Radiation Shielding Material Market Size by Type (Electromagnetic Radiation, Particle Radiation), Material (Lead Shielding, Lead Composite Shielding, Copper, Tungsten), Application (X-ray room, CT Scan Facility, MRI Room), & Region - Global Forecast to 2028
The global size of radiation shielding material market in terms of revenue was estimated to be worth USD 714 million in 2023 and is poised to reach USD 980 million by 2028, growing at a CAGR of 6.5% from 2023 to 2028. The research study consists of an industry trend analysis, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.
The Increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment, Growing incidences of cancer Increasing which will increase the use of particle therapy for cancer treatment.
Attractive Opportunities in the Radiation Shielding Material Market
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Radiation Shielding Material Dynamics
DRIVER: Increasing use of particle therapy for cancer treatment
Particle therapy is an emerging technology for providing radiation therapy to cancer patients. Particle therapy, especially proton therapy have various advantages as compared to the conventional photon therapy which surely drive the demand for particle therapy in the regions where the adoption rate of advanced products which are technology based is more. Therefore the number of particle therapy centers is steadily increasing across the globe. Recently in May 2022, the total number of particle therapy facilities in clinical operations is 115 worldwide. Whereas, in January 2017, there were 66 particle therapy centers in operation (including proton, carbon ion, and combined proton/carbon) and 61 centers either planned or under construction (Source: HealthPACT). Moreover, the increased demand for proton therapy encourages several prominent cancer centers to offer this therapy. Thus, the increasing use of particle therapy for cancer treatment will increase the use of Radiation shielding material and, consequently, the radiation shielding materials used to manufacture radiation shielding material.
RESTRAINT: Dearth of skilled oncologist/radiologist
The Radiation shielding material market is witnessing continuous technological innovations and advancements aimed towards making the devices and techniques more accurate and specific. Due to the shortage of skilled and trained personnel a lot of cancer patients miss out on effective radiotherapy procedures. According to the American Society of Clinical Oncologists (ASCO), In US in 2021 there were 13,146 oncologists engaged in active patient care. However, 32 million Americans live in a county with no oncologists. ASCO projects a shortage for more than 2,200 oncologists by 2025. Similarly, In Inida according to the Indian Council for Medical Research (ICMR), the number of Indians suffering from cancer is expected to increase to 29.8 million in the year 2025 from 26.7 million in 2021. However, the country has a huge shortfall of number of oncologists available for cancer patients.
A shortage of radiation oncologists and radiographers may reduce the capacity of radiation therapy facilities to operate. Because of the scarcity of trained professionals, existing treatment facilities may be underutilized, resulting in a decrease in demand for Radiation shielding products. As a result, the market for radiation shielding materials will suffer.
The scarcity of skilled workers may impede the establishment of new radiation therapy centers or the expansion of existing ones. A lack of trained personnel can cause project delays, affecting the demand for radiation shielding materials required for the construction and outfitting of these centers. The scarcity of trained radiation oncologists and radiographers may have an impact on the adoption of Radiation shielding products and, as a result, the Radiation shielding materials market.
This shortage of oncologists and radiologists in several countries across the globe is expected to affect the adoption of oncology procedures. The significant gap between the demand and supply of trained radiation oncologists and the lack of trained radiographers is expected to hamper the adoption of Radiation shielding material across the globe in the coming years.
OPPORTUNITY: Raising demand for cancer treatment Increasing private investments in cancer research
Radiotherapy has been accepted as a standard procedure for cancer treatment. The growing incidence of cancer and approval of different technologies for various radiotherapy applications are increasing the demand for radiotherapy procedures globally. Currently, for every million people, there are almost 12 linear accelerators in the US, 5 to 8 radiotherapy machines in European countries, and less than one machine in developing countries across Asia, Latin America, and Africa. To bridge this gap, there is a global requirement for over 10,000 more treatment machines (Source: Cancer Control). Therefore, The rasing investments and funding for cancer research will surely bring advancements in the cancer related diagnostic and radiotherapy procedures that will help in the development of radiation shielding market. For instances,
In July 2021, Leo Cancer Care (UK) raised USD 25.3 million in funding from investors including Yu Galaxy, WARF, Alumni Ventures, Junson Capital, Serra Ventures, and industry players CHC, Cosylab, Toret Devices, and Radiation Business Solutions for development of new radiotherapy solutions.
In August 2020, the Australian Government for the development of regional radiation treatment centers has opened an application for funding of USD 45.5 million for cancer patients in rural areas of New South Wales, Queensland, Victoria, and South Australia.
- In 2019, AICR signed onto OVAC’s (One Voice Against Cancer) letter urging Congress to provide at least USD 42.1 billion for NIH, with a proportional USD 6.4 billion increase for NCI for FY 2020. NIH was eventually funded at USD 41.46 billion, with NCI receiving USD 6.44 billion, a success for cancer research.
- In April 2019, the Australian government announced an investment of USD 63.4 million to expand cancer treatment capacity through new radiation therapy services in 13 regional locations, in addition to the USD 6 billion funds that the Liberal National Government already provides for cancer treatments and services every year.
