Overview of This Study:

Analyzing the major market dynamics—drivers, opportunities, challenges, restraints, and key player strategies—is the study's goal. The competitive landscape of the radiation shielding material market is being monitored in order to keep tabs on company developments such as product launches, acquisitions, agreements, and partnerships of the leading players, as well as to analyze market players on a variety of parameters within the broad categories of business and product strategy. Two methods were employed to estimate the market size: top-down and bottom-up. The market breakdown and data triangulation were used to estimate the market size of the various segments and subsegments.

Global Growth Driving Factors:

The growing use of radiation therapy and nuclear medicine for cancer treatment is fueling the growth of the medical radiation shielding market. Additionally, the growing use of particle therapy is anticipated to present growth opportunities for market participants over the course of the forecast period. However, the US's lack of a mandate requiring the use of lead aprons during dental x-ray procedures, the lack of skilled oncologists and radiologists, and inadequate healthcare infrastructure are all impeding the growth of this market.

Revenue Growth Expectations:

With a compound annual growth rate (CAGR) of 6.5%, the global market for radiation shielding materials is expected to reach $980 million by 2028 from its estimated $714 million in revenue in 2023.

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OPPORTUNITY: Increasing the need for cancer care Growing private funding for cancer research

It is now acknowledged that radiotherapy is a standard practice for treating cancer. The need for radiotherapy procedures is rising globally due to the rising incidence of cancer and the approval of various technologies for different applications of radiation therapy. There are currently approximately 12 linear accelerators per million people in the United States, 5–8 radiotherapy machines per million people in Europe, and less than one machine per million people in developing nations in Asia, Latin America, and Africa.

Over 10,000 additional treatment machines are needed globally to close this gap (Source: Cancer Control). Raising funds and investments in cancer research will therefore undoubtedly result in improvements in radiotherapy and diagnostic techniques related to cancer, which will support the growth of the radiation shielding market.

End Users:

By application, the diagnostic x-ray room shielding segment is expected to lead the radiation shielding material industry in 2022.

The radiation shielding material market is divided into segments based on end users, including radiation protection safety aprons, apparel, and equipment, diagnostic x-ray room shielding, CT scanner shielding facilities, MRI room shielding, nuclear medicine imaging shielding, and radiotherapy shielding. Due to the growing use of radiation therapy and nuclear medicine for diagnosis and treatment, which will raise demand for more hospitals and diagnostic centers to have shielding, the market for diagnostic x-ray rooms is expected to dominate.

Geographical Growth Scenario:

The market for radiation-shielding materials is dominated worldwide by North America.

The market for radiation shielding materials is divided into four regions: North America, Europe, Asia Pacific, and the rest of the world. The development of more PET/CT scan technologies and a growing emphasis on increasing public and private investments to meet the rising demand for cancer treatment are driving the North American market.

Key Players:

The Key players in the Medical Radiation Shielding market are ETS-LINDGREN (An Esco Technologies Company) (US), Nelco worldwide (US), Infab Corporation (US), Burlington Medical (US), MarShield (Canada), Ray-Bar Engineering Corp (US), Mars Metal Company (Canada), Radiation Protection Products (US), Nuclear Lead Co (US), Ultraray (Canada), Veritas Medical Solutions, LLC (US), Global Partners in Shielding, Inc (US), Nuclear Shields (Netherlands), A&L Shielding (US), Amray Medical (Ireland), Protech Medical (US), Lemer Pax (France), Pilot Industries Limited (India), Mayco Industries (US), Nuclear Shielding Supplies & Service (US), Canada Metal North America Ltd. (Canada), Lead Shielding (US), Wardray Premise (UK), Calder Healthcare (UK) and Gravita India Ltd. (India).

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