Market Trends of Global Medical Radiation Shielding Industry
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.
