Radiation Protection Market to hit 1,792.7 million dollars by 2031: Coherent Market Insights

The global radiation protection market, valued at 1,293.5 million dollars in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to 1,792.7 million dollars by 2031, as per a recent report by Coherent Market Insights. Companies covered: 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

Burlingame, June 13, 2024 (GLOBE NEWSWIRE) — The global radiation protection market size was estimated at USD 1,293.5 million in 2024 and is expected to reach around USD 1,792.7 million by 2031, registering a CAGR of 4.8% between 2024 and 2031, as per a recent report by Coherent Market Insights. The increasing government regulations regarding radiation safety across industries such as nuclear power, medical, and research are propelling the adoption of radiation protection products. The regulations mandate strict compliance, monitoring, and reporting of radiation exposures.

Market Dynamics:

The radiation protection market is primarily driven by the increasing demand for radiation protection equipment across various end-use industries such as healthcare, medical, oil & gas, mining and nuclear power plants. The growing prevalence of chronic diseases and cancer has significantly increased the number of diagnostic imaging procedures worldwide. According to the World Health Organization (WHO), around 43.8 million medical radiation procedures were performed globally in 2018. This widespread use of radiation-based diagnostic procedures has increased the need for radiation protection equipment to shield both patients and medical staff from unnecessary radiation exposure. Moreover, increasing exploration and production (E&P) activities in the oil & gas industry also require radiation protection equipment for ensuring personnel safety during well logging and pipe inspection operations.

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Market Trends:

The major trends in the global radiation protection market include rising adoption of lead-free radiation protection materials and growing demand for customized radiation protection products. Lead has been traditionally used as one of the primary materials for manufacturing radiation shielding garments, aprons, barriers, and curtains. However, lead poses various health hazards such as lead poisoning. This has increased the demand for lead-free materials such as tungsten, bismuth and specialized heavy metal alloys for radiation protection. Additionally, with increasing awareness about radiation safety, end-use industries prefer radiation protective equipment customized as per their operational requirements and work environments. This has prompted manufacturers to focus on developing and offering customized product portfolios. For instance, some manufacturers provide customized radiation protective barriers, booths and curtains designed specifically for CT scan, MRI and PET scan rooms in hospitals.

The protective barriers and booths segment is expected to hold the largest market share over the forecast period. Protective barriers and booths provide shielding from direct and scattered radiation during diagnostic and therapeutic procedures. They help restrict radiation exposure of medical staff and other individuals present in the vicinity of radiation equipment. With the increasing installation of new radiation equipment and rising medical practices, the demand for protective barriers and booths is growing substantially.

Radiation Protection Market Report Coverage

Report Coverage Details
Market Revenue in 2024 $1,293.5 million
Estimated Value by 2031 $1,792.7 million
Growth Rate Poised to grow at a CAGR of 4.8%
Historical Data 2019–2023
Forecast Period 2024–2031
Forecast Units Value (USD Million/Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Product Type, By Solution, By End User
Geographies Covered North America, Europe, Asia Pacific, and Rest of World
Growth Drivers • Increasing Product Launches by Key Market Players

• Growth of Nuclear Medicine

Restraints & Challenges • High Cost of Investment for Radiation Shielding Products

• Lack of Adequate Healthcare Infrastructure

The radiation detection & monitoring equipment segment includes products such as radiation detectors, personal dosimeters, and area monitors. These devices help monitor radiation levels during procedures and ensure safety. Among these, personal dosimeters that measure individual radiation exposure are widely used. Technological advancements are bringing more innovative and portable radiation detection devices. This is propelling the growth of this segment.

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Recent Developments:

In February 2023, SDS Specialist Door Solution, launched Shieldoor lead-lined, x-ray doors for healthcare field that protects the demanding and challenging environments within the hospital and radiology facilities.

In April 2022, Radiaction Medical Ltd, announced that it had completed a US$ 10 million round of financing led by current investors, InnovaHealth Partners.

Key Market Takeaways:

The global radiation protection market is anticipated to witness a CAGR of 4.8% during the forecast period 2024-2031, owing to the rising cancer incidence and increasing installation of new radiation equipment.

On the basis of product type, the protective barriers and booths segment is expected to hold a dominant position, owing to the growing need to restrict radiation exposure of medical staff.

On the basis of solution, the radiation therapy shielding segment is expected to dominate over the forecast period due to rising cancer treatments requiring specialized radiation protection measures.

On the basis of end user, the hospitals segment holds the largest market share due to high adoption of radiation therapy and nuclear imaging procedures in hospitals.

Regionally, North America is expected to hold a dominant position over the forecast period, due to well-established healthcare infrastructure and rising implementation of radiological best practices in the region.

The major players operating in the radiation protection market include Marswell Group of Companies, Mirion Technologies, Inc., Esco Micro Pte. Ltd., MAVIG GmbH., Radiaction Ltd, Burlington Medical, Gaven Industries, Inc., Ultrary, Lemer Pax, Berthold Technologies GmbH & Co.KG, SDS Specialist Door Solutions. Strategic partnerships and new product launches are some key strategies adopted by market players.

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Detailed Segmentation-

By Product Type:

  • Protective Barriers and Booths
  • Shields
  • Radiation Detection & Monitoring Equipment
  • Lead Lined Doors
  • Others (Radiation Warning Signs, Barrier Tape, etc.)

By Solution:

  • Radiation Therapy Shielding
  • Diagnostic Shielding

By End User:

  • Hospitals
  • Ambulatory Surgical Centers
  • Others

By Region:

North America:

  • U.S.
  • Canada

Latin America:

  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America

Europe:

  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific:

  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN
  • Rest of Asia Pacific

Middle East:

  • GCC Countries
  • Israel
  • Rest of Middle East

Africa:

  • South Africa
  • North Africa
  • Central Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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