Radiation protection market

Market Size and Trends

Global radiation protection market is estimated to be valued at USD 1,293.5 Mn in 2024 and is expected to reach USD 1,792.7 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.8% from 2024 to 2031.

The global radiation protection market is expected to witness positive growth over the forecast period. Technological advancements in radiation protection equipment along with rising cases of medical radiation exposure are expected to boost demand. Growing awareness about health hazards of radiation exposure coupled with stringent safety regulations instituted by government worldwide regarding nuclear plant workers' safety is further expected to propel the radiation protection market. Adoption of innovative radiation shielding technologies by construction and medical industry to ensure safety of workers from radiation exposure induced health issues would also contribute to market revenues. However, factors such as high equipment costs and lack of awareness in developing nations might hamper market growth.

Market Driver – Increasing Product Launches by Key Market Players

Increasing adoption of organic growth strategies such as product launches by key market players is expected to drive the global radiation protection market growth over the forecast period. For instance, in February 2023, SDS Specialist Door Solutions, a manufacturer of specialist doorsets for demanding environments, launched Shieldoor lead-lined, x-ray doors for healthcare field that protects the demanding and challenging environments within hospital and radiology facilities.

Market Concentration and Competitive Landscape

Growth of Nuclear Medicine

Advancements in diagnostic and therapeutic applications powered by nuclear technologies boosts spending on radiation safety. Nuclear medicine plays a vital role in tumor detection and targeted cancer treatment. An increasing elderly population base that is more susceptible to such diseases has augmented the workflow in nuclear medicine departments. The number of radioactive isotopes and radiation intensities involved are also rising with new-age equipment and isotope-infused pharmaceuticals. This amplifies the need for protective materials, radiation surveillance instruments and shielded architectural structures in nuclear medicine facilities. Strict adherence to safety norms is essential as personnel come in close contact with radioactive substances on a daily basis. The promising pipeline of radiopharmaceuticals and expanded usage of advanced therapeutic techniques indicate that nuclear medicine is poised for growth, positively impacting the radiation protection market. 

Market Challenges – High Cost of Investment for Radiation Shielding Products

Developing effective radiation shielding solutions involves extensive research and testing to select appropriate materials, understand their properties, and ensure these provide optimum shielding against various radioactive sources. This intensive R&D process is highly capital intensive in nature.

Market Opportunities – Potential Growth in Emerging markets

Many developing countries such as India in Asia Pacific, Africa, and Latin America are experiencing significant economic development, and this leads to increased investment and spending in industries that utilize radiation sources. As infrastructure modernizes and new factories and hospitals are built, there is a rising need for safety equipment and services to protect workers and the general public from harmful radiation levels.

Insights, By Product Type: Increasing product approval for/launch of protective shields by key market players drives the shield segment growth

Product Type segment is sub-segmented into protective barriers and booths, Shields, Radiation Detection & Monitoring Equipment, Lead Lined Doors, And Others (Radiation Warning Signs, Barrier tape, etc.). Shields segment is estimated to hold 39.2% of the market share in 2024 due to increasing product approval by regulatory authorities such as U.S. Food and drug Administration. For instance, in April 2022, Radiaction Medical Ltd., a medical device company, announced that it had received an approval from U.S. Food and Drug Administration for shield system in the U.S.

Insights, By Solution: Growth in radiation therapy centers boosts demand for radiation therapy shielding

Solution segment is sub-segmented into radiation therapy shielding and diagnostic shielding. radiation therapy shielding segment is estimated to hold 37.4% of the market share in 2024, owing to increased usage of radiation therapy for cancer treatment. Radiation therapy, also called radiotherapy, uses high-dose radiation to kill cancer cells and shrink tumors. It has emerged as a key treatment option either alone or along with surgery and chemotherapy. Rising cancer prevalence worldwide has boosted the establishment of new radiation therapy facilities as well as expansion and upgrades of existing centers. Radiation therapy shielding provides protective barriers between therapy equipment and nearby occupied locations. Specialized walls, doors, and building designs deliver critical radiation attenuation for therapy procedures.

Insights, By End User: Increasing prevalence of cancer boosts demand for hospitals

End User segment is sub-segmented into hospitals, ambulatory surgical centers, and others. Hospitals segment is estimated to hold 42.9% of the market share in 2024, due to increasing prevalence of cancer. Hospitals are the largest end user due to rising number of cancer patients and increasing number of radiation therapy procedure, and adoption of nuclear medicine.

