Growing use of radiation therapy and nuclear medicine for treatment and diagnosis purposes is expected to support the global sales of medical radiation shielding in the forthcoming years. As per the latest report published by Transparency Market Research (TMR), the global medical radiation shielding market is expected to surpass a valuation of US$ 1,100 Mn by the end of 2022.
The number of diagnostic imaging centers has swelled significantly in recent years due to increasing prevalence of chronic diseases including cancer. This is partly driving the demand for medical radiation shielding. With rapid installation of radiology equipment, requirements of supporting accessories such as radiation shielding tools and other related setups have also escalated. Prolonged exposure to large amount of ionizing radiation can lead to devastating health impacts such as tumor development, cancer or other severe side-effects.
Therefore, the need for protecting oneself from hazardous radiations while working under such conditions is extremely vital. Moreover, growing awareness regarding safety while handling radio-active equipment is expected to reflect favourably on the market. Professionals who work in diagnostics centers having equipment that emit radiation are often at risk of being exposed to high amount of radiation. For diagnostics centers having proper radiation shielding is important in order to ensure safety of its medical staff.
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Block and Rooms will remain a Leading Product Type Segment Over 2022
Block and rooms will remain highly preferred medical radiation shielding products over the forecast period (2017-2022). Blocks and rooms are among the most important aspects of medical radiation shielding, hence their demand is expected to remain strong in the near future. Global sales of blocks and rooms medical radiation shielding products currently command for around 30% share of the global market in terms of revenue.
Hospitals will Remain the largest End Users of Medical Radiation Shielding Over 2022
Use of medical radiation shielding in hospitals is expected to remain high throughout the forecast period. Over US$ 400 Mn worth medical radiation shielding products are expected to be deployed in hospitals towards the end of 2022. Hospitals are making a significant contribution to the growth of the market. Increasing awareness about ill-effects of medical radiation is expected to boost the deployments of medical radiation shielding in hospitals.
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Sales of Medical Radiation Shielding for Diagnostic Solution will remain Strong
Demand for medical radiation shielding for diagnostic solution is expected to remain significantly high in 2017 and beyond. Currently, more than two-third of medical radiation shielding product sold globally are deployed for diagnostics solution.
North America will continue to be the Most Attractive Market for Medical Radiation Shielding
In terms of revenue, North America is expected to dominate the global medical radiation shielding during the forecast period. The market in the region is projected to surges at a sound CAGR between 2017 and 2022. The region is likely to present lucrative opportunities owing to existence of an advanced healthcare infrastructure. By 2022-end the market in North America is expected to surpass a valuation of US$ 400 Mn. Meanwhile, Europe’s market is also expected to exhibit considerable growth on account of the growing healthcare expenditure and technological advancements in the regions healthcare infrastructure.
Global Medical Radiation Shielding: Competitive Landscape
Leading market players profiled in TMR’s report include A&L Shielding, ESCO Technologies Inc., Gaven Industries, Inc., Global Partners in Shielding, Inc., Radiation Protection Products, Inc., Ray-Bar Engineering Corp., and Veritas Medical Solutions LLC. A majority of these companies have been actively focusing on improving the efficiency of their products and ensure complete safety from radiation.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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