According to the recent report published by Transparency Market Research (TMR) the global medical radiation shielding market
is set to soar a CAGR of 4.8% during the forecast period (2017-2022).
Increasing popularity of diagnostic and treatment procedures that
include radiation therapy has been instrumental in driving the demand
for medical radiation shielding. Over the years, there has been a
significant increase in number of imaging and diagnostic centers partly
owing to increasing occurrence of cancer. In addition, growing
deployment of radiology equipment in hospitals and clinics is leading to
greater requirements of medical radiation shielding. Factors as such
are expected to reflect favourably on the global market for medical
radiation shielding over the next couple years.
Exposure to radiation for long duration
can have adverse effects on health such as skin burn, rashes and in
severe cases may lead to development of cancer or tumor. The growth of
the market is also expected to be influenced by increasing awareness
about potential risks of operating radiation emitting medical equipment.
Professional who work in imaging or diagnostic centers are required to
take all the mandatory precautions to avoid exposure to harmful
radiations. It is important to have sufficient medical radiation
shielding in imaging and diagnostic facilities for protection of medical
staff and people nearby.
On the basis of product type, the blocks
and rooms segment is expected to remain highly lucrative over 2022.
Currently, the segment represents for close to 30% revenue share of the
market and is expected reach a market valuation in excess of US$ 350 Mn
by of the forecast period, expanding at a steady CAGR. This is mainly
due to increasing importance of blocks and rooms for radiation shielding
in hospital and diagnostic centers.
Based on end use, the hospital segment is
expected to retain its top position during the assessment period. In
terms of revenue, the segment currently commands for close to 36% market
share and is estimated to surpass a market valuation of US$ 400 Mn. In
addition, the hospital segment is anticipated to create an absolute $
opportunity of US$ 67.9 Mn between 2017 and 2022. Demand for medical
radiation shielding in diagnostic and oncology centers are also expected
to grow in the foreseeable future.
Based on solution, the diagnostic segment
will continue to outperform the radiation therapy segment in 2017 and
beyond. This segment currently accounts for more than 78% revenue share
of the market is expected to stand at over US$ 900 Mn by 2022-end,
exhibiting a CAGR of 5%.
Among regions, the market in North
America is anticipated to exhibit a steadfast growth during the
projection period. North America’s medical radiation shielding market is
expected reflect an above-average CAGR from 2017 to 2022. Due to
existence of a leading-edge healthcare system, the region boasts
potential growth opportunities for market players. The region is
estimated to account for a significant share of the global market by
2022-end. Meanwhile, the markets in Europe and Asia Pacific excluding
Japan (APEJ) are also expected to register health growth in the near
future.
Competition Tracking
ESCO Technologies Inc., Global Partners
in Shielding, Inc., Ray-Bar Engineering Corp., A&L Shielding, Gaven
Industries, Inc., Radiation Protection Products, Inc., and Veritas
Medical Solutions LLC. are among the top companies operating in the
global market for medical radiation shielding. Manu of these market
participants are concentrating on enhancing the product efficiency and
offer greater shielding from radiation.
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