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

Radiation Protection Market Size and Trends

Global radiation protection market is estimated to be valued at USD 1,293.5 Mn in 2024 and is expected to reach USD 1,792.7 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.8% from 2024 to 2031.

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The global radiation protection market is expected to witness positive growth over the forecast period. Technological advancements in radiation protection equipment along with rising cases of medical radiation exposure are expected to boost demand. Growing awareness about health hazards of radiation exposure coupled with stringent safety regulations instituted by government worldwide regarding nuclear plant workers' safety is further expected to propel the radiation protection market. Adoption of innovative radiation shielding technologies by construction and medical industry to ensure safety of workers from radiation exposure induced health issues would also contribute to market revenues. However, factors such as high equipment costs and lack of awareness in developing nations might hamper market growth.

Market Driver – 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 radiation protection market growth over the forecast period. For instance, in February 2023, SDS Specialist Door Solutions, a manufacturer of specialist doorsets for demanding environments, launched Shieldoor lead-lined, x-ray doors for healthcare field that protects the demanding and challenging environments within hospital and radiology facilities.

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Advancements in diagnostic and therapeutic applications powered by nuclear technologies boosts spending on radiation safety. Nuclear medicine plays a vital role in tumor detection and targeted cancer treatment. An increasing elderly population base that is more susceptible to such diseases has augmented the workflow in nuclear medicine departments. The number of radioactive isotopes and radiation intensities involved are also rising with new-age equipment and isotope-infused pharmaceuticals. This amplifies the need for protective materials, radiation surveillance instruments and shielded architectural structures in nuclear medicine facilities. Strict adherence to safety norms is essential as personnel come in close contact with radioactive substances on a daily basis. The promising pipeline of radiopharmaceuticals and expanded usage of advanced therapeutic techniques indicate that nuclear medicine is poised for growth, positively impacting the radiation protection market.