Increasing usage of nuclear medicine and radiation therapy for diagnosis and treatment, rising incidences of cancer, and increasing number of diagnostic imaging centers and installation base of radiology equipment.
The global Medical Radiation Shielding market size is projected to reach $1,330.0 million by 2021 from $989.2 million in 2016, at a CAGR of 6.1%.
ETS-Lindgren (US), Nelco, Inc. (U.S.), Radiation Protection Products (U.S.), MarShield, (Canada), Ray-Bar Engineering Corp (U.S.), Amray (Ireland), Gaven Industries, Inc. (U.S.), A&L Shielding (Rome), Global Partners in Shielding, Inc. (U.S.), and Veritas Medical Solutions LLC (U.S.) are some key players in this market. These companies are focusing on increasing their presence in the high-growth markets through both organic as well as inorganic growth strategies such as product launches, acquisitions, and expansions.
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Based on products, the market for medical radiation shielding 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 market for medical radiation shielding 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.
In the coming five years, market growth in the medical radiation shielding 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.
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