Press release
Radiation Shielding Market to Reach US$ 2.66 Billion by 2034 with a Strong 10.1% CAGR Growth | Fact.MR Report
Radiation Shielding Market
The growth in the market for radiation shielding is fueled by the medical sector, particularly due to the increasing applications of radiation therapy for treating cancer and diagnostic imaging procedures, such as MRIs, CT scans, and X-rays. Efficient shielding solutions are gaining significance in clinics and hospitals to avoid unnecessary radiation exposure for patients and healthcare professionals.
Nuclear energy is gaining traction as a cleaner source of power as nations are globally seeking to diversify their source of energy. The demand for heavy shielding against radiation in nuclear plants is necessitated by this growth, which is required to protect staff and adjacent communities from potential radiation exposure.
Various industries are adopting rigorous safety regulations and standards due to the risks associated with radiation exposure. Companies are making investments in effective radiation shielding technology as a response to this emerging concern to stay compliant and protect workers.
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Key Takeaway from Market Study:
The Radiation Shielding Market is valued at US$ 1.04 billion in 2024 and is projected to reach US$ 2.66 billion by 2034 at a 10.1% CAGR.
North America holds a 35.2% market share in 2024, driven by strict safety regulations and advanced healthcare infrastructure.
Western Europe is valued at US$ 219.27 million in 2024, supported by growing investments in radiation protection.
South Asia & Pacific is expected to grow at a 13.6% CAGR from 2024 to 2034, driven by healthcare advancements and rising cancer treatment centers.
The X-ray Rooms Segment is projected to reach US$ 871.39 million by 2034, fueled by increasing demand for diagnostic imaging.
The Radiation Therapy Shielding Segment is expected to be worth US$ 1.48 billion by 2034, due to rising cancer cases and expanding radiation therapy facilities.
Leading Players Driving Innovation in the Radiation Shielding Market:
MarShield; ETS-Lindgren; Amray Radiation Protection; Globe Composite Solutions LLC; Gaven Industries Inc.; A&L Shielding; Veritas Medical Solutions LLC; AliMed Inc.; Ultraray; Von Gahlen; Biodex; ESCO Technologies Inc; Scanflex Medical AB; IKEN Engineering Co. Ltd.; Gravita India Limited
What is Driving Demand for Radiation Shielding?
A number of driving forces behind the demand of the radiation shielding market are the growing incidence of chronic illnesses and the increased number of diagnostic imaging facilities.
The worldwide prevalence of diseases like cancer, and some forms of injury supports the significance of the radiation shielding market and the advent of new technology is a leading driving force behind major growth in the radiation shielding market.
Other than these, actors' increase in the number of nuclear energy plants like an increase in the utilization of nuclear energy, and increase in the utilization of radiation therapy is regarded as one of the key driving forces for the development of the radiation shielding market.
US and Canada Radiation Shielding Market Outlook:
The US leads the market for radiation shielding in the North American region. The reasons for the high market share of the nation US are related to revenue through growing R&D efforts in the medical devices and biotechnology sector.
Later, North America will experience the highest growth in the forecast period of 2024-2034 due to the availability of erstwhile under-explored market opportunities and increasing spending on hospital infrastructure and supportive government policies. The United States' healthcare system is renowned for its sophisticated framework and expenditure.
The nations hold the largest percentage of diagnosis and treatment uptake among all the other nations making them a prime region for the radiation shielding market.
Browse Full Reports: https://www.factmr.com/report/radiation-shielding-market
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the radiation shielding market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on product type, solution, end user, and region. By product type, the market includes shields, barriers, booths, X-ray rooms, sheet lead, lead bricks, lead curtains, lead lined doors & windows, lead glass, lead lined drywall, lead lined plywood, and high-density concrete blocks.
Based on solution, the market is divided into radiation therapy shielding and diagnostic shielding. The end-user segmentation includes hospitals and diagnostic centers, where radiation shielding is essential for patient and staff safety.
Geographically, the market is categorized into North America, Western Europe, Eastern Europe, Latin America, East Asia, South Asia & Pacific, and the Middle East & Africa, with growth influenced by healthcare advancements, regulatory standards, and increasing demand for radiation protection solutions.
Explore More Related Studies Published by Fact.MR Research:
Diagnostic Imaging Services Market- https://www.factmr.com/report/4752/diagnostic-imaging-services-market
Medical Radiation Shielding Market- https://www.factmr.com/report/medical-radiation-shielding-market
Medical Radiation Detection, Monitoring and Safety Market- https://www.factmr.com/report/medical-radiation-detection-monitoring-and-safety-market
Radiosurgery and Radiotherapy Robots Market- https://www.factmr.com/report/radiosurgery-and-radiotherapy-robots-market
Radiotherapy Devices Market- https://www.factmr.com/report/77/radiotherapy-devices-market
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