The global medical radiation shielding market is on a steady growth trajectory, with an estimated worth of $1.4 billion in 2023. According to recent research, this market is expected to reach a value of $1.8 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 6.5% from 2023 to 2028.
This growth can be attributed to several key factors, including the increasing utilization of nuclear medicine and radiation therapy for both diagnosis and treatment, a rising incidence of cancer cases worldwide, and a growing emphasis on safety in radiation-prone environments.
Download PDF Brochure-https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=124318639
Driving Factors: The Role of Nuclear Medicine and Radiation Therapy
One of the primary drivers of this market's growth is the expanding use of nuclear medicine and radiation therapy in the field of healthcare. These techniques have a wide range of applications in the diagnosis and treatment of various medical conditions, particularly cancer.
According to statistics from the World Nuclear Association, more than 40 million nuclear medicine procedures are conducted annually, with over 10,000 hospitals across the globe employing radioisotopes. In the United States alone, more than 20 million nuclear medicine procedures are carried out each year. Moreover, North America dominates the diagnostic radioisotopes market, accounting for 50% of the market share.
In addition to nuclear medicine, traditional radiography (X-ray) remains a commonly performed imaging test, with nearly 23 million procedures conducted in the UK in 2020. These trends indicate a substantial and consistent demand for radiation-based medical procedures, which in turn drives the need for effective medical radiation shielding products.
Challenges: Lack of Adequate Healthcare Infrastructure
Despite the increasing demand for radiation-based medical procedures, the adoption of medical radiation shielding systems is hampered by the lack of adequate healthcare infrastructure, particularly in underdeveloped and developing countries. Many healthcare institutions in these regions struggle to access and afford medical radiation shielding solutions, limiting the number of radiotherapy procedures they can perform.
For instance, according to the National Association for Proton Therapy, while over 170,000 patients have received proton therapy worldwide, only about 1% of all radiation therapy recipients undergo proton therapy. This discrepancy is largely due to the limited availability of radiotherapy units in these areas. High-income countries typically have one radiotherapy unit available for every 250,000 people.
Opportunities: Rising Healthcare Expenditure in Developing Countries
The medical radiation shielding market is presented with significant opportunities, particularly in emerging economies like China, India, Brazil, and Mexico. These countries are witnessing a surge in healthcare expenditure, improving access to quality healthcare. The rising incidence of cancer in these regions is expected to drive the demand for medical radiation shielding products.
For example, India's public expenditure on healthcare increased from 1.3% of GDP in 2019-20 to 2.1% in 2021-22. China has also raised spending in the healthcare sector, resulting in a 12.6% increase to USD 930 billion. Additionally, the growth of the medical tourism industry in countries like Malaysia and India, offering cost-effective treatments, is driving the adoption of healthcare technologies, including medical radiation shielding products.
Challenges Ahead: The High Cost of Lead
While lead is a crucial raw material for manufacturing radiation safety accessories, it is extensively used in various industries, including fire protection and lead storage batteries. This dual demand for lead has led to an increase in its cost, making it a significant challenge for the medical radiation shielding industry.
As of 2022, lead costs hover around $600-700 USD, which can be a substantial expense when implementing radiation shielding measures. This cost can deter some healthcare facilities, especially smaller ones or those with budget constraints, from investing in comprehensive shielding solutions. Thus, the industry may need to explore alternative raw materials to address this challenge.
Key Players and Market Segmentation
Prominent companies in the medical radiation shielding market include ESCO Technologies Inc., Mirion Technologies Inc., and Nelco Worldwide. The market is segmented by product types, including MRI Shielding Products, Shields, Barriers, Booths, X-ray rooms, and more. Hospitals, clinics, and ambulatory surgery centers dominate the market among end-users.
Regional Outlook
North America is expected to experience the highest Compound Annual Growth Rate (CAGR) in this market, primarily due to the rising incidence of cancer and the increasing use of radiation therapy for diagnosis and treatment. In the United States, cancer-related healthcare expenditures have steadily risen, with patients paying billions out-of-pocket for cancer treatments.
Download PDF Brochure-https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=124318639
In conclusion, the global medical radiation shielding market is on a growth trajectory, driven by the increasing use of radiation-based medical procedures, a rise in healthcare expenditure in emerging economies, and the growing emphasis on safety in radiation-prone environments. Despite challenges like the high cost of lead and limited healthcare infrastructure in some regions, the market is poised for substantial expansion in the coming years.
