Medical Radiation Shielding Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
The International Atomic Energy Agency describes the process of radiation protection or radiation shielding as the protection of humans from the negative impact they may receive when exposed to harmful values of ionizing radiation. For the sake of simplicity, most radiation shielding refers to the protection of human beings alone, as most technology that involves ionizing radiation refers to human contact. Ionizing radiation finds a growing scope of applications in the medical fields, due to which there is a very high chance of people suffering from radiation poisoning. It holds a strong potency of permanently damaging human tissues by affecting them at a microscopic level. The more common signs of exposure to ionizing radiation include radiation sickness, skin burns, and increased chances of cancer. The level of radiation exposure and the time duration of exposure can determine the signs of sickness that a patient may show.
There are different kinds of ionizing radiations and their reaction with the same radiation shield will be likewise different. This is why it is extremely important to use specific types of shielding materials against the different types of radiation. As a result, the global medical radiation shielding market needs to provide different types of shields for different types of radiation. It should also be noted that the shielding power will depend on the thickness, or the number of sheets used to create the shield. The calculations required for ascertaining the thickness of a radiation shield use a unit called halving thickness.
The global medical radiation shielding market is expected to grow at a positive rate between 2017 and 2025. The demand for medical radiation has shown a considerable surge in the last few years in response to the increasing incidence of chronic ailments, especially cancer. As per the World Health Organization, the new cases of cancer are expected to rise by 70% in the next two decades. The chronic ailment will therefore remain a leading cause of death across the world. Consequently, the demand for advanced treatment for fighting cancer is expected to remain high through the forecast period, thereby giving impetus to the global medical radiation shielding market.
The global medical radiation shielding market can be broadly classified on the basis of solution, product, end user, and region. For instance, sheet lead, shields, lead bricks, booths, barriers, lead lined doors & windows, x-ray rooms, lead glass, lead lined plywood, and lead curtains are a few of the key products available in the global medical radiation shielding market. By solution, the market can be bifurcated into diagnostic shielding and radiation therapy shielding.
The report covers growth drivers and restraints influencing the market’s trajectory across all its segments. To present a holistic study, the report includes information obtained through proven research methodologies and from trusted industrial sources. It gauges the effect of Porter’s five forces and examines the investment feasibility for new players. Overall the report is intended to provide a clearer perspective of the global medical radiation shielding market to the readers.
Various factors support growth witnessed in the global medical radiation shielding market. The rising incidence of cancer will remain the chief driver, besides which the market will gain from the increasing use of nuclear medicine and radiation therapies for accurate diagnosis and cancer treatment. In addition, factors such as the increasing number of installation bases and diagnostic imaging centers, and the growing awareness about safety among people working in radiation-prone environment will aid the market’s expansion. The market is also likely to benefit from the expansion of the healthcare industry worldwide and the upward moving number of people covered under insurance schemes.
Strong growth witnessed in emerging nations will create an array of opportunities for the medical radiation shielding market. However due to the high cost of MRI scanners, it may witness a few restraints in the forthcoming years.
Regionally, the global medical radiation shielding market will continue witnessing lucrative opportunities in North America, followed by Europe and Asia Pacific. Being a developed market, North America is an attractive hub for enterprises operating in the medical radiation shielding market. However, Asia Pacific will gradually emerge at fore during the course of the forecast period due to the growth witnessed by the market in India and China. Moreover, the rising awareness about radiation safety and the increasing funding in the healthcare sector will fuel the adoption of the medical radiation shielding technology in Asia Pacific.
Some of the leading companies operating in the global medical radiation shielding market are Nelco, Inc., ETS-Lindgren, Radiation Protection Products, Ray-Bar Engineering Corp, Amray, and Global Partners in Shielding, Inc. among others. Policies adopted by the leading market players have a profound influence on overall operations. The report therefore includes their in-depth profiles covering recent marketing strategies, mergers and acquisitions, and product port-portfolios.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
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What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
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Which factors will hinder the growth of the market?
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