PUBLISHER: Orion Market Research | PRODUCT CODE: 1123240
PUBLISHER: Orion Market Research | PRODUCT CODE: 1123240
Global Medical Radiation shielding Market Size, Share & Trends Analysis Report by Solution (Radiation Therapy Shielding, Diagnostic Shielding) by End-User (Hospitals, Diagnostics Centers, Other), Forecast 2021-2027
The global medical radiation shielding market is growing at a significant CAGR of 6.5% during the forecast period. The key factors that drive the market growth include, increasing uses of nuclear medicine, and radiation therapy for treatment and diagnosis. The increasing prevalence of chronic disease and increasing safety awareness among people working in radiation-prone environments are further assisting in the growth of the market. Medical radiation shielding also used for radiologic applications including X-ray, and MRI, and other diagnostic imaging applications. The increasing number of hospitals and installation base equipment and the rising number of diagnostic imaging centers drive the growth of the global radiation shielding market. Medical radiation shielding is developed from environmental-friendly materials based on the requirement for radiation protection.
The rising effort on building innovative healthcare infrastructures and increasing access to modern medical technology. The rise of new technology such as 7T MRI equipment, 4D and 5D ultrasound imaging, and, high-slice CT scanners. The major vendors in the global medical radiation market are launching next-generation medical imaging devices that help in avoidance, diagnosis, and treatment planning, and disease management. The launch of such devices will help the vendors in the global medical shielding market to occupy a large market share.
Moreover, since the beginning of COVID-19, the requirement for medical radiation shielding has increased. The reason for the spear in the radiographer's proficiency has to do with the nature of the coronavirus, which frequently causes pneumonia. When the sides of the lungs seem white on chest X-rays, the case often includes either pneumonia or a coronavirus infection. This means that radiography is needed to more precisely diagnose those who are infected with the virus but show no symptoms, or to observe progress in coronavirus patients suffering from pneumonia.
The global medical radiation shielding market has witnessed substantial growth due to rising investment in technologically advanced radiation shielding products. For instance, Israeli company Radiation, which has industrialized a system that protects doctors performing catheterization and other surgical procedures under conditions of prolonged exposure to radiation, has raised $18 million for R&D of new radiation shielding technology during the financing round led by US private equity fund InnovaHealth Partners.
Segmental Outlook
The global medical radiation shielding market is segmented based on solutions and end-user. Based on solution type, the market is segmented into radiation therapy shielding and diagnostic shielding. The diagnostic shielding segment is projected for significant market share in the given forecast period owing to the growing number of people suffering from oncological disorders that require a diagnosis. Furthermore, technological advancements and increasing the adoption rate of medical diagnostic equipment will spur segmental growth. Cancer rates could further surge by 50%, to 15 million new cases by 2020, as per the World Cancer Report. It also delivers a clear indication that healthy lifestyles and public health action by governments and health specialists could stem this trend, and prevent as many as one-third of cancers, worldwide. Further based on end-user, the market is sub-segmented into hospitals, diagnostic centers, and others.
Global Medical Radiation Shielding Market Share by Solution, 2020 (%)
Global Medical Radiation Shielding Market Share by Solution
Regional Outlook
The global medical radiation shielding market is analyzed based on the geographical regions that are contributing significantly to the growth of the market. The market report covers the analysis of four major regions including North America (the US and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific) and Rest of the World (RoW).
North America has the highest market share in the global medical radiation shielding market in terms of revenue as compared to other regions due to the high adoption rate of advanced medical radiation shielding equipment, increase in government initiatives for the enhancement of healthcare facilities in the region, presence of well-developed pharmaceutical industry, the growing number of diagnostic imaging centers, a growing number of research activities, and rapid installation of radiology equipment in the region.
Europe is projected to contribute a considerable revenue share in the global medical radiation shielding market, and the Asia-Pacific is expected to have the fastest growth in terms of revenue, due to the increase in the number of patients having chronic diseases, the prevalence of cancer, and an increase in government inventiveness for the enhancement of healthcare facilities in the region.
Global Medical Radiation Shielding Market Growth by Region, 2020-2027
Global Medical Radiation Shielding Market Share by region
Market Players Outlook
Further, the report covers the analysis of various players operating in the global medical radiation shielding market. Some of the major players covered in the report include ETS-Lindgren, Nelco, Inc., Radiation Protection Products, MarShield, Ray-Bar Engineering Corp, Amray, Gaven Industries, Inc. To persist in the market, these players adopt different marketing strategies such as a merger & acquisitions, product launches, and geographical expansion. For instance, in 2021, the Henry Ford Health System a non-profit health care organization selected SSOE Group to provide architectural and engineering services for the installation of a new ViewRay MRIdian LINAC / MRI system, the technology installed by the SSOE is one of the first FDA-approved commercially available LINAC-based, MRI-guided radiation therapy system that can image and treat patients simultaneously. It allows the client to be treated more accurately and, in less time,- offering an optimal patient experience.
The Report Covers
Market value data analysis of 2020 and forecast to 2027.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global medical radiation shielding market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where in the market
1 GLOBAL MEDICAL RADIATION SHIELDING MARKET RESEARCH AND ANALYSIS BY SOLUTION, 2020-2027 ($ MILLION)
2 GLOBAL RADIATION THERAPY SHIELDING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
3 GLOBAL DIAGNOSTIC SHIELDING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
4 GLOBAL MEDICAL RADIATION SHIELDING MARKET RESEARCH AND ANALYSIS, BY END-USER
TYPE 2020-2027 ($ MILLION)
5 GLOBAL HOSPITALS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
6 GLOBAL DIAGNOSTICS CENTERS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
7 GLOBAL OTHER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
8 NORTH AMERICAN MEDICAL RADIATION SHIELDING MARKET RESEARCH AND ANALYSIS BY SOLUTION, 2020-2027 ($MILLION)
9 NORTH AMERICAN MEDICAL RADIATION SHIELDING MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($MILLION)
10 NORTH AMERICAN MEDICAL RADIATION SHIELDING MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($MILLION)
11 EUROPEAN MEDICAL RADIATION SHIELDING MARKET RESEARCH AND ANALYSIS BY SOLUTION, 2020-2027 ($MILLION)
12 EUROPEAN MEDICAL RADIATION SHIELDING MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($MILLION)
13 EUROPEAN MEDICAL RADIATION SHIELDING MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($MILLION)
14 ASIA-PACIFIC MEDICAL RADIATION SHIELDING MARKET RESEARCH AND ANALYSIS BY SOLUTION, 2020-2027 ($MILLION)
15 ASIA-PACIFIC MEDICAL RADIATION SHIELDING MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($MILLION)
16 ASIA-PACIFIC MEDICAL RADIATION SHIELDING MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($MILLION)
17 REST OF THE WORLD MEDICAL RADIATION SHIELDING MARKET RESEARCH AND ANALYSIS BY SOLUTION, 2020-2027 ($MILLION)
18 REST OF THE WORLD MEDICAL RADIATION SHIELDING MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($MILLION)