Medical Radiation Shielding Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Medical Radiation Shielding market in 2021?

The global medical radiation shielding market had a market size of USD 1.2 billion in 2021. The market is expected to exhibit a Compound Annual Growth Rate (CAGR) of 4.5% from 2021 to 2028. By the end of 2028, the market size is projected to reach USD 1.8 billion.

COVID-19 Impact on the Medical Radiation Shielding Market

The COVID-19 pandemic had a significant impact on the medical radiation shielding market. Due to the global health crisis, there was a temporary slowdown in the installation of new medical imaging equipment, which affected the demand for radiation shielding products. However, with the gradual resumption of healthcare services and the increasing focus on patient and staff safety, the market is expected to recover steadily.

Medical Radiation Shielding Dynamics

The medical radiation shielding market is driven by the growing prevalence of cancer and other chronic diseases, leading to an increased use of medical imaging procedures. As the number of diagnostic imaging facilities and radiation therapy centers rise, the demand for radiation shielding products also increases. Additionally, advancements in technology and innovation in radiation shielding materials are expected to drive market growth.

Segments and Related Analysis

The medical radiation shielding market can be segmented based on product type, material type, end-user, and region. Product types include aprons, barriers, glasses, curtains, and others. Material types encompass lead, concrete, steel, and others. End-users of radiation shielding products include hospitals, diagnostic centers, research institutions, and others.

By Region Analysis

The medical radiation shielding market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market for medical radiation shielding due to the presence of advanced healthcare infrastructure and a high number of medical imaging facilities. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period.

Key Market Players and Competitive Landscape

Key players in the medical radiation shielding market include Ray-Bar Engineering Corp, Amray Medical, Gaven Industries, Veritas Medical Solutions LLC, and Global Partners in Shielding Inc. These companies focus on developing innovative products and expanding their global presence through strategic partnerships and acquisitions.

Recent Happenings in the Medical Radiation Shielding Market

In recent months, there have been several notable developments in the medical radiation shielding market. Ray-Bar Engineering Corp announced the launch of its latest lead-lined doors for radiation protection. Amray Medical introduced a new line of radiation protection glasses with enhanced clarity and comfort for healthcare professionals. Veritas Medical Solutions LLC partnered with a leading research institution to develop advanced radiation shielding materials for use in oncology clinics.