Medical Radiation Shielding Market is Predicted to Reach US$ 1.7 Billion by 2027

The global medical radiation shielding market, currently valued at US$ 1.3 billion, is expected to grow at a CAGR of 5%, reaching US$ 1.7 billion by 2027.

Radiation shielding, as defined by the International Atomic Energy Agency, involves practices aimed at protecting individuals from potential harm caused by exposure to hazardous levels of ionizing radiation. Primarily focused on protecting people, radiation shielding is crucial given the widespread use of ionizing radiation in various medical applications.

Exposure to ionizing radiation poses significant risks, including radiation sickness, skin burns, and an increased likelihood of cancer development. These effects occur due to the radiation's ability to irreversibly damage human tissues at a microscopic level, highlighting the importance of effective radiation protection measures.

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In recent years, the demand for medical radiation shielding systems has significantly increased due to the rising prevalence of chronic illnesses, particularly cancer.

The World Health Organization predicts a 70% increase in new cancer cases over the next two decades. Consequently, the need for advanced cancer treatments is expected to remain strong, driving the demand for medical radiation shielding. The market will benefit from the growing use of nuclear medicine and radiation therapy for precise cancer detection and treatment. The increasing incidence of cancer will continue to be a key driving factor for this market.

Key Takeaways from Market Study

Global sales of medical radiation shielding systems are projected to grow at a CAGR of 5%, reaching a valuation of US$ 1.7 billion by 2027.
Sales of MRI shielding products are expected to increase at a CAGR of 6%, with a projected market value of US$ 508 million by 2027.
In China, the medical radiation shielding market is forecasted to reach US$ 289 million by 2027.

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Competitive Landscape

The growth of the medical radiation shielding market is expected to be driven by new product introductions, mergers and acquisitions, and joint ventures.

For instance, in February 2022, Radiaction Medical Ltd. partnered with the Interventional Cardiology division of Mazowiecki Hospital in Ostroleka, Poland. This collaboration introduced the first system in Europe designed to protect interventional cardiologists and nursing staff from the harmful effects of X-ray radiation, utilizing Radiaction's cutting-edge fully automated shielding technology.
In April 2022, Radiaction Medical Ltd. received 510(k) authorization from the Food and Drug Administration to commercialize its Radiaction Shield System in the U.S.

Key Companies Profiled

ETS-Lindgren
Nelco, Inc.
Radiation Protection Products
MarShield
Ray-Bar Engineering Corp
Amray
Gaven Industries, Inc.
A&L Shielding
Global Partners in Shielding, Inc.
Veritas Medical Solutions LLC

Winning Strategy

Several producers of medical radiation shielding are introducing new products to expand their market share. Leading manufacturers are also expanding their businesses due to numerous technological developments.

Rampart IC and Japan Lifeline (JLL) signed an exclusive distribution deal in March 2022, guaranteeing distribution to the Japanese market. A huge shielding field created by the Rampart M1128's radiation-attenuating panels with 1mm lead equivalency protects the doctor and other medical personnel. The Rampart M1128 is a fully adjustable and portable gadget.

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Segments of Medical Radiation Shielding Industry Research

By Product:
MRI Shielding Products
X-ray Rooms
Shields
Barriers & Booths
Sheet Lead
Lead Lined Doors & Windows
Others
By End User:
Diagnostics Centers
Hospitals
Others
By Region:
North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global medical radiation shielding market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.

The study divulges essential insights on the market on the basis of product (MRI shielding products, X-ray rooms, shields, barriers & booths, sheet lead, lead-lined doors & windows, others) and end user (diagnostics centers, hospitals, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).

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This release was published on openPR.