Rockville, Feb. 28, 2023 (GLOBE NEWSWIRE) -- As per the latest study by Fact.MR, a market research and competitive intelligence provider, the global medical radiation shielding market is currently valued at US$ 1.3 billion.
According to the International Atomic Energy Agency, radiation shielding or radiation protection is the practice of protecting individuals from the potential harm that comes from being exposed to hazardous levels of ionizing radiation. For simplicity, most radiation shielding only applies to the protection of people, since most ionizing radiation technologies include human contact.
There is a very high probability that people will develop radiation sickness as a result of the expanding range of medical applications for ionizing radiation. It has the potential to irreversibly harm human tissues by having an impact on them at the microscopic level. Radiation sickness, skin burns, and a higher risk of developing cancer are some of the more prevalent effects of ionizing radiation exposure.
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In recent years, there has been a noticeable increase in the demand for medical radiation shielding systems as a result of 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.
As a result, the need for cutting-edge cancer treatment is anticipated to stay strong during the forecast period, which will fuel the need for medical radiation shielding as well. The market will benefit from the expanding usage of nuclear medicine and radiation therapy for precise cancer detection and treatment, in addition to the rising incidence of cancer, which will continue to be the key driving factor.
Key Takeaways from Market Study
- Global sales of medical radiation shielding systems are anticipated to expand at a CAGR of 5%.
- By 2027, the medical radiation shielding market is expected to attain a valuation of US$ 1.7 billion.
- Global sales of MRI shielding products are predicted to rise at a CAGR of 6% and reach US$ 508 million by 2027.
- The market in China is forecasted to reach US$ 289 million by 2027.
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Competitive Landscape
New product introductions, mergers & acquisitions, and joint ventures are just a few of the industry participants' initiatives that are anticipated to boost overall market growth.
- For instance, in February 2022, Mazowiecki Hospital's Interventional Cardiology division in Ostroleka, Poland, and Radiaction Medical Ltd. established new cooperation. The hospital now has the first system built in Europe to protect interventional cardiologists and nursing personnel from the potentially lethal effects of X-ray radioactive contamination due to the company's cutting-edge completely automated shielding technology.
- Radiaction Medical Ltd. received 510(K) authorization from the Food and Drug Administration in April 2022 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.
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
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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).
Key Questions Covered in the Medical Radiation Shielding Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will sales in the global Medical Radiation Shielding Market grow until 2027?
- Which are the factors hampering the Medical Radiation Shielding market?
- Which region will spearhead the growth in the global industry by 2027?
- Which are the factors driving sales in the Medical Radiation Shielding Market during the forecast period?
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