Radiation Shielding Material Market: Growth, Size, Share, and Trends

Market Growth Outlook Summary

The global radiation shielding material market, valued at US$671 million in 2022, is forecasted to grow at a robust CAGR of 6.5%, reaching US$714 million in 2023 and an impressive US$980 million by 2028. Factors such as Growing usage of nuclear medicine and radiation therapy for diagnosis and treatment, increasing use of particle therapy for cancer treatment, Growing incidences of cancer and Development of number of PET/CT scans technology have increased the demand of this market.

Attractive Opportunities in the Radiation Shielding Material Market

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Radiation Shielding Material Dynamics

DRIVER: Increasing use of particle therapy for cancer treatment

Particle therapy is an emerging technology for providing radiation therapy to cancer patients. Particle therapy, especially proton therapy have various advantages as compared to the conventional photon therapy which surely drive the demand for particle therapy in the regions where the adoption rate of advanced products which are technology based is more. Therefore the number of particle therapy centers is steadily increasing across the globe. Recently in May 2022, the total number of particle therapy facilities in clinical operations is 115 worldwide. Whereas, in January 2017, there were 66 particle therapy centers in operation (including proton, carbon ion, and combined proton/carbon) and 61 centers either planned or under construction (Source: HealthPACT). Moreover, the increased demand for proton therapy encourages several prominent cancer centers to offer this therapy. Thus, the increasing use of particle therapy for cancer treatment will increase the use of Radiation shielding material and, consequently, the radiation shielding materials used to manufacture radiation shielding material.

RESTRAINT: Dearth of skilled oncologist/radiologist

The Radiation shielding material market is witnessing continuous technological innovations and advancements aimed towards making the devices and techniques more accurate and specific. Due to the shortage of skilled and trained personnel a lot of cancer patients miss out on effective radiotherapy procedures. According to the American Society of Clinical Oncologists (ASCO), In US in 2021 there were 13,146 oncologists engaged in active patient care. However, 32 million Americans live in a county with no oncologists. ASCO projects a shortage for more than 2,200 oncologists by 2025. Similarly, In Inida according to the Indian Council for Medical Research (ICMR), the number of Indians suffering from cancer is expected to increase to 29.8 million in the year 2025 from 26.7 million in 2021. However, the country has a huge shortfall of number of oncologists available for cancer patients.

A shortage of radiation oncologists and radiographers may reduce the capacity of radiation therapy facilities to operate. Because of the scarcity of trained professionals, existing treatment facilities may be underutilized, resulting in a decrease in demand for Radiation shielding products. As a result, the market for radiation shielding materials will suffer.

The scarcity of skilled workers may impede the establishment of new radiation therapy centers or the expansion of existing ones. A lack of trained personnel can cause project delays, affecting the demand for radiation shielding materials required for the construction and outfitting of these centers. The scarcity of trained radiation oncologists and radiographers may have an impact on the adoption of Radiation shielding products and, as a result, the Radiation shielding materials market.

This shortage of oncologists and radiologists in several countries across the globe is expected to affect the adoption of oncology procedures. The significant gap between the demand and supply of trained radiation oncologists and the lack of trained radiographers is expected to hamper the adoption of Radiation shielding material across the globe in the coming years.

OPPORTUNITY: Raising demand for cancer treatment Increasing private investments in cancer research

Radiotherapy has been accepted as a standard procedure for cancer treatment. The growing incidence of cancer and approval of different technologies for various radiotherapy applications are increasing the demand for radiotherapy procedures globally. Currently, for every million people, there are almost 12 linear accelerators in the US, 5 to 8 radiotherapy machines in European countries, and less than one machine in developing countries across Asia, Latin America, and Africa. To bridge this gap, there is a global requirement for over 10,000 more treatment machines (Source: Cancer Control). Therefore, The rasing investments and funding for cancer research will surely bring advancements in the cancer related diagnostic and radiotherapy procedures that will help in the development of radiation shielding market. For instances,

In July 2021, Leo Cancer Care (UK) raised USD 25.3 million in funding from investors including Yu Galaxy, WARF, Alumni Ventures, Junson Capital, Serra Ventures, and industry players CHC, Cosylab, Toret Devices, and Radiation Business Solutions for development of new radiotherapy solutions.

In August 2020, the Australian Government for the development of regional radiation treatment centers has opened an application for funding of USD 45.5 million for cancer patients in rural areas of New South Wales, Queensland, Victoria, and South Australia.

• In 2019, AICR signed onto OVAC’s (One Voice Against Cancer) letter urging Congress to provide at least USD 42.1 billion for NIH, with a proportional USD 6.4 billion increase for NCI for FY 2020. NIH was eventually funded at USD 41.46 billion, with NCI receiving USD 6.44 billion, a success for cancer research.
• In April 2019, the Australian government announced an investment of USD 63.4 million to expand cancer treatment capacity through new radiation therapy services in 13 regional locations, in addition to the USD 6 billion funds that the Liberal National Government already provides for cancer treatments and services every year.
• Such investments from public and private sources are expected to offer potential growth opportunities for market players in the coming years.

