Over the 2022–2030 analysis period, the medical radiation shielding market is expected to grow at a compound annual growth rate (CAGR) of 5% from its estimated US$1.3 billion in 2022 to US$1.9 billion by 2030.
Rising demand for nuclear medicine and radiation therapy on account of increasing prevalence of chronic diseases is likely to fuel the demand for radiation shielding products. Owing to the rising occurrence of cancer and the increasing demand for nuclear radiation therapy for accurate diagnosis, the medical radiation shielding market is expected to expand at a significant pace in the coming years. In parallel, the expansion of the medical radiation protection market is anticipated to be driven by a growing number of radiology centers and the deployment base of medical imaging equipment. The increasing potential growth in developing economies, on the other hand, has opened up a number of opportunities in the forecast period for the medical radiation shielding industry.
It is predicted that the growing prevalence of the diseases mentioned above will play an important role in market development. Furthermore, the rising demand for fast and efficient diagnostic procedures is likely to increase the demand for imaging equipment, which is likely to benefit the shielding market in turn. These MRI machines are being built by various nations. For eg, according to the OECD, the number of MRI systems installed in the United States in 2017 was over 37.0 per million population.
For any clinical MRI system and most research systems, RF shielding is needed. Efficiency, however, can differ depending on the particular MRI device. Although most MRI companies need 100 dB of sensory frequency RF attenuation, the requirements for any given manufacturer and also for higher-frequency testing parameters can vary. Virtually any form of metal can be made of RF shielding; but the most prominent forms used for MRI are, however, there is zinc, galvanized steel and aluminum shielding. Due to disadvantages such as price, ease of handling or adjustments, and corrosion, other metals are not usually used.
The aim of the report is to estimate the size of the market for medical radiation shielding and the future growth potential of the market for medical radiation shielding across various segments, such as patient position and component. The base year considered for the analysis is 2019 and from forecast is provided from 2020-2028.
In 2019, the MRI shielding products held noticeable market share compared to other counterparts. Lucrative development from emerging economies on account of continuous healthcare infrastructure development is predicted to favor the segment growth in coming years.
The highest market share in 2019 was accounted for by North America. This was owing to the growing demand for imaging research for the occurrence of chronic diseases in this region, including breast cancer, cardiovascular disorders and neurological diseases. Throughout the forecast era, the region is expected to retain its supremacy. During the forecast era, technological advances coupled with the rising incidence of chronic conditions are expected to spur market growth.
Key vendors in the market include A&L Shielding, Ray-Bar Engineering Corp, Veritas Medical Solutions LLC, Radiation Protection Products Inc., Gaven Industries, Inc, Global Partners in Shielding Inc, Amray Medical, and many more.
Medical Radiation Shielding Market Scope
|Revenue forecast in 2030
|CAGR of 5% during 2020-2030
|Solution, End-use, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|MarShield Custom Radiation Shielding Products, ETS-Lindgren, RAY-BAR ENGINEERING CORP, Amray Radiation Protection, Globe Composite Solutions LLC, Gaven Industries Inc., A&L Shielding, Veritas Medical Solutions LLC, AliMed, Inc., Ultraray, Von Gahlen, Biodex, Brown’s Medical Imaging, ESCO Technologies inc, Scanflex Medical AB, ProTechMed and Mars Metal Company
Key Segments of the Global Medical Radiation Shielding Market
Solution Overview, (USD Billion)
- MRI Shielding Products
- Sheet Lead
- Lead Glass
- Lead Bricks
End-use Overview,(USD Billion)
- Diagnostic centers
Regional Overview, (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Important Companies in Global Medical Radiation Shielding Market
- Marswell Group of Companies
- RAY-BAR ENGINEERING CORP
- Amray Radiation Protection
- Globe Composite Solutions LLC
- Gaven Industries Inc
- A&L Shielding
- Veritas Medical Solutions LLC
- AliMed, Inc
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of medical radiation shielding market benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on medical radiation shielding market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the field service management industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on solution, service, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global medical radiation shielding market. The report will benefit: Every stakeholder involved in the medical radiation shielding market.
- Managers within the field service management industry looking to publish recent and forecasted statistics about medical radiation shielding market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global medical radiation shielding market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.