- The medical radiation shielding market studied is anticipated to witness a CAGR of nearly 4.6%, during the forecast period.
- Certain factors driving the market growth include increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment, rising incidences of chronic diseases including cancer, and growing safety awareness among people working in radiation-prone environments.
- Cancer rates could further increase by 50%, to 15 million new cases by2020, as per the World Cancer Report. It also provides clear evidence that healthy lifestyles and public health action by governments and health practitioners could stem this trend, and prevent as many as one-third of cancers, worldwide.
- According to WHO, almost 70% of deaths from cancer occur in low- and middle-income countries, and only one in five low- and middle-income countries has the necessary data to drive cancer policy. This global and extensive threat of cancer remains a major market driver for new cancer therapies that help in risk assessment, early diagnosis, and effective monitoring of the treatment.
Key Market Trends
Diagnostic Shielding Holds Significant Share in the Global Medical Radiation Shielding Market
Diagnostic x-ray and other radiation procedures frequently require medical personnel to remain in the exam room where they are subjected to scatter radiation. Furthermore, frequent exposure to radiation leads to many side effects.
Sometimes, lead aprons offer valuable protection from radiation exposure but there are times that a mobile lead radiation barrier is required to provide a full-body shielding barrier. Furthermore, the growing burden of chronic diseases and awareness on early diagnosis and treatment likely to increase the diagnosis rate and further usage of the diagnostic radiation shields.
On the other hand, there has been increasing concerns about the usage of the lead shielding aprons in diagnostic imaging and can impair the quality of diagnostic tests and at times may increase a patient’s radiation exposure. However, advancements in the product technologies likely to drive the market growth for diagnostic shields over the period.
North America Dominates the Medical Radiation Shielding Market
In the North American region, the United States accounted for the largest market share. In 2016, the AMIPA (American Medical Isotope Production Act) and the DOE/NNSA (Department of Energy) established a Uranium Lease and Take-Back (ULTB) program in the United States. Under this program, the DOE/NNSA makes LEU (Low Enriched Uranium) available through lease contracts for the irradiation and production of Mo99 for medical uses. The AMIPA not only promotes the domestic production of Mo-99, but it also aims to replace the role of HEU (High Enriched Uranium) in the production of medical radioactive isotopes.
Furthermore, Canada is a long-standing leader in the field of nuclear imaging. The technology is found to be used by the researchers in applications of cardiology, oncology, and neurology, as well as musculoskeletal imaging, ophthalmology, dermatology, and dentistry. Canada is one of the largest producers of Technetium-99m. With the use of Tc-99m in radiopharmaceuticals, the market is expected to grow at a tremendous rate in Canada. It is also combined with a variety of biologically active molecules to perform non-invasive, real-time imaging of the human body.
In Mexico, there has been an increasing awareness among people about nuclear medicine treatment and diagnosis, which, in turn, has increased the need for radiation shielding. This is expected to trigger the growth of the market.
The medical radiation shielding market is competitive and consists of a few major players. Companies like A&L Shielding, Amray Medical, ESCO technologies, Gaven Industries, Inc., Global Partners in Shielding Inc., MarShield, Nelco Inc., Radiation Protection Products Inc., Ray-Bar Engineering Corp., and Veritas Medical Solutions LLC, among others, hold the substantial market share in the market.
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Table of Contents
1.2 Study Assumptions
1.3 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing Usage of Nuclear Medicine and Radiation Therapy for Diagnosis and Treatment
4.2.2 Rising Burden of Chronic Diseases
4.2.3 Growing Safety Awareness Among People Working in Radiation-prone Environments
4.3 Market Restraints
4.3.1 Lack of Awareness Among Healthcare Professionals
4.3.2 High Cost of Radiation Shielding
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 Radiation Therapy Shielding
5.1.2 Diagnostic Shielding
5.2 By Product
5.2.1 Building/Construction Materials
5.2.2 Other Products
5.3 By End User
5.3.1 Hospitals and Diagnostic Centers
5.3.2 Research Institutes
5.3.3 Other End Users
5.4.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
5.4.5 South America
188.8.131.52 Rest of South America
6.1.1 A&L Shielding
6.1.2 Amray Medical
6.1.3 ESCO Technologies Inc
6.1.4 Gaven Industries Inc.
6.1.5 Global Partners in Shielding Inc.
6.1.7 Nelco Inc.
6.1.8 Radiation Protection Products Inc.
6.1.9 Ray-Bar Engineering Corp.
6.1.10 Veritas Medical Solutions LLC