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The medical radiation shielding market share is expected to increase by USD 299.30 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.93%.
This medical radiation shielding market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers medical radiation shielding market segmentation by application (diagnostic shielding and radiotherapy shielding) and geography (North America, Europe, Asia, and ROW). The medical radiation shielding market report also offers information on several market vendors, including Amray Medical, A and L Shielding, AliMed Inc, ESCO Technologies Inc., Gaven Industries Inc, Mars Metal Co., Mirion Technologies (Capintec), Inc., NELCO, Radiation Protection Products Inc, and Wardray Premise Ltd. among others.
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The increasing number of installations of radiology equipment is notably driving the medical radiation shielding market growth, although factors such as the high cost of radiation shielding installations may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the medical radiation shielding industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Medical Radiation Shielding Market Driver
One of the key factors driving the global medical radiation shielding market growth is the increasing number of installations of radiology equipment. The increasing incidences of chronic diseases coupled with the growing number of imaging examinations have led to the rise in the adoption of diagnostic radiology equipment. Furthermore, factors such as technological advances, the increasing demand for advanced diagnostic radiology equipment, and the rising number of radiologists are also driving the adoption of diagnostic radiology equipment. In addition, the use of the latest medical advances and huge investment (for instance, as of 2017, only about 265 proton therapy treatment rooms were sold, and this number is expected to increase by more than four times by 2030) to combat cancer and deal with the rising incidence of cancer is expected to positively impact the growth of the market in focus during the forecast period.
Key Medical Radiation Shielding Market Trend
Advances in radiation shielding equipment is another key factor driving the global medical radiation shielding market growth. Vendors are increasing their R&D on advanced radiation shielding equipment and introducing new products to gain optimum market penetration. For instance, Nippon Electric Glass's flagship product, LX Premium, is made with LX-57B high-lead content glass, which provides a high impact, shatter resistance, and radiation shielding properties at minimal thickness. These products have high transparency that is almost identical to ordinary glass. Thus, clinicians can provide an accurate diagnosis without unnecessary exposure to radiation. Furthermore, the focus on the development of non-lead shielding products is also increasing as they reduce the physical repercussions of wearing heavy radiation protection garments for long hours. The introduction of lightweight smart aprons to improve mobility and reduce back pain in clinicians while performing their tasks is expected to support the market growth during the forecast period.
Key Medical Radiation Shielding Market Challenge
One of the key challenges to the global medical radiation shielding market growth is the high cost of radiation shielding installations. For instance, considering the price of lead being more than USD 2,000/ft3, the cost of constructing a lead-based shielding system (with 100 ft3 area) for a LINAC facility using primary beam photon radiation can cost more than USD 280,000. Alternatively, a facility with the same design but with an area of 800 ft3 (10x10x8 ft) that employs an eight-feet-thick conventional concrete block system as the primary barrier can cost more than USD 105,000. Furthermore, proton therapy centers can cost from USD 600 to USD 800 per square foot of building area depending on the number of treatment rooms and whether the facility is above or below grade. Thus, the high cost of operation and maintenance is expected to negatively impact the growth of the market in focus during the forecast period.
This medical radiation shielding market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global medical radiation shielding market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the medical radiation shielding market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the medical radiation shielding market encompasses successful business strategies deployed by the key vendors. The medical radiation shielding market is fragmented and the vendors are deploying growth strategies such as technological innovation and product differentiation to compete in the market.
AliMed Inc - The company offers radiation protection barriers and table shields like Adjust-A-Height Barrier, Rolling radiation shield, Wolf MySheild mobile barrier, and others.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The medical radiation shielding market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the medical radiation shielding market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global healthcare equipment market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
***1. Executive Summary
***2. Market Landscape
**2.1 Market ecosystem
*Exhibit 01: Parent market
**2.2: Market Characteristics
**2.3 Value chain analysis
*Exhibit 02: Value Chain Analysis: Health care Equipment
*2.3.1 Research and development
*2.3.2 Inputs
*2.3.3 Operations
*2.3.4 Distribution
*2.3.5 Marketing and sales
*2.3.6 Post-sales and services
*2.3.7 Industry innovations
***3. Market Sizing
**3.1 Market definition
*Exhibit 03: Offerings of vendors included in the market definition
