MEDICAL RADIATION SHIELDING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Size and Trends

Global medical radiation shielding market is estimated to be valued at USD 1.22 Bn in 2024 and is expected to reach USD 1.70 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.8% from 2024 to 2031.

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Increasing number of new cancer cases and rising adoption of nuclear medicine and radiation therapy for diagnosis and treatment is expected to boost demand for medical radiation shielding products. Growing investments and expansion of healthcare infrastructure in emerging markets is can also drive the market growth. Various initiatives by governments and healthcare organizations towards the prevention and cure of diseases is further expected to drive the market growth. However, the strict regulations regarding the disposal of lead-lined materials and increasing demand for eco-friendly shielding products can hamper the market growth during the forecast period.

Increasing Product Launches by Key Market Players

Increasing adoption of organic growth strategies such as product launches by key market players is expected to drive the global medical radiation shielding market growth over the forecast period. For instance, in February 2023, SDS Specialist Door Solutions, a manufacturer of specialist doorsets for demanding environments, launched Shield door lead-lined, x-ray doors for healthcare field that protects the demanding and challenging environments within hospital and radiology facilities.

Increasing product approvals by regulatory authorities is expected to drive the market growth over the forecast period. For instance, in April 2022, Radiaction Medical Ltd., a medical device company, announced that it had received approval from U.S. Food and Drug Administration for shield system in the U.S. The company had completed a US$ 10 million round of financing led by current investors- InnovaHealth Partners. The amount will be used to launch Radiaction's Shield System in the U.S. and to further commercialize in Europe.