- Such investments from public and private sources are expected to offer potential growth opportunities for market players in the coming years.
CHALLENGE: High cost of lead in manufacturing radiation accessories
The cost of implementing radiation shielding measures can be a significant restraint. Radiation shielding materials, construction modifications, and specialized equipment can be expensive, especially for smaller healthcare facilities or those with budget constraints. The upfront costs associated with radiation shielding products may deter some facilities from investing in comprehensive shielding solutions.
Generally, The shielding thicknesses which is requires for the 1/4 in. of lead in the doors and 4-6 in. of concrete for certain walls. The cost of shielding one shielded wall and a shielded door per room is approximately USD 6000. From low-level gamma radiation applying recent estimates of the cancer risk the cost of shielding per cancer fatality averted would range around USD 1.8 million to USD 10.9 million Therefore, the increasing cost of radiation sheielding material will challenge the for the market.
Radiation Shielding Material Ecosystem
Prominent companies in this market include well-established manufacturers of Radiation Shielding Material Market and offer a wide range of products. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include ESCO Technologies, Infab Corporation and Burlington Medical.
In 2022, Electromagnetic Radiation segment to observe highest growth rate of the Radiation Shielding Material Industry, by type.
Based on the type, The Radiation Shielding Material Market is categorized into Electromagnetic Radiation and Particle Radiation. Electromagnetic Radiation are expected to grow fastest due to the growing incidences of cancer and the use of diagnostic procedure and the radiation therapy for the treatment of cancer. One of the major factors driving the demand for diagnostic imaging procedures in the UK is the rising prevalence of target diseases. For instance, according to GLOBOCAN, in 2020, there were 457,960 cancer patients in the UK. Similarly, according to Alzheimer’s Research UK, an estimated 850,000 people had Alzheimer’s disease in the UK in 2018; this is estimated to reach 1 million by 2025 and 2 million by 2050.
In 2022, Diagnostic x-ray room shielding segment to dominate the Radiation Shielding Material Industry, by the application.
Based on end users, the Radiation Shielding Material Market is segmented into Diagnostic x-ray room shielding, CT Scanner shielding facility, MRI Room shielding, Nuclear medicine imaging shielding and Radiotherapy shielding and Radiation protection safety aprons/apparel/equipments. Diagnostic x-ray room shielding to dominate the market due to the Growing usage of nuclear medicine and radiation therapy for diagnosis and treatment which will increase the demand for the rising number of hospitals and diagnostic centers sheilding.
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The global Radiation Shielding Material Market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is expected to rise at the highest CAGR due to the rising incidence of cancer and the use of radiation therapy for diagnosis and treatment. For Instance, According to a study published in Cancer Epidemiology, Biomarkers & Prevention, a journal of the American Association for Cancer Research, the total national cost of cancer in the US is projected to increase by over 30% from 2015 to 2030, corresponding to a total cost of over USD 245 billion.
The American Cancer Society funds cancer research and training in medical schools, universities, research institutes, and hospitals across the US. As of March 2021, a total of 162 breast cancer grants are in effect in the US, with a total funding of USD 94 million (Source: American Cancer Society). Also, in October 2020, Susan G. Komen (a US-based breast cancer organization) announced research funding of USD 287,286 to support local programs that provide mammograms, diagnostics, breast cancer treatment, patient navigation, and education
The Radiation Shielding Material Market is dominated by players such ESCO Technologies Inc., Infab Corporation and Burlington Medical.
Scope of the Radiation Shielding Material Industry:
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$714 million |
|
Estimated Value by 2028 |
$980 million |
|
Revenue Rate |
Poised to grow at a CAGR of 6.5% |
|
Market Driver |
Increasing use of particle therapy for cancer treatment |
|
Market Opportunity |
Raising demand for cancer treatment Increasing private investments in cancer research |
This research report categorizes the radiation shielding material market to forecast revenue and analyze trends in each of the following submarkets:
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
By Type
- Electromagnetic Radiation
- Particle Radiation
By Material
- Lead Shielding
-
Lead Composite Shielding
- Rubber
- Barium
- PVC
- Others
-
Non-Lead and Lead Free Shielding
- Concrete
- Copper
- Tungsten
- Others
By Application
- Diagnostic x-ray room shielding
- CT Scanner shielding facility
- MRI Room shielding
- Nuclear medicine imagingshielding
- Radiotherapy shielding
- Radiation protection safety aprons/apparel/equipments
Recent Developments of Radiation Shielding Material Industry
- In August 2023, ETS-Lindgren announced its strategic alliance with TUV Rheinland North America for its new Technology and Innovation Center located in Massachusetts, including AMETEK-CTS, Fair-Rite, Innova, and Rohde & Schwarz, are key supporting partners in the creation of the Technology and Innovation Center. With the cooperation of ETS-Lindgren and these industry leaders, TUV Rheinland will facilitate the integration of essential equipment, enabling the delivery of holistic customer solutions..