**3.2 Market segment analysis
*Exhibit 04: Market segments
**3.3 Market size 2020
**3.4 Market outlook: Forecast for 2020 - 2025
*Exhibit 05: Global - Market size and forecast 2020 - 2025 ($ million)
*Exhibit 06: Global market: Year-over-year growth 2020 - 2025 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 07: Five forces analysis 2020 & 2025
**4.2 Bargaining power of buyers
**4.3 Bargaining power of suppliers
**4.4 Threat of new entrants
**4.5 Threat of substitutes
**4.6 Threat of rivalry
**4.7 Market condition
*Exhibit 08: Market condition - Five forces 2020
***5 Market Segmentation by Application
**5.1 Market segments
*The segments covered in this chapter are:
*Exhibit 09: Application - Market share 2020-2025 (%)
**5.2 Comparison by Application
*Exhibit 10: Comparison by Application
**5.3 Diagnostic shielding - Market size and forecast 2020-2025
*Exhibit 11: Diagnostic shielding - Market size and forecast 2020-2025 ($ million)
*Exhibit 12: Diagnostic shielding - Year-over-year growth 2020-2025 (%)
**5.4 Radiotherapy shielding - Market size and forecast 2020-2025
*Exhibit 13: Radiotherapy shielding - Market size and forecast 2020-2025 ($ million)
*Exhibit 14: Radiotherapy shielding - Year-over-year growth 2020-2025 (%)
**5.5 Market opportunity by Application
*Exhibit 15: Market opportunity by Application
***6 Customer landscape
**6.1 Overview
*Exhibit 16: Customer landscape
***7 Geographic Landscape
**7.1 Geographic segmentation
*Exhibit 17: Market share by geography 2020-2025 (%)
**7.2 Geographic comparison
*Exhibit 18: Geographic comparison
**7.3 North America - Market size and forecast 2020-2025
*Exhibit 19: North America - Market size and forecast 2020-2025 ($ million)
*Exhibit 20: North America - Year-over-year growth 2020-2025 (%)
**7.4 Europe - Market size and forecast 2020-2025
*Exhibit 21: Europe - Market size and forecast 2020-2025 ($ million)
*Exhibit 22: Europe - Year-over-year growth 2020-2025 (%)
**7.5 Asia - Market size and forecast 2020-2025
*Exhibit 23: Asia - Market size and forecast 2020-2025 ($ million
*Exhibit 24: Asia - Year-over-year growth 2020-2025 (%)
**7.6 ROW - Market size and forecast 2020-2025
*Exhibit 25: ROW - Market size and forecast 2020-2025 ($ million)
*Exhibit 26: ROW - Year-over-year growth 2020-2025 (%)
**7.7 Key leading countries
*Exhibit 27: Key leading countries
**7.8 Market opportunity by geography
*Exhibit 28: Market opportunity by geography ($ million)
***8 Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Increasing number of installations of radiology equipment
*8.1.2 Rising number of diagnostic imaging and radiation therapy procedures
*8.1.3 Initiatives to increase radiation safety in healthcare settings
**8.2 Market challenges
*8.2.1 High cost of radiation shielding installations
*8.2.2 Lack of awareness about ionizing radiation risks among healthcare
*8.2.3 Robotic navigation systems and surgical imaging limit use of radiation shielding
*Exhibit 29: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Advances in radiation shielding equipment
*8.3.2 Increasing demand for environment-friendly shielding materials
*8.3.3 Use of radiation shielding in dental radiology
***9. Vendor Landscape
**9.1 Competitive scenario
**9.2 Vendor landscape
*Exhibit 30: Vendor Landscape
**9.3 Landscape disruption
*Exhibit 31: Landscape disruption
**9.4 Industry risks
*Exhibit 32: Industry risks
***10. Vendor Analysis
**10.1 Vendors covered
*Exhibit 33: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 34: Market positioning of vendors
**10.3 Amray Medical
*Exhibit 35: Amray Medical - Overview
*Exhibit 36: Amray Medical - Product and service
*Exhibit 37: Amray Medical - Key offerings
**10.4 A and L Shielding
*Exhibit 38: A and L Shielding - Overview
*Exhibit 39: A and L Shielding - Product and service
*Exhibit 40: A and L Shielding - Key offerings
**10.5 AliMed Inc
*Exhibit 41: AliMed Inc - Overview
*Exhibit 42: AliMed Inc - Product and service
*Exhibit 43: AliMed Inc - Key offerings
**10.6 ESCO Technologies Inc.
*Exhibit 44: ESCO Technologies Inc. - Overview
*Exhibit 45: ESCO Technologies Inc. - Business segments
*Exhibit 46: ESCO Technologies Inc. - Key offerings
*Exhibit 47: ESCO Technologies Inc. - Segment focus
**10.7 Gaven Industries Inc
*Exhibit 48: Gaven Industries Inc - Overview
*Exhibit 49: Gaven Industries Inc - Product and service
*Exhibit 50: Gaven Industries Inc - Key offerings
**10.8 Mars Metal Co.
*Exhibit 51: Mars Metal Co. - Overview
*Exhibit 52: Mars Metal Co. - Product and service
*Exhibit 53: Mars Metal Co. - Key offerings
**10.9 Mirion Technologies (Capintec), Inc.
*Exhibit 54: Mirion Technologies (Capintec), Inc. - Overview
*Exhibit 55: Mirion Technologies (Capintec), Inc. - Product and service
*Exhibit 56: Mirion Technologies (Capintec), Inc. - Key offerings
**10.10 NELCO
*Exhibit 57: NELCO - Overview
*Exhibit 58: NELCO - Product and service
*Exhibit 59: NELCO - Key offerings
**10.11 Radiation Protection Products Inc
*Exhibit 60: Radiation Protection Products Inc - Overview
*Exhibit 61: Radiation Protection Products Inc - Product and service
*Exhibit 62: Radiation Protection Products Inc - Key offerings
**10.12 Wardray Premise Ltd.
*Exhibit 63: Wardray Premise Ltd. - Overview
*Exhibit 64: Wardray Premise Ltd. - Product and service
*Exhibit 65: Wardray Premise Ltd. - Key offerings
***11. Appendix
**11.1 Scope of the report
*11.1.1 ????Market definition
*11.1.2 ????Objectives
*11.1.3 ????Notes and caveats
**11.2 Currency conversion rates for US$
*Exhibit 66: ?Currency conversion rates for US$?
**11.3 Research Methodology
*Exhibit 67: ?Research Methodology
*Exhibit 68: ??Validation techniques employed for market sizing?
*Exhibit 69: ??Information sources
**11.4 List of abbreviations
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