by The medical radiation shielding market has grown significantly in recent times owing to the rising adoption of radiation equipment across healthcare facilities. Medical radiation shielding finds widespread applications in X-ray rooms, CT scanners, PET scanners and linear accelerators to block or absorb ionizing radiation and protect both patients and medical staff. Critical innovations in medical imaging technologies utilizing ionizing radiation for early disease detection and improved treatment outcomes have also fueled the demand for effective radiation protection measures.
Key players operating in the medical radiation shielding market include 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 medical radiation shielding market is estimated to be valued at US$ 1.22 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 To 2031.
Key Takeaways
Key players: Marswell Group of Companies, Mirion Technologies, Inc., Esco Micro Pte. Ltd., MAVIG GmbH are some of the prominent players in the medical radiation shielding market.
Key opportunities: Growing healthcare infrastructure in Medical Radiation Shielding Market Trends and increasing adoption of nuclear medicine are expected to offer lucrative growth opportunities.
Global expansion: Key market players are focusing on geographical expansion strategies to capitalize on the opportunities across developing nations with improving healthcare landscapes.
Market drivers: The rapid proliferation of diagnostic imaging equipment and rising cancer incidence rates worldwide are fueling the demand for radiation shielding materials in the medical industry. Stringent regulatory norms regarding radiation safety are further augmenting adoption.
PEST Analysis
Political: Medical Radiation Shielding Market regarding radiation safety and protection are becoming more stringent over the years, driving greater adoption of medical radiation shielding products.
Economic: Growth of the healthcare industry and rising healthcare expenditure is fueling investments in modern medical equipment like CT scanners and X-ray machines, thereby driving the need for radiation shielding.
Social: Increasing awareness about the hazards of radiation exposure is pushing the demand for radiation protection solutions across medical facilities to safeguard patients and staff.
Technological: Advancements in Medical Radiation Shielding Market Size And Trends and barrier designs are helping manufacturers develop more effective and lightweight radiation protection products.
Geographical regions with high market concentration
North America and Europe hold the largest shares of the overall market, owing to widespread availability of advanced medical facilities, stringent safety regulations, and presence of leading players. However, Asia Pacific is growing at a rapid pace due to increasing healthcare investments, rising patient population, and growing trend of medical tourism in countries like India and China.
Fastest growing region
Asia Pacific market is poised to experience the highest growth during the forecast period due to rising awareness about radiation safety, improving standards of medical infrastructure, and increasing demand from countries like India, China and Japan. Initiatives by governments to modernize healthcare industry will further boost the adoption of medical radiation shielding solutions in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
About Author - Ravina Pandya
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