Medical Radiation Shielding Market Size, Share & Trends

Updated on : September 24, 2024

Overview of the Medical Radiation Shielding Market

The global medical radiation shielding market, valued at US$1.3 billion in 2022, is forecasted to grow at a robust CAGR of 6.5%, reaching US$1.4 billion in 2023 and an impressive US$1.8 billion by 2028. The comprehensive research encompasses an exhaustive examination of industry trends, meticulous pricing analysis, patent scrutiny, insights derived from conferences and webinars, identification of key stakeholders, and a nuanced understanding of market purchasing dynamics.

The Increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment, Growing incidences of cancer, and Increasing safety awareness among people working in radiation-prone environments.

Medical Radiation Shielding Market Trends

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Medical Radiation Shielding Dynamics

DRIVER: Increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment

Nuclear medicine & radiotherapy have a wide range of applications in cancer treatment; thus, the increasing prevalence of the disease will favor the radiation detection, monitoring, and safety market. According to GLOBOCAN, the number of cancer cases will rise to ~30 million by 2040 from 19.3 million in 2020. More than 60% of new cancer cases occur in Africa, Asia, and Central & South America; 70% of global cancer deaths also occur in these regions. According to the World Nuclear Association, more than 40 million nuclear medicine procedures are performed every year, and the demand for radioisotopes has increased by 5% annually (data as of May 2020). Nearly 10,000 hospitals across the globe use radioisotopes. In the US, more than 20 million nuclear medicine procedures are performed yearly. In April 2022, According to the World Nuclear Association, North America dominated the diagnostic radioisotopes market and accounted for 50% of the market share, and Europe accounted for 20%.

According to NHS England 2020, Radiography (X-ray) was the most common imaging test performed, with 22.9 million procedures, followed by diagnostic ultrasonography (9.51 million procedures), computerized axial tomography (5.15 million procedures), and MRI (3.46 million procedures). The increasing use of radiation therapy is expected to drive the adoption of medical radiation shielding products market.

RESTRAINT: Lack of adequate healthcare infrastructure

Radiotherapy devices are larger in size and require ample space for installation. One of the major factors restraining the adoption of medical radiation shielding systems is the lack of adequate healthcare infrastructure due to limited healthcare expenditure. In underdeveloped and developing countries very few healthcare institutions are able to utilize the medical radiation shielding solutions for cancer treatment. This, in turn, limits the number of radiotherapy procedures despite their high demand. According to the National Association for Proton Therapy, over 170,000 patients have received proton therapy worldwide, with over 75,000 in the US. By 2030, it is estimated that between 300,000 and 600,000 patients will have received proton therapy treatment. Although clinical experience with proton therapy is increasing now, only approximately 1% of all radiation therapy recipients receive proton therapy, and prospective randomized studies involving large sample populations remain very limited. Most high-income countries have at least one radiotherapy unit available for every 250,000 people. This, on average, would mean four radiotherapy machines per million population.

OPPORTUNITY: Rising healthcare expenditure across developing countries

The increasing healthcare expenditure in several emerging countries, such as China, India, Brazil, and Mexico, will improve access to quality healthcare in these countries. The rising incidence of cancer in these countries will drive the demand for medical radiation shielding products.

The increase in per-capita healthcare expenditure and the raising public demand for cost effective healthcare services can boost the demand of the healthcare products like  oncology devices across the developing countries. The overall increase in healthcare expenditure can evidence this. For example, in the Economic Survey of 2022, India’s public expenditure on healthcare stood at 2.1% of GDP in 2021-22 against 1.8% in 2020-21 and 1.3% in 2019-20 (Source: IBEF). Whereas, in China, healthcare expenditure has increased by 12.6% to USD 930 billion as the government has raised spending in the healthcare sector. (Source: Healthcare Asia).

In addition, the developing medical tourism industry in emerging economies and competitive surgical procedure costs offered by prominent healthcare facilities are also increasing the adoption of healthcare technologies in these markets, including oncology. Healthcare treatments cost 65% to 80% less in Malaysia than in the US (Source: Medical Tourism Malaysia). Malaysia’s medical tourism has been growing between 16% and 17% year-on-year over the last five years, outperforming the global industry’s average growth of between 10% and 12%. India is another key hub for medical tourism. Due to the low-cost treatments available in India, the country ranks number 7 among the 20 wellness tourism markets, with over 56 million trips made to India for medical value tourism generating USD 16.3 billion in revenue. It also ranks number 3 in wellness-focused countries in the Asia Pacific.