Regional Insights

North America remains the dominant region in the global radiation protection market and is estimated to hold 42.4% of the market share in 2024. With a strong presence of leading industry players and healthcare companies based in the U.S. and Canada, the region continues to boost demand for radiation protection products. The advanced healthcare infrastructure and stringent regulatory guidelines regarding usage of radiation equipment have propelled the market growth. Moreover, rising incidence of cancer and increasing adoption of radiation therapy for its treatment in the region is a key factor boosting demand for radiation protection equipment. Complex radiation therapy techniques such as IMRT and IGRT which involve higher radiation doses are commonly used for cancer treatment in North America, thus, boosting sales of various radiation protection equipment including x-ray shielding curtains and barriers, ceiling-suspended screens, personal protective wear and various monitoring devices.

Asia Pacific market has witnessed highest growth and is emerging as the fastest growing regional market for radiation protection. Rapidly developing healthcare infrastructure, rising medical tourism, increasing healthcare expenditure are some of the major factors contributing to  region’s market growth. Countries like China, India and South Korea are at the forefront and have shown tremendous potential owing to growing awareness regarding radiation safety and rising adoption of modern medical technologies in the region. Increasing number of diagnostic centers and hospitals adopting advanced medical imaging and radiation therapy equipment boosts demand for radiation protection products in Asia Pacific. Moreover, improving regulatory standards in these countries and growing foreign investments in the medical sectors of emerging economies will further aid the market expansion. 

Market Report Scope

Key Developments

• In February 2023, SDS Specialist Door Solutions, a manufacturer of specialist doorsets for demanding environments, launched Shieldoor lead-lined, x-ray doors for healthcare field that protects the demanding and challenging environments within hospital and radiology facilities
• In April 2022, Radiaction Medical Ltd., a medical device company that focuses on radiation protection in the interventional cardiology and electrophysiology sectors, announced that it had completed a US$ 10 million round of financing led by current investors, InnovaHealth Partners. The Fundings will be used to launch Radiaction's Shield System in the U.S. and to further commercialize in Europe.
• In March 2022, RAMPART ic, LLC, a provider of radiation protection system, announced that it had entered into an exclusive distribution agreement with Japan Lifeline (JLL), assuring distribution of radiation protection system to the Japanese market. The Rampart M1128 is a completely adjustable and portable device outfitted with radiation-attenuating panels with 1mm lead equivalency, resulting in a large shielding area that protects the physician and other medical professionals.
• In March 2022, TVM Capital Life Science, a venture capital firm, invested US$ 13 million in Egg Medical Inc., a medical device company commercializing technologies to reduce scatter radiation exposure during interventional angiographic, to overcome that plague interventional cardiology - radiation scattering during X-ray-guided treatments.
• In February 2022, Radiation Medical Ltd. announced a new partnership with Mazowiecki Hospital's Interventional Cardiology section in Ostroleka, Poland. Through the company's ground-breaking fully-automated shielding technology, the hospital has got the first installed system in Europe to safeguard interventional cardiologists and medical staff from the fatal effects of X-ray radiation exposure.

*Definition: Radiation protection aims to reduce unnecessary radiation exposure with a goal to minimize the harmful effects of ionizing radiation. The global radiation protection market is focused on providing products and solutions that help shield individuals and organizations from the harmful effects of ionizing and non-ionizing radiation. This includes devices such as protective clothing, dosimeters, hand-held monitoring equipment and radiation shielding materials that are used in a variety of industries like nuclear power, healthcare, defense, space and research to protect workers and assets from radiation emissions.

Market Segmentation

• Product Type Insights (Revenue, USD Mn, 2019 - 2031)
  • Protective Barriers and Booths
  • Shields
  • Radiation Detection & Monitoring Equipment
  • Lead Lined Doors
  • Others (Radiation Warning Signs, Barrier Tape, etc.)
• Solution Insights (Revenue, USD Mn, 2019 - 2031)
  • Radiation Therapy Shielding
  • Diagnostic Shielding
• End User Insights (Revenue, USD Mn, 2019 - 2031)
  • Hospitals
  • Ambulatory Surgical Centers
  • Others
• Regional Insights (Revenue, USD Mn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Marswell Group of Companies
  • Mirion Technologies, Inc. 
  • Esco Micro Pte. Ltd.
  • MAVIG GmbH.
  • Radiaction Ltd
  • Burlington Medical
  • Gaven Industries, Inc.
  • Nelco, Inc.
  • Marshield
  • Radiation Protection Products, Inc.
  • Ultraray 
  • Lemer Pax
  • Berthold Technologies GmbH & Co.KG
  • SDS Specialist Door Solutions