The radiation protection market is estimated to be valued at USD 1,293.5 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing demand from healthcare industry drives market growth.
Growing awareness regarding personnel safety also fuels market growth. Rapid rise in usage of medical imaging has boosted the need for effective radiation shielding materials and equipment.
Moreover, stringent regulations regarding radiation safety of workers across industries such as oil & gas are supporting the adoption of radiation protection products.
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Market Trends:
Personal protective equipment is a key trend driving market growth. There is growing focus of manufacturers on development of protective equipment such as protective clothing, aprons, shields. This ensures maximum safety of workers handling radiating equipment or working in areas prone to radiation.
Introduction of advanced materials is another trend gaining traction. Market players are engaged in R&D activities to introduce advanced materials with high radiation blocking capabilities. These materials are durability, flexibility and lightweight.
Radiation Protection Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
US$ 1,293.5 Mn |
|
Estimated Value by 2031 |
US$ 1,792.7 Mn |
|
Growth Rate |
Poised to grow at a CAGR of 4.8% |
|
Historical Data |
2019–2023 |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Product Type, By Solution, By End User |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
Increasing Product Launches by Key Market Players Growth of Nuclear Medicine |
|
Restraints & Challenges |
High Cost of Investment for Radiation Shielding Products Lack of Adequate Healthcare Infrastructure |
Radiation Protection Market Opportunities
The global radiation protection market size is anticipated to reach USD 1,792.7 Bn by 2031. This is due to growing clinical applications of radiation and stringent safety regulations.
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Key Market Takeaways
Increasing product approval for launch of protective shields by key market players drives the shield segment growth. The shields segment accounted for over 35% of the global market share in 2023. Shields provide effective radiation protection for users in diagnostic radiology and nuclear medicine.
Growth in radiation therapy centers boosts demand for radiation therapy shielding solutions. These shielding solutions comprise barrier walls, panels, vaults and mazes to absorb and deflect radiation. They are used during oncology treatments such as radiotherapy.
Rising elderly
population boosts adoption of radiation protection products in hospitals. This
drives sales of protective aprons, thyroid shields and additional radiation
protection equipment in hospitals. The hospitals end user segment held over 40%
market share in 2023. North America is
expected to dominate the radiation protection market. This is due to stringent
governmental radiation safety regulations in the region. Key Players Insights: Marswell Group of
Companies, Mirion
Technologies, Inc., Esco Micro Pte.
Ltd., MAVIG GmbH., Radiaction Ltd, Burlington
Medical, Gaven Industries,
Inc., Nelco, Inc., Marshield, Radiation
Protection Products, Inc., Ultraray, Lemer
Pax, Berthold
Technologies GmbH & Co.KG. Recent
Developments: In April 2022,
Radiaction Medical Ltd. announced a US$ 10 million round of financing
headed by current investors InnovaHealth Partners. The funding will be utilized
to launch Radiaction's Shield System in the United States In February 2023,
SDS Specialist Door Solutions introduced Shieldoor lead-lined x-ray doors
for healthcare facilities. These doors defend against harsh environments in
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