The Medical Radiation Shielding Market involves specialized materials that are designed to absorbs or redirect radiation like x-rays, gamma rays, and other types of electromagnetic radiation. Medical radiation shielding is important for safety of patients and medical staff from harmful effects of ionizing radiation. Lead sheet and concrete are commonly used shielding materials that protect from x-rays during diagnostic imaging processes like CT scans, mammography, fluoroscopy etc.
The Global medical radiation shielding market is estimated to be valued at USD 1.22 Bn in 2024 and is expected to reach USD 1.70 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.8% from 2024 to 2031.
Key Takeaways
ating in the Medical Radiation Shielding are Marswell Group of Companies, Mirion Technologies, Inc., Esco Micro Pte. Ltd., MAVIG GmbH., Burlington Medical, Gaven Industries, Inc., Nelco, Inc., Marshield, Radiation Protection Products, Inc., Ultraray, Lemer Pax, Berthold Technologies GmbH & Co.KG, SDS Specialist Door Solutions, Scanflex Medical AB, Veritas Medical Solutions LLC, Amray Radiation Protection, ProTechMed.
The growing demand for diagnostic imaging procedures owing to rise in incidence of chronic diseases is fueling the demand for medical radiation shielding. According to World Health Organization (WHO), chronic diseases accounted for over 70% of all deaths worldwide in 2020.
Major Medical Radiation Shielding Market Demand players are focusing on expansion in emerging economies of Asia Pacific and Latin America to tap the large untapped opportunities. Favorable reimbursement policies and increasing healthcare spending in developing nations is encouraging wider adoption of advanced medical technologies.
Market Key Trends
Use of advanced materials like tungsten and bismuth for radiation shielding is gaining popularity due to their effectiveness in absorbing radiation. As compared to traditional lead materials, tungsten offers 40% more radiation protection and is lighter in weight. Bismuth is used as an eco-friendly alternative to lead for its non-toxic properties. Innovation in material science is expanding choice of medical radiation shielding solutions.
Porter's Analysis
Threat of new entrants: New players may face barrier to entry in terms of high costs of production and establishment of brand and distribution channels in a competitive market.
Bargaining power of buyers: Individual buyers have low bargaining power as compared to bulk buyers like hospitals and healthcare centers due to large purchase quantities and requirement.
Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials required are special technical Medical Radiation Shielding Market Size And Trends materials and there are few suppliers that can provide materials of required standards.
Threat of new substitutes: Threat of substitution is low as radiation shielding solutions serve a special purpose of protection against harmful radiation and have no close substitutes.
Competitive rivalry: Market has large number of players from local to multinational level supplying customized and patented products leading to high competition on pricing and product innovation.
Geographical Regions
North America region currently holds the largest market share for medical radiation shielding in terms of value due to high healthcare spending and stringent regulations. Asia Pacific is emerging as the fastest growing region supported by growing healthcare infrastructure, increasing medical tourism and initiatives for modernizing healthcare facilities across developing nations. Europe follows North America as another major regional market due to large number of radiological diagnostic procedures and hospitals.
Asia Pacific excluding Japan (APEJ) region is projected to witness the highest growth rate during the forecast period owing to rapidly improving healthcare access, large patient population base and rising per capita expenditure on healthcare. South Asian countries especially India and China along with Southeast Asian countries will drive most of the future demand.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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