The large target patient population, untapped opportunities, and low competition in developing economies such as China, India, and Brazil are expected to offer significant growth opportunities for players operating in the market.

CHALLENGE: High cost of lead in manufacturing radiation accessories

Lead is the most important raw material required to manufacture radiation safety accessories such as gloves, aprons, and eyewear. However, it is extensively used for other purposes, such as fire protection and manufacturing lead storage batteries.

The cost of implementing radiation shielding measures can be a significant restraint. Radiation shielding materials, construction modifications, and specialized equipment can be expensive, especially for smaller healthcare facilities or those with budget constraints. The upfront costs associated with radiation shielding products may deter some facilities from investing in comprehensive shielding solutions.

Due to its increasing use in other industries, its cost is projected to increase soon. This brings up the need to develop novel raw materials. As of now, in 2022, lead costs anywhere around 600-700 USD.

Hence, the increasing cost of lead will challenge the medical radiation shielding industry during the forecast period.

Medical Radiation Shielding Market Ecosystem

Prominent companies in this market include well-established manufacturers of market and offer a wide range of products. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include ESCO Technologies, Mirion Technology, and Nelco Worldwide.

In 2022, MRI Shielding Products segment to observe highest growth rate of the medical radiation shielding industry, by type.

Based on the products, the medical radiation shielding market is categorized into MRI Shielding Products, Shields, Barriers, Booths, X-ray rooms, Lead Sheets, Lead Bricks, Lead Curtains, and Screens, Lead Lined Glass, Doors & Windows, Lead Lined Drywalls and Plywood, High Density Concrete Blocks and Lead Acrylic. MRI Shielding Products are expected to grow fastest due to the increasing number of diagnostic imaging centers and installation base of radiology equipment and an increasing number of trained radiologic technologists. For instance, In Europe, Germany has the highest number of MRI units. In 2021, the country had the third-highest number of MRI units per million inhabitants after Japan and the US (Source: OECD 2022). According to Statista 2022, there are 35 MRI units per million population as of 2020. A large number of diagnostic imaging centers, coupled with the rising volume of examinations and strong healthcare system in terms of infrastructure, hospital beds, and trained staff, are likely to support the growth of the radiation detection, monitoring, and safety market in Germany.

In 2022, Hospitals, Clinics, and Ambulatory Surgery Centers segment to dominate the medical radiation shielding industry, by the end user.

Based on end users, the medical radiation shielding market is segmented into Hospitals, Clinics, Ambulatory Surgery Centers, and Diagnostic centers. Hospitals, Clinics, and Ambulatory Surgery Centers dominate the market due to the increasing number of cancer populations, which will increase the demand for the rising number of hospitals and diagnostic centers. Therefore, Hospitals are the largest end-users owing to the rising number of cancer patients, an increasing number of internal radiation therapy procedures, and the growing adoption of nuclear medicine, radiotherapy, and diagnostics procedures.

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The global Medical Radiation Shielding market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is expected to rise at the highest CAGR due to the rising incidence of cancer and the use of radiation therapy for diagnosis and treatment. For Instance, National expenditures associated with cancer have been steadily increasing in the US. According to a report published by ACS (in October 2020), cancer patients in the US paid USD 5.6 billion out-of-pocket for cancer treatments, including surgical procedures, radiation treatments, and chemotherapy drugs, in 2018. Approximately USD 183 billion was spent in the US on cancer-related healthcare in 2015, and this figure is projected to grow to USD 222.2 billion by 2025 and USD 246 billion by 2030.

The Medical Radiation Shielding market is dominated by players such ESCO Technologies Inc. (US), Mirion Technologies Inc. (US), and Nelco  Worldwide (US).

Scope of the Medical Radiation Shielding Industry

This research report categorizes the medical radiation shielding market to forecast revenue and analyze trends in each of the following submarkets:

Recent Developments of Medical Radiation Shielding Industry

• In September 2022, ESCO Technologies partnered with IMRIS, Deerfield Imaging, on a state-of-the-art MRI facility at Boston Children’s Hospital located in Boston, Massachusetts.  The newly opened Hale Family building will provide diagnostic and treatment capabilities using IMRIS’ unique on-demand intraoperative MRI (iMRI) during surgery.
• In January 2021, Mirion Technologies acquired Sun Nuclear Corporation to strengthen its position in the market.
• In  September 2020, Mirion acquired Biodex Medical Systems, a leader in the medical industry that offers nuclear medicine instruments, medical imaging equipment, and rehabilitation systems.

Frequently Asked Questions (FAQ):

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