Radiation Protection Market is set for Rapid Growth Driven by Increasing Application in the Healthca
Author : Ashwini cmi | Published On : 07 May 2024
Growing application of radiation in medical imaging techniques has boosted demand for radiation protective clothing, bed shields, lead curtains and other equipment. Hospitals perform a number of diagnostic imaging tests on a daily basis which involves exposure to X-rays, CT scans and other forms of radiation. This factor has driven the need for radiation protective equipment and shielding products to safeguard patients and medical staff against the harmful effects of radiation.
The global radiation protection market is estimated to be valued at US$ 1,792.7 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the radiation protection market are Marswell Group of Companies, Mirion Technologies, Inc., Esco Micro Pte. Ltd., MAVIG GmbH., Radiaction Ltd, Burlington Medical, Gaven Industries, Inc., Nelco, Inc., Marshield, Radiation Protection Products, Inc., Ultraray, Lemer Pax, Berthold Technologies GmbH & Co.KG, SDS Specialist Door Solutions.
The Radiation Protection Market Size offers lucrative growth opportunities due to the expanding healthcare sector and rising incidence of cancer. According to WHO, cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. This has augmented the demand for radiation therapy, pushing the requirement for radiation safety equipment.
Major players are focusing on geographic expansion strategies to capitalize on opportunities in developing countries. For instance, Mirion Technologies recently launched Mirion Technologies Pvt. Ltd. in India to offer services, technical support and supply of nuclear measurement instruments across the region.
Market Drivers and Restraints
Increasing application of radiation technology in medical diagnosis and cancer treatment is a key driver propelling the radiation protection market. Growing prevalence of chronic diseases and rapid technological advancements are fueling investments in radiology departments in hospitals. However, high costs associated with installation and maintenance of radiation shielding products might restrict the market growth to some extent over the forecast period. Stringent regulatory standards for radioisotope handling could also challenge the uptake of radiation protection equipment.
Segment Analysis
The global radiation protection market is dominated by the safety and security segment which accounts for nearly 35% of the total market share. This segment caters to the rising demand for effective radiation protection measures for applications across industries such as medical, oil & gas, nuclear power plants etc. The demand for radiation safety and security solutions is driven by stringent regulations mandating the use of appropriate protective gear and equipment in high radiation risk areas. Some of the radiation protection products used in this segment include protective clothing, gloves, protective eyewear, portable survey meters etc. The medical segment is the second fastest growing sub-segment owing to the rising cancer cases globally driving increased usage of radiation based medical diagnostic and treatment equipment.
Global Analysis
The Asia Pacific region is projected to witness the highest CAGR during the forecast period. This can be attributed to factors such as rapidly growing healthcare infrastructure, strong regulations regarding occupational safety, and expanding nuclear energy industry especially in China and India. China accounts for nearly 35% of the overall APAC market driven by the presence of large number of nuclear power reactors and rising medical applications of radiation technologies. North America dominates the global radiation protection market currently owing to highly developed healthcare sector and strong technical expertise in the field of nuclear energy. However the market in Europe is projected grow at a steady pace supported by growing research activities and favorable regulatory environment for radiation safety.
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