(PharmaNewsWire.Com, July 19, 2019 ) The global market of medical radiation shielding includes product, solutions, and end user. A number of factors, such as the growing incidences of cancer, increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment of Cancer, increasing number of diagnostic imaging centres and installation bases of radiology equipment, increasing safety awareness among people working in radiation-prone environments, growing healthcare industry worldwide, and growth in the number of people covered under insurance are expected to drive the growth of this market.
What the Market Looks Like?
Predicted to grow at a CAGR of 6.1% during the forecast period, the global Medical Radiation Shielding market is estimated to reach $1,330.0 Million by the end of 2021. North America held the largest market share, followed by Europe, Asia, and the Rest of the World (RoW). However, Asia is expected to witness the highest CAGR, with the growth in this market centered at China and India due to rising awareness about radiation safety, increasing number of hospitals and adoption of radiation therapy.
Based on products, the market for medical radiation shielding is segmented into Shields, Barriers, Booths, X-ray rooms, Sheet Lead, Lead Bricks, Lead Curtains, Lead Lined Doors & Windows, Lead Glass, Lead Lined Drywalls, Lead Lined Plywood, High Density Concrete Blocks, Lead Acrylic, and MRI Shielding Products. The MRI shielding segment is expected to account for the largest share of the global medical radiation shielding market in 2016. The high market share of this segment is attributed to the increasing number of MRI installations worldwide.
Based on solutions, the market for medical radiation shielding is segmented into medical radiation shielding and diagnostic shielding. The radiation therapy segment is expected to grow at the CAGR during the forecast period owing to the increasing number of increasing number of cancer patients globally.
Based on end user, the market for medical radiation shielding is segmented into hospitals and diagnostic centers. The hospitals segment is projected to witness the highest growth rate in this market due to extensive usage of radiation therapy for cancer treatment by hospitals.
The growth of the global market for Medical Radiation Shielding is primarily influenced by the following factors:
• Increasing Usage of Nuclear Medicine and Radiation Therapy for Diagnosis and Treatment • Growing Incidences of Cancer • Increasing Number of Diagnostic Imaging Centers and Installation Base of Radiology Equipment • Increasing Safety Awareness Among People Working in Radiation-Prone Environments • Growing Healthcare Industry Worldwide • Growth in the Number of People Covered Under Insurance
The high growth potential in emerging markets has opened an array of opportunities for the medical radiation shielding market. However, high cost of MRI scanners is expected to restrain the growth of this market to a certain extent during the forecast period.
Geographical growth scenario of Medical Radiation Shielding Market Geographically, the global market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). The market is dominated by North America, followed by Europe, Asia, and the Rest of the World (RoW). However, Asia is expected to witness the highest CAGR, with the growth in this market centered at China and India due to rising awareness about radiation safety, increasing number of hospitals and adoption of radiation therapy.
Leading market players and strategies adopted
The key players in the medical radiation shielding market are ETS-Lindgren (US), Nelco, Inc. (U.S.), Radiation Protection Products (U.S.), MarShield, (Canada), Ray-Bar Engineering Corp (U.S.), Amray (Ireland), Gaven Industries, Inc. (U.S.), A&L Shielding (Rome), Global Partners in Shielding, Inc. (U.S.), and Veritas Medical Solutions LLC (U.S.).
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