Radiation Shielding Material Market worth $980 million by 2028
Radiation Shielding Material Market in terms of revenue was estimated to be worth $714 million in 2023 and is poised to reach $980 million by 2028, growing at a CAGR of 6.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growth in the Medical Radiation Shielding market is mainly driven by the growing usage of nuclear medicine and radiation therapy for diagnosis and treatment and Increasing use of particle therapy for cancer treatment expected to offer growth opportunities for players operating in the Medical Radiation Shielding market during the forecast period. However, the Lack of adequate healthcare infrastructure, Dearth of Skilled Oncologist/Radiologist and No mandate for using lead aprons during dental x-ray procedures in the US are restricting the growth of this market.
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Electromagnetic Radiation segment is expected to account for the largest share in 2022.
The Radiation Shielding Material market, by product, has been segmented into Electromagnetic Radiation and Particle Radiation. Electromagnetic radiation will drive the growth of the market electromagnetic shielding refers to the use of shielding materials to block or attenuate the shielding area and the outside world of electromagnetic energy transmission. Also X-ray and gamma rays are forms of electromagnetic radiation that occur with higher energy levels than those displayed by ultraviolet or visible light. Thick, dense shielding, such as lead, is necessary to protect against the energy emitted from x-rays as Shielding and x-ray room design is a very important consideration for any healthcare facility that performs diagnostic and interventional radiology.
The Lead Shielding segment held the largest market share in the material market.
By Material, the global Radiation Shielding Material market is broadly segmented into Lead Shielding, Lead Composite Shielding and Non-Lead and Lead Free Shielding. Lead Shielding is expected to grow highest in the upcoming years. The Increasing safety awareness among people working in radiation radiation-prone environment will drive the demand for the radiation safety which will require radiation shielding product made of lead shielding material.
North America dominates the global Radiation Shielding Material market.
Based on the region, the Radiation Shielding Material market is segmented into North America, Europe, Asia Pacific and Rest of the world. The North American market is driven by the growing focus on growing government and private investments to meet the increasing demand for cancer treatment and Development of number of PET/CT scans technology.
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Radiation Shielding Material Market Dynamics:
Drivers:
1. Increasing use of particle therapy for cancer treatment
Restraints:
1. Dearth of skilled oncologist/radiologist
Opportunities:
1. Raising demand for cancer treatment Increasing private investments in cancer research
Challenge:
1. High cost of lead in manufacturing radiation accessories
Key Market Players:
The Key players in the Medical Radiation Shielding market are ETS-LINDGREN (An Esco Technologies Company) (US), Nelco worldwide (US), Infab Corporation (US), Burlington Medical (US), MarShield (Canada), Ray-Bar Engineering Corp (US), Mars Metal Company (Canada), Radiation Protection Products (US), Nuclear Lead Co (US), Ultraray (Canada), Veritas Medical Solutions, LLC (US), Global Partners in Shielding, Inc (US), Nuclear Shields (Netherlands), A&L Shielding (US), Amray Medical (Ireland), Protech Medical (US), Lemer Pax (France), Pilot Industries Limited (India), Mayco Industries (US), Nuclear Shielding Supplies & Service (US), Canada Metal North America Ltd. (Canada), Lead Shielding (US), Wardray Premise (UK), Calder Healthcare (UK) and Gravita India Ltd. (India).
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