of the treatment.Additionally, according to data published by the United Nations, in February 2021, about 1 billion people, nearly one in six of the world's population, suffer from neurological disorders, such as Alzheimer's and Parkinson's disease, strokes, multiple sclerosis, epilepsy migraine, brain injuries, and neuro infections in 2020. Additionally, as per the same source 62 million suffered from cerebrovascular disease, 50 million people suffered from epilepsy, 326 million from migraine, and 24 million from Alzheimer's disease and other dementias in 2020. Thus, growing incidence of chronic diseases expected to boost the market growth over the forecast period.
Moreover, according to the study published in June 2021, titled "Lifesaving nuclear medicine applications deserve better recognition and support at EU level" every year, more than 9 million patients in Europe benefit from nuclear medicine in the diagnosis and treatment of illnesses such as cancer, cardiovascular disease, and neurological problems. Thus, increased usage of nuclear medicine is expected to expand the market growth over the forecast period.
Thus, all the above-mentioned factors are expected to boost the market growth over the forecast period. However, the high cost of radiation shielding and lack of awareness among healthcare professionals may restrain the market growth.
Medical Radiation Shielding Market Trends
This section covers the major market trends shaping the Medical Radiation Shielding Market according to our research experts:
Diagnostic Shielding Holds Significant Share in the Global Medical Radiation Shielding Market
Diagnostic x-ray and other radiation procedures frequently require medical personnel to remain in the exam room where they are subjected to scattered radiation. Furthermore, frequent exposure to radiation leads to many side effects. Sometimes, lead aprons offer valuable protection from radiation exposure but there are times that a mobile lead radiation barrier is required to provide a full-body shielding barrier. Furthermore, the growing burden of chronic diseases and awareness of early diagnosis and treatment are likely to increase the diagnosis rate and further usage of diagnostic radiation shields.
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. formed a new partnership with Mazowiecki Hospital's acquisitions Interventional Cardiology section in Ostroleka, Poland. Through the company's ground-breaking fully-automated shielding technology, the hospital has got the first installed system in Europe to safeguard interventional cardiologists and medical staff from the fatal effects of X-ray radiation exposure.
Additionally, in March 2021, CSIR-AMPRI effectively implemented the 'Waste to Wealth' policy, as the institute has created radiation shielding materials using industrial wastes as raw materials. Significantly, a revolutionary technology for producing lead-free and highly effective shielding materials used for the building of X-ray diagnostic and CT scanner rooms from industrial waste, specifically red mud and fly ash, has been created. Thus, all aforementioned factors are expected to boost segment growth over the forecast period.
North America Dominates the Medical Radiation Shielding Market
In the North American region, the United States accounted for the largest market share, owing to the increased adoption of cancer therapy and the growing burden of cancers in the United States. According to the Globocan 2020 report, an estimated 2,281,658 new cancer cases were diagnosed in the United States in 2020, with nearly 612,390 deaths. In 2020inhe most common cancers were breast (253,465), lung (227,875), prostate (209,512), and colon (101,809) in the United States. Additionally, according to the Canadian Cancer Society 2020, an estimated 27,400 women will be diagnosed with breast cancer in the country in 2020. This represents 25% of all new cancer cases in women by 2020, with 5,100 women dying from breast cancer. Furthermore, Canada is a long-standing leader in the field of nuclear imaging. The technology is found to be used by researchers in applications of cardiology, oncology, and neurology, as well as musculoskeletal imaging, ophthalmology, dermatology, and dentistry.
Moreover, according to updates from the National Academy of Science in 2022, in the United States alone, almost 20 million nuclear medicine operations are performed each year to detect and treat malignancies, cardio coupled disease, and some neurological illnesses. Thus, the growing usage of nuclear products and radiation therapy in the treatment and diagnosis is expected to boost segment growth over the forecast period.
Additionally, increasing research and development activity coupled with fundraising for the development of advanced medical radiation shielding products is likely to propel the growth of the market. For instance, in March 2022, TVM Capital Life Science invested USD 13 million in Egg Medical Inc. to overcome that plague interventional cardiology - radiation scattering during X-ray-guided treatments. The radiation is contained in the company's Eggnest XR product, which substitutes the patient mattress on the X-ray table with a carbon fiber platform with inbuilt radiation shielding. Thus, all aforementioned factors are expected to boost market growth over the forecast period.
Medical Radiation Shielding Industry Overview
The medical radiation shielding market is competitive and consists of a few major players. Companies like A&L Shielding, Amray Medical, ESCO technologies, Gaven Industries, Inc., Global Partners in Shielding Inc., MarShield, Nelco Inc., Radiation Protection Products Inc., Ray-Bar Engineering Corp., and Veritas Medical Solutions LLC, among others, hold the substantial market share in the market.
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
- In April 2022, Radiaction Medical Ltd. received Food and Drug Administration 510(K) clearance to market its RadiationShield System in the United States.
- In March 2022, Rampart IC secured an exclusive distribution agreement with Japan Lifeline (JLL), assuring distribution to the Japanese market. The Rampart M1128 is a completely adjustable and portable device outfitted with radiation-attenuating panels with 1mm lead equivalency, resulting in a large shielding area that protects the physician and other medical professionals.
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
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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
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4.3 Market Restraints
- 4.3.1 Lack of Awareness Among Healthcare Professionals
- 4.3.2 High Cost of Radiation Shielding
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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 million)
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5.1 By Solution
- 5.1.1 Radiation Therapy Shielding
- 5.1.2 Diagnostic Shielding
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5.2 By End User
- 5.2.1 Hospitals and Diagnostic Centers
- 5.2.2 Research Institutes
- 5.2.3 Other End Users
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5.3 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
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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
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. From a scientific perspective, radiation shielding may be defined as an interaction among particles and matter via collisions and capture by atoms. The Market is Segmented by Solution (Radiation Therapy Shielding and Diagnostic Shielding), End User (Hospitals and Diagnostic Centers, Research Institutes, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, 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 million) for the above segments.
| By Solution | Radiation Therapy Shielding | |
| Diagnostic Shielding | ||
| By End User | Hospitals and Diagnostic Centers | |
| Research Institutes | ||
| Other End Users | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle-East and Africa | GCC |
| South Africa | ||
| Rest of Middle-East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Medical Radiation Shielding Market Research FAQs
What is the current Global Medical Radiation Shielding Market size?
The Global Medical Radiation Shielding Market is projected to register a CAGR of 4.60% during the forecast period (2024-2029)
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?
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.
Medical Radiation Shielding Industry Report
Statistics for the 2024 Medical Radiation Shielding market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Medical Radiation Shielding analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
