Global Medical Radiation Shielding Market to Witness a CAGR of 5.1% during 2018-2024

NEW YORK, Jan. 24, 2019 (GLOBE NEWSWIRE) -- Global medical radiation shielding market is expected to grow significantly from USD 1086 million in 2017 to USD 1543 million in 2024, at a CAGR of 5.1% from 2018 to 2024. Factors driving the growth of the market are; technological advancements and growing adoption of medical diagnostic equipment coupled with increasing prevalence of oncology diseases. Furthermore, increasing usage of nuclear medicine and radiation therapy, and growing number of diagnostic imaging centers across the globe are propelling the industry growth over the forecast period. However, high cost of MRI systems may hamper market growth to some extent.

Key findings of the report:

• The global medical radiation shielding market is expected to reach USD 1543 million in 2024, at a CAGR of 5.1% during 2018 -2024
• On the basis of solution, the diagnostic shielding segment held the major share of the global market in 2017
• Based on the end-user, the hospitals segment held the major share of the global market in 2017, owing to growing adoption of radiology equipment and increasing awareness among healthcare professionals
• Asia-Pacific region is expected to register highest CAGR over the 2018-2024
• Some of the key companies operating in the market include Gaven Industries Inc., MarShield, A&L Shielding, Nelco, Inc., Veritas Medical Solutions LLC, ETS-Lindgren, RAY-BAR ENGINEERING CORP, Global Partners in Shielding, Inc., and Amray, among others

Ionizing radiation, a major hazard

Radiation protection, usually known as radiological protection, is defined as the protection from the damaging effects of exposure to ionizing radiation, and the means to achieve this. Exposure can be due to a radiation source which is external to the human body, or because of the intake of radioactive materials into the body. The ionizing radiation has various uses in industries and medicine, and it can present a substantial health hazard. It causes microscopic damage to the live tissue, which results in radiation sickness and skin burns at high exposures, and elevated risks of cancer at low exposures.

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Global Medical Radiation Shielding Market– Regional insight

Geographically, the global medical radiation shielding market is segmented into North America, Europe, Asia-Pacific, Central & South America, and Middle East and Africa. North America held the major share of the global market in 2017, owing to growing usage of radiology equipment in hospitals and clinics and growing adoption of radiation therapy in the region.  Asia-Pacific region is expected to register highest CAGR over the forecast period. This is mainly attributed to the growing number of diagnostic imaging centers and growing adoption of medical diagnostic equipment.  Moreover, the emerging economies of Asia-Pacific such as China and India are wealthy markets in the making, as awareness about health hazards of radiation are inspiring a desire for radiation-free working environment.

This report segments global medical radiation shielding market based on products, solution, end-user, and region.

By Products

• X-ray rooms
• Sheet Lead
• Lead Bricks
• Lead Curtains
• Lead Lined Doors & Windows
• Shields
• Barriers
• Booths
• Lead Glass
• High Density Concrete Blocks
• MRI Shielding Products
• Clear Lead Acrylic

By Solution

• Diagnostic Shielding
• Radiation Therapy Shielding

By End-User

• Diagnostic Centers
• Hospitals 
• Oncology Centers
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Central & South America
• Middle East and Africa

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