- In July, 2022, Burlington Medical has launched the XENOLITE 800 NL (No-Lead) apron series. XENOLITE 800 NL is a lead-free, super-lightweight, flexible, and recyclable x-ray radiation protection apron. The XENOLITE 800 NL series uses antimony and tungsten, which are supported, encapsulated, and homogeneously distributed in a tough-but-flexible, high-tech plasticized Dow elastomer matrix.
- In January 2021, Infab Corporation (US) acquired MediDrapes, a provider of disposable protective drapes used in medical imaging equipment such as mini-C-arms, fluoroscopes, and ultrasound machines, added to the company’s portfolio..
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global radiation shielding material market?
The global radiation shielding material market boasts a total revenue value of $980 million by 2028.
What is the estimated growth rate (CAGR) of the global radiation shielding material market?
The global radiation shielding material market has an estimated compound annual growth rate (CAGR) of 6.5% and a revenue size in the region of $714 million in 2023.
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9 MEDICAL RADIATION SHIELDING MARKET, BY REGION
The objective of the study is to analyze the key market dynamics, such as drivers, opportunities, challenges, restraints, and key player strategies. To track company developments such as acquisitions, product launches, expansions, collaborations, agreements, and partnerships of the leading players, the competitive landscape of the radiation shielding material market to analyze market players on various parameters within the broad categories of business and product strategy. Top-down and bottom-up approaches were used to estimate the market size. To estimate the market size of segments and subsegments, the market breakdown and data triangulation were used.
The four steps involved in estimating the market size are
Collecting Secondary Data
The secondary research data collection process involves the usage of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), annual reports, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the radiation shielding material market. A database of the key industry leaders was also prepared using secondary research.
Collecting Primary Data
The primary research data was conducted after acquiring knowledge about the radiation shielding material market scenario through secondary research. A significant number of primary interviews were conducted with stakeholders from both the demand side (such as Hospitals and Clinics & ASCs) and supply side (such as included various industry experts, such as Directors, Chief X Officers (CXOs), Vice Presidents (VPs) from business development, marketing, and product development teams, product manufacturers, wholesalers, channel partners, and distributors) across major countries of North America, Europe, Asia Pacific and Rest of the world. Approximately 40% of the primary interviews were conducted with stakeholders from the demand side, while those from the supply side accounted for the remaining 60%. Primary data for this report was collected through questionnaires, emails, and telephonic interviews.
A breakdown of the primary respondents is provided below:
Breakdown of Primary Participants:
Note 1: *Others include sales managers, marketing managers, and product managers.
Note 2: Tiers are defined based on a company’s total revenue as of 2022: Tier 1=> USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3=< USD 500 million.
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|
COMPANY NAME |
DESIGNATION |
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ESCO Technologies Inc. (US) |
Senior Product Manager |
|
Infab Corporation (US) |
Regional Manager |
|
Burlington Medical (US) |
Product Manager |
Market Size Estimation
All major product manufacturers offering various Radiation Shielding Material Markets were identified at the global/regional level. Revenue mapping was done for the major players and was extrapolated to arrive at the global market value of each type of segment. The market value Radiation Shielding Material market was also split into various segments and subsegments at the regional and country levels based on the following:
- Product mapping of various manufacturers for each solution of Radiation Shielding Material market at the regional and country-level
- Relative adoption pattern of each Radiation Shielding Material market among key application segments at the regional and/or country-level
- Detailed primary research to gather qualitative and quantitative information related to segments and subsegments at the regional and/or country level.
- Detailed secondary research to gauge the prevailing market trends at the regional and/or country-level
Global Radiation Shielding Material Market Size: Top-Down Approach
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Data Triangulation
After arriving at the overall market size—using the market size estimation processes—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the Radiation Shielding Material industry.
Market Definition
Radiation shielding materials are substances or barriers designed to reduce or block the transmission of various forms of radiation, such as alpha particles, beta particles, gamma rays, and X-rays. These materials are used in a variety of applications, ranging from nuclear power plants and medical facilities to space exploration and industrial settings where radiation exposure needs to be minimized to protect human health and equipment integrity. The primary goal of radiation shielding materials is to absorb, scatter, or attenuate the energy of radiation particles or photons before they can penetrate and damage living tissue or sensitive equipment.
Key Stakeholders
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
Report Objectives
- To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To define, describe, segment, and forecast the Radiation shielding material market by Type, Material, Application and Region
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To analyze micro markets with respect to individual growth trends, prospects, and contributions to the overall Radiation shielding material market
- To forecast the size of the Radiation shielding material market in five main regions along with their respective key countries, namely, North America, Europe, the Asia Pacific, and Rest of the world
- To profile key players in the Radiation shielding material market and comprehensively analyze their core competencies and market shares
- To track and analyze competitive developments, such as acquisitions; product launches; expansions; collaborations, agreements, & partnerships; and R&D activities of the leading players in the Radiation shielding material market.
- To benchmark players within the Radiation shielding material market using the Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product strategy
Available Customizations
MarketsandMarkets offers the following customizations for this market report:
- Additional country-level analysis of the radiation shielding material market
- Profiling of additional market players (up to 5) Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company in the radiation shielding material market
Growth opportunities and latent adjacency in Radiation Shielding Material Market