Radiation Shielding Material Market to grow at a CAGR of 6.45% during 2024-2028
The Radiation Shielding Material Market is expected to grow at a CAGR of 6.45% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 261.42 million. In the realm of radiation shielding materials, advancements in materials science and engineering have led to the creation of more efficient, lightweight, and cost-effective solutions. For instance, Burlington Medical introduced the XENOLITE 800 NL apron series in July 2022. This lead-free, super-lightweight, and flexible x-ray radiation protection apron is both recyclable and offers superior protection. Trivitron Healthcare followed suit in September 2021 with its SpaceD radiation protection aprons. These aprons boast a significantly reduced weight compared to traditional lead aprons, providing enhanced protection against secondary or scatter radiation. Furthermore, the SpaceD Radioprotection Aprons are designed to regulate the surgeon's body temperature during lengthy procedures, thereby preventing fatigue.
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Technavio analysts predict that the Electromagnetic radiation subsegment will lead the Type segment during 2024 and 2028 In today's technology-driven world, the proliferation of wireless communication technologies and electronic devices has resulted in heightened exposure to electromagnetic radiation (EMR) for individuals and industries. This has sparked growing concerns regarding potential health effects and the need for effective EMR shielding solutions. Businesses utilizing sensitive electronic equipment or machinery that emit EMR require shielding materials to mitigate interference and safeguard operational efficiency. Moreover, the widespread use of electronic devices in daily life necessitates the adoption of shielding materials to minimize EMR exposure for consumers. In healthcare settings, the importance of shielding materials is paramount, as sensitive medical equipment can be adversely affected by electromagnetic interference, jeopardizing diagnostic accuracy and patient safety.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rising number of diagnostic imaging and radiation therapy procedures
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The Radiation Shielding Material Market encompasses various barrier materials used to protect against different types of radiation, including Acoustic radiation, Particle radiation, and Electromagnetic radiation. These materials play a crucial role in shielding against radioactive beams, such as those used in radiation therapy for Cancer treatment, as well as in diagnostic imaging facilities using photon therapy, proton therapy, and particle therapy. The shielding capacity of these materials is measured by their Half thickness, which refers to the thickness required to reduce the radiation intensity by half. The choice of material depends on the Type of radiation and its energy level. The adoption rate of radiation shielding materials is driven by the increasing use of Nuclear energy, nuclear medicine, and diagnostic imaging facilities. The buying behavior of customers