ALBANY, New York, April 5, 2019 /PRNewswire/ -- According to TMR, the global medical radiation shielding market is estimated to expand at a CAGR of 4.8% over the forecast period to attain a value of US$1,100 mn by 2022-end.
On the basis of product type, the blocks and rooms segment is anticipated to remain lucrative by the end of 2022. Presently, the segments accounted for about 30% revenue share in the market and are expected to attain a valuation of US$350 mn by the end of 2022. By end-use, the hospital segment is anticipated to retain its position over the forecast period. In terms of revenue, the segment accounted for 36% market share and is expected to attain a valuation of US$400 mn. Based on the region, North America is expected to exhibit growth during the forecast period. North America is anticipated to reflect growth with a magnificent CAGR over the forecast period from 2017 to 2022
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Growing Prevalence of Cancer to Propel Market's Growth
Medical radiation shielding offers protection to people from harmful effects due to exposure with ionizing radiations. These radiations are widely used in numerous industries and in the medical sector. This ionizing radiation presents a significant health hazard by causing microscopic damage to living tissues. Ionizing radiations result in major skin burns, radiation sickness, and major tissue damages. Exposure to these radiations for longer duration is affecting adversely on human health such as skin burn and rashes and results in several cases it may develop another type of cancer or tumor. Growing awareness about these serious mishaps is boosting the adoption of medical radiation shielding and propelling growth of the global medical radiation shielding market.
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Additionally, growing usage of nuclear medicine and radiation therapy for diagnosis and treatment in life-threatening diseases such as cancer is also reflecting positively on the growth of the global medical radiation shielding market. Additionally, the increasing number of diagnostic imaging centers in order to control the rising incidences of cancer globally is boosting demand for the radiology equipment. Further, medical radiation shielding includes radiation therapy; growing demand for radiation therapy is boosting the growth of the medical radiation shielding market.
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Growing Government Support to Drive Market in Coming Years
Moreover, factors such as growing government support are supporting growth of the global medical radiation shielding market. In addition to this, growing awareness level in the patients is having the potential of boosting adoption of the medical equipment, which protects from the radiations.
However, lack of professional and trained workers handling these shielding and knowledge of doses of consuming the type of shielding is challenging the growth of the market to some extent. Nevertheless, growing importance to sufficient medical radiation shielding in imaging and mainly in diagnostic facilities in order to protect the medical staff and people is expected to offer lucrative opportunities for growth over the forecast period.
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Analysts at Transparency Market Research (TMR) estimated that the global medical radiation shielding market is competitive due to the presence of numerous local and global players. Companies including A&L Shielding, Gaven Industries, Inc., ESCO Technologies Inc., Global Partners in Shielding, Inc., and Radiation Protection Products, Inc. are some of the key players in the medical radiation shielding market. Additionally, numerous companies are actively looking to improve the efficiency of products to ensure safety from radiation and enhance the efficacy of the products. These players are increasingly investing in product innovation and development.
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This information is encompassed in the report by TMR, titled, "Medical Radiation Shielding Market (Product Type - Apron and Blankets, lead Sheet, Plate and Bricks, Blocks and Rooms, Curtains, Shield and Booths and others; End User - Hospitals, Diagnostic Centers, Oncology Centers and Other End Users; Solution - Radiation Therapy and Diagnostic) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."
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