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Medical Radiation Shielding Market to witness major growth in coming years

Author : Rahul Sankrityayan | Published Date : 2019-07-22 

Medical radiation shielding size is expected to grow significantly from 2019 to 2025. The medical radiation shielding market is estimated to witness lucrative growth over the coming years owing to the increasing prevalence of cancer across the world. Increasing adoption of unhealthy food habits and physical inactivity have escalated the number of people suffering from various chronic diseases such as cancer. Aforementioned factors coupled with rising usage of nuclear medicine and radiation therapy for diagnosis and therapy of cancer will stimulate the industry growth.

Furthermore, technological advancements have revolutionized medical radiation shielding by offering radiation protection without any physical harm and dose reduction advantages over conventional practices. In addition, prompt installation of radiology equipment and the increasing number of diagnostic imaging centers will drive business growth. Moreover, the growing awareness regarding safety while working in radiation-prone environment and focus of industry players on offering high-tech and affordable solutions will further accelerate medical radiation shielding industry growth. However, the high cost of MRI scanners might hamper business growth during the forecast timeframe.

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The MRI shielding products segment accounted for significant revenue share in 2018 and is estimated to follow similar trends during the forecast period. The rising adoption of MRI shielding products due to reduced MRI noise, improved magnetic safety, and reduced adverse events are the factors that will foster the demand for medical radiation shielding systems. Furthermore, strong focus of industry players on developing advanced technologies in MRI shielding products will spur the business growth.

The diagnostic shielding segment accounted for significant market share in 2017 and is projected to witness robust CAGR during the forecast period owing to the rising number of people suffering from oncological disorders that require diagnosis. Furthermore, technological advancements and increasing adoption rate of medical diagnostic equipment will spur the segmental growth.

The hospitals segment should witness significant growth over the forecast period owing to the increasing prevalence of cancer, leading to raised number of hospital admissions. Also, hospitals covered under the public healthcare system in developed, as well as developing countries, are well-equipped with highly efficient medical radiation shielding systems, spurring the segmental growth during the forecast timeline.

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The North America medical radiation shielding market will grow substantially over the coming years. Major factors driving the North America regional growth include high healthcare expenditure, increased income levels, and high adoption rate of advanced medical radiation shielding equipment. Furthermore, rising awareness regarding radiation safety, the increasing number of diagnostic imaging centers, and prompt installation of radiology equipment in the region will spur the regional growth.

Some of the major industry players operating in the medical radiation shielding industry include ETS-Lindgren, Nelco, Radiation Protection Products, MarShield, Ray-Bar Engineering, Amray, Gaven Industries, A&L Shielding, Global Partners in Shielding, and Veritas Medical Solutions. Industry players are focusing on R&D to develop superior medical radiation shielding devices that are precise and affordable to fulfill the increasing consumer demand. Strategic partnerships, collaboration, and agreements are some of the major strategies adopted by industry players to sustain competition in the market. For instance, in March 2018, ESCO Technologies Inc. acquired assets of Manta Test System Inc. (Manta) that manufactures protective self-contained relay testing systems. This acquisition expanded Doble’s solution portfolio.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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