Medical Radiation Shielding Market by Application and Geography - Forecast and Analysis 2021-2025

The medical radiation shielding market share is expected to increase by USD 299.30 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.93%.

This medical radiation shielding market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers medical radiation shielding market segmentation by application (diagnostic shielding and radiotherapy shielding) and geography (North America, Europe, Asia, and ROW). The medical radiation shielding market report also offers information on several market vendors, including Amray Medical, A and L Shielding, AliMed Inc, ESCO Technologies Inc., Gaven Industries Inc, Mars Metal Co., Mirion Technologies (Capintec), Inc., NELCO, Radiation Protection Products Inc, and Wardray Premise Ltd. among others.

What will the Medical Radiation Shielding Market Size be During the Forecast Period?

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Medical Radiation Shielding Market: Key Drivers, Trends, and Challenges

The increasing number of installations of radiology equipment is notably driving the medical radiation shielding market growth, although factors such as the high cost of radiation shielding installations may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the medical radiation shielding industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Medical Radiation Shielding Market Driver

One of the key factors driving the global medical radiation shielding market growth is the increasing number of installations of radiology equipment. The increasing incidences of chronic diseases coupled with the growing number of imaging examinations have led to the rise in the adoption of diagnostic radiology equipment. Furthermore, factors such as technological advances, the increasing demand for advanced diagnostic radiology equipment, and the rising number of radiologists are also driving the adoption of diagnostic radiology equipment. In addition, the use of the latest medical advances and huge investment (for instance, as of 2017, only about 265 proton therapy treatment rooms were sold, and this number is expected to increase by more than four times by 2030) to combat cancer and deal with the rising incidence of cancer is expected to positively impact the growth of the market in focus during the forecast period.

Key Medical Radiation Shielding Market Trend

Advances in radiation shielding equipment is another key factor driving the global medical radiation shielding market growth. Vendors are increasing their R&D on advanced radiation shielding equipment and introducing new products to gain optimum market penetration. For instance, Nippon Electric Glass's flagship product, LX Premium, is made with LX-57B high-lead content glass, which provides a high impact, shatter resistance, and radiation shielding properties at minimal thickness. These products have high transparency that is almost identical to ordinary glass. Thus, clinicians can provide an accurate diagnosis without unnecessary exposure to radiation. Furthermore, the focus on the development of non-lead shielding products is also increasing as they reduce the physical repercussions of wearing heavy radiation protection garments for long hours. The introduction of lightweight smart aprons to improve mobility and reduce back pain in clinicians while performing their tasks is expected to support the market growth during the forecast period.

Key Medical Radiation Shielding Market Challenge

One of the key challenges to the global medical radiation shielding market growth is the high cost of radiation shielding installations. For instance, considering the price of lead being more than USD 2,000/ft3, the cost of constructing a lead-based shielding system (with 100 ft3 area) for a LINAC facility using primary beam photon radiation can cost more than USD 280,000. Alternatively, a facility with the same design but with an area of 800 ft3 (10x10x8 ft) that employs an eight-feet-thick conventional concrete block system as the primary barrier can cost more than USD 105,000. Furthermore, proton therapy centers can cost from USD 600 to USD 800 per square foot of building area depending on the number of treatment rooms and whether the facility is above or below grade. Thus, the high cost of operation and maintenance is expected to negatively impact the growth of the market in focus during the forecast period.

This medical radiation shielding market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global medical radiation shielding market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the medical radiation shielding market during the forecast period.

Who are the Major Medical Radiation Shielding Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Amray Medical
• A and L Shielding
• AliMed Inc
• ESCO Technologies Inc.
• Gaven Industries Inc
• Mars Metal Co.
• Mirion Technologies (Capintec), Inc.
• NELCO
• Radiation Protection Products Inc
• Wardray Premise Ltd.

 

This statistical study of the medical radiation shielding market encompasses successful business strategies deployed by the key vendors. The medical radiation shielding market is fragmented and the vendors are deploying growth strategies such as technological innovation and product differentiation to compete in the market.

Product Insights and News

• AliMed Inc - The company offers radiation protection barriers and table shields like Adjust-A-Height Barrier, Rolling radiation shield, Wolf MySheild mobile barrier, and others.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The medical radiation shielding market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Medical Radiation Shielding Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the medical radiation shielding market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global healthcare equipment market includes the following core components:

• Research and development
• Inputs
• Operations
• Distribution
• Marketing and sales
• Post-sales and services
• Industry innovations

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Medical Radiation Shielding Market?

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39% of the market's growth will originate from North America during the forecast period. The US is the key market for medical radiation shielding in North America. Market growth in this region will be faster than the growth of the market in Europe.

The strong presence of established vendors in countries such as the US and Canada, increasing adoption of medical radiation shielding equipment, and rising adoption of diagnostic and radiotherapy equipment will facilitate the medical radiation shielding market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 in 2020 negatively impacted the regional medical shielding market due to imposed nationwide periodic lockdowns. Meanwhile, the demand for numerous diagnostics and radiotherapy shielding was significantly increased. This is due to the surge in the number of patients in the hospital during the period of 2020. Thus, the market in focus was accelerated in 2020. In addition, it has been observed that the patients affected with COVID-19 were also diagnosed with some chronic diseases such as cardiac problems or pneumonia, which further required diagnoses. Furthermore, the introduction of new variants of COVID-19 in Q4 2021 propelled the demand for medical radiation shielding. Such factors are expected to drive the market during the forecast period.

What are the Revenue-generating Application Segments in the Medical Radiation Shielding Market?

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The medical radiation shielding market share growth by the diagnostic shielding segment will be significant during the forecast period. The rapid increase in the use of ionizing radiation for diagnostic radiography and rapid advances in medical imaging have raised serious safety and health concerns. This will boost the adoption of medical radiation shielding products for optimization of radiation protection for clinicians, patients, and the public. Furthermore, the growing demand for medical radiation shielding products for CT applications due to the increase in contributions of CT to the collective dose from medical exposure will further support the growth of the segment in focus, which will positively impact the global medical radiation shielding market.

This report provides an accurate prediction of the contribution of all the segments to the growth of the medical radiation shielding market size and actionable market insights on post COVID-19 impact on each segment.

You may be interested in:

Radiation Therapy Equipment market - The market share is expected to increase by USD 4.66 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 9.19%.

Radiation Detection and Monitoring Equipment market - The market share is expected to increase by USD 558.94 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.7%.

Radiation Oncology market - The market size is expected to grow by $ 1.70 bn and record a CAGR of 5% during 2020-2024.

Medical Radiation Shielding Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 4.93%
Market growth 2021-2025	$ 299.30 million
Market structure	Fragmented
YoY growth (%)	4.68
Regional analysis	North America, Europe, Asia, and ROW
Performing market contribution	North America at 39%
Key consumer countries	US, Germany, Japan, China, and France
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Amray Medical, A and L Shielding, AliMed Inc, ESCO Technologies Inc., Gaven Industries Inc, Mars Metal Co., Mirion Technologies (Capintec), Inc., NELCO, Radiation Protection Products Inc, and Wardray Premise Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Medical Radiation Shielding Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive medical radiation shielding market growth during the next five years
• Precise estimation of the medical radiation shielding market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the medical radiation shielding industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of medical radiation shielding market vendors

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