CHALLENGE: High cost of lead in manufacturing radiation accessories

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.

Generally, The shielding thicknesses which is requires for the 1/4 in. of lead in the doors and 4-6 in. of concrete for certain walls. The cost of shielding one shielded wall and a shielded door per room is approximately USD 6000. From low-level gamma radiation applying recent estimates of the cancer risk the cost of shielding per cancer fatality averted would range around USD 1.8 million to USD 10.9 million Therefore, the increasing cost of radiation sheielding material will challenge the for the market.

Radiation Shielding Material Ecosystem

Prominent companies in this market include well-established manufacturers of Radiation Shielding Material 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, Infab Corporation and Burlington Medical.

In 2022, Electromagnetic Radiation segment to observe highest growth rate of the Radiation Shielding Material Industry, by type.

Based on the type, The Radiation Shielding Material Market is categorized into Electromagnetic Radiation and Particle Radiation. Electromagnetic Radiation are expected to grow fastest due to the growing incidences of cancer and the use of diagnostic procedure and the radiation therapy for the treatment of cancer. One of the major factors driving the demand for diagnostic imaging procedures in the UK is the rising prevalence of target diseases. For instance, according to GLOBOCAN, in 2020, there were 457,960 cancer patients in the UK. Similarly, according to Alzheimer’s Research UK, an estimated 850,000 people had Alzheimer’s disease in the UK in 2018; this is estimated to reach 1 million by 2025 and 2 million by 2050.

In 2022, Diagnostic x-ray room shielding segment to dominate the Radiation Shielding Material Industry, by the application.

Based on end users, the Radiation Shielding Material Market is segmented into Diagnostic x-ray room shielding, CT Scanner shielding facility, MRI Room shielding, Nuclear medicine imaging shielding and Radiotherapy shielding and Radiation protection safety aprons/apparel/equipments. Diagnostic x-ray room shielding to dominate the market due to the Growing usage of nuclear medicine and radiation therapy for diagnosis and treatment which will increase the demand for the rising number of hospitals and diagnostic centers sheilding.

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The global Radiation Shielding Material 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, According to a study published in Cancer Epidemiology, Biomarkers & Prevention, a journal of the American Association for Cancer Research, the total national cost of cancer in the US is projected to increase by over 30% from 2015 to 2030, corresponding to a total cost of over USD 245 billion.

The American Cancer Society funds cancer research and training in medical schools, universities, research institutes, and hospitals across the US. As of March 2021, a total of 162 breast cancer grants are in effect in the US, with a total funding of USD 94 million (Source: American Cancer Society). Also, in October 2020, Susan G. Komen (a US-based breast cancer organization) announced research funding of USD 287,286 to support local programs that provide mammograms, diagnostics, breast cancer treatment, patient navigation, and education

The Radiation Shielding Material Market is dominated by players such ESCO Technologies Inc., Infab Corporation and Burlington Medical.

Scope of the Radiation Shielding Material Industry:

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

By Region

• North America
• Europe
• Asia Pacific
• Rest of the World

By Type

• Electromagnetic Radiation
• Particle Radiation

By Material

• Lead Shielding
• Lead Composite Shielding
  • Rubber
  • Barium
  • PVC
  • Others
• Non-Lead and Lead Free Shielding
  • Concrete
  • Copper
  • Tungsten
  • Others

By Application

• Diagnostic x-ray room shielding
• CT Scanner shielding facility
• MRI Room shielding
• Nuclear medicine imagingshielding
• Radiotherapy shielding
• Radiation protection safety aprons/apparel/equipments

Recent Developments of Radiation Shielding Material Industry

• In August 2023, ETS-Lindgren announced its strategic alliance with TUV Rheinland North America for its new Technology and Innovation Center located in Massachusetts, including AMETEK-CTS, Fair-Rite, Innova, and Rohde & Schwarz, are key supporting partners in the creation of the Technology and Innovation Center. With the cooperation of ETS-Lindgren and these industry leaders, TUV Rheinland will facilitate the integration of essential equipment, enabling the delivery of holistic customer solutions..
• In July, 2022, Burlington Medical has launched the XENOLITE 800 NL (No-Lead) apron series. XENOLITE 800 NL is a lead-free, super-lightweight, flexible, and recyclable x-ray radiation protection apron. The XENOLITE 800 NL series uses antimony and tungsten, which are supported, encapsulated, and homogeneously distributed in a tough-but-flexible, high-tech plasticized Dow elastomer matrix.
• In January 2021, Infab Corporation (US) acquired MediDrapes, a provider of disposable protective drapes used in medical imaging equipment such as mini-C-arms, fluoroscopes, and ultrasound machines, added to the company’s portfolio..

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