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Rising Medical Imaging Procedures Fuel Growth In The Market: Key Factor Driving The Growth In The Radiation Shielding Material Market
Radiation Shielding Material
What Is the Expected Radiation Shielding Material Market Size During the Forecast Period?
There has been robust growth in the radiation shielding material market in the latest years. It's projected that the market will expand from $0.67 billion in 2024 to $0.72 billion in 2025, representing a compound annual growth rate (CAGR) of 6.8%. This growth during the historical period is due to factors such as the rising utilization of ionizing radiation in medical imaging, surging demand for radiotherapy procedures, increased cancer cases, growing consciousness about radiation safety, and escalated healthcare spending.
The market size of radiation shielding materials is predicted to undergo significant expansion in the upcoming years, reaching $0.93 billion by 2029 with a compound annual growth rate (CAGR) of 6.5%. This robust growth during the forecast period can be linked to factors such as the rising demand for nuclear medicine, an increase in diagnostic imaging procedures, growing instances of illnesses that necessitate radiation therapy, preference towards medical imaging, and an increase in healthcare infrastructure investments. The forecast period will also witness trends such as new diagnostic and therapeutic technologies, advances in medical and material science, the incorporation of nanotechnology, and the use of advanced composites for lightweight applications.
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What Are the High-Growth Segments in the Radiation Shielding Material Market?
The radiation shielding material market covered in this report is segmented -
1) By Type: Electromagnetic Radiation, Particle Radiation
2) By Material: Lead Shielding, Lead Composite Shielding, Non-Lead And Lead Free Shielding
3) By Form: Sheets, Blocks, Bricks, Panels, Castings
4) By Application: Diagnostic X-Ray Room Shielding, CT Scanner Shielding Facility, MRI Room Shielding, Nuclear Medicine Imagingshielding, Radiotherapy Shielding, Radiation Protection Safety Aprons And Apparel And Equipments
5) By End User: Healthcare, Manufacturing, Construction, Energy, Research
Subsegments:
1) By Electromagnetic Radiation: X-Rays, Gamma Rays, Ultraviolet (UV) Radiation, Microwaves, Radiofrequency (RF) Radiation
2) By Particle Radiation: Neutron Radiation, Alpha Particles, Beta Particles, Heavy Ions
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What Key Drivers Are Expected to Influence Future Radiation Shielding Material Market Growth?
Rising medical imaging procedures contribute to the expansion of the radiation shielding material market. Diagnostic techniques employing various technologies such as X-rays, MRI, or ultrasound are used in medical imaging procedures to allow for internal body visualization for health condition detection and monitoring. The surge in medical imaging procedures is due to technological advancements in imaging, an escalating frequency of chronic diseases, heightened awareness and accessibility, and regulatory backing for cutting-edge healthcare technologies. Radiation shielding substances like lead or lead-free alloys are utilized in medical imaging to protect patients and medical practitioners against harmful radiation, all while ensuring high-quality imaging. For example, by the National Health Service's report, a government department based in the UK, in November 2023, there were 45.0 million imaging tests recorded in England in the year ending in March 2023, showing a 2.2% rise from 44.0 million the previous year. Hence, the growth in medical imaging procedures is propelling the radiation shielding material market.
Which Companies Hold the Largest Share Across Different Radiation Shielding Material Market Segments?
Major companies operating in the radiation shielding material market are General Electric Healthcare, L3Harris Technologies Inc., ESCO Technologies Inc., Mirion Technologies Inc., Ultraray Group Inc., ETS-Lindgren Inc., Berthold Technologies GmbH And Co.KG, Nelco Worldwide, Wardray Premise Ltd., Dynalab Corp., Techno-Aide Inc., Alimed Inc., Universal Shielding Corporation, MarShield Radiation Protection Services Inc, Veritas Medical Solutions, Plastic Design Inc, Tungsten Heavy Powder And Parts Inc., Amray Medical Limited, Ray-Bar Engineering Corporation, A And L Shielding Inc, MWT Materials Inc., Nuclear Lead Co. Inc, Protech Medical Inc, Radiation Shielding Technologies Inc., XrayCurtains.com
What Trends Are Driving Growth in The Acute Hospital Care Market?
Key players in the radiation shielding material market are concentrating their efforts on producing innovative goods like polymer tungsten for radiation shielding, in order to provide better radiation safety along with a reduction in weight and improvement in durability for multiple industrial usage. The term 'polymer tungsten for radiation shielding' pertains to a composite material created by blending tungsten with a polymer matrix, serving as an effective, lightweight substitute to traditional lead-based shielding. To illustrate, Stanford Advanced Materials (SAM), an American manufacturing firm, in November 2024, introduced an inventive radiation shielding material called Polymer Tungsten. This product marries tungsten powder with polymer resins. The newly introduced product supplies a flexible and eco-friendly alternative to conventional lead-based shielding, known for its harmful health impacts due to its toxicity. Polymer tungsten upholds high radiation resistance but is also easier to mold and handle, making it ideal for utilization in medical equipment such as X-ray apparatus and CT scanners.
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What Are the Emerging Geographies for The Radiation Shielding Material Market Growth?
North America was the largest region in the radiation shielding material market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the radiation shielding material market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Radiation Shielding Material Market?
2. What is the CAGR expected in the Radiation Shielding Material Market?
3. What Are the Key Innovations Transforming the Radiation Shielding Material Industry?
4. Which Region Is Leading the Radiation Shielding Material Market?
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