February 17, 2021
According to a research report titled ‘Global Radiation Shielding Solution Market Analysis, 2020’, available with Market Study Report LLC, global radiation shielding solution market is anticipated to record a CAGR of 5% through 2025.
Industry experts cite that rising safety awareness among people working in radiation-prone environments and ongoing development of healthcare sector are the major growth drivers of global radiation shielding solution market.
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Based on material, the industry is divided into lead composite shield, lead shielding, and lead free shielding. Among these, lead shielding segment is growing at a significant pace owing to its cost, mass, and corrosion-resistant characteristics. Moreover, high molecular density of lead shielding makes it highly preferable for stopping gamma rays and x-rays, hence, is used in nuclear reactors, x-ray imaging, and PET rooms. However, health concerns regarding the use of lead is prompting nuclear medicine end-users to opt for lead-free shielding.
Considering end-user spectrum, global radiation shielding solution industry is fragmented into power generation, healthcare, security & defense, nuclear industry, aerospace, and others. Of these, healthcare segment accounted for majority industry share in 2019 and will likely gain considerable traction in the upcoming years. High demand for diagnosis and treatment of health conditions like cancer, in line with increasing usage of nuclear medicine has strengthened the demand for radiation shielding equipment in the healthcare sector. Moreover, escalating number of diagnostic imaging centers worldwide due to rise in adoption of advanced imaging modalities for streamlining workflow is boosting the segmental share.
Besides these, the other segments covered in global radiation shielding solution market report are solution (diagnostic shielding, radiation therapy shielding, nuclear shielding, and others) and regional bifurcation (North America, South America, Europe, Asia Pacific, and Middle East & Africa).
Speaking of the competitive landscape, Ray-Bar Engineering Corp., Von Gahlen B.V., Veritas Medical, AliMed, Inc., Wardray Premise Ltd., Gaven Industries, Inc., Amray Medical, MarShield, Nelco Worldwide, Vulcan GMS, and Ultraray are the top contenders in global radiation shielding solution market sphere.