Globally, the medical radiation shielding market is witnessing high growth due to factors such as 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. On the other hand, high cost of MRI scanners is expected to restrain the growth of this market to a certain extent during the forecast period. Many of the key players in the market are focusing on the strategies of agreements, partnerships, collaborations, acquisitions, and expansions to strengthen their foothold in the market.
Based on products, the medical radiation shielding market 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 medical radiation shielding market 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 medical radiation shielding market 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.
In the coming five years, growth in the medical radiation shielding market is likely to be centered in Asia. Growth in this region can be attributed to the increasing number of new hospitals, rising adoption of radiation therapy in Asia. Increasing awareness about radiation safety in the Asian region is also expected to drive market growth in the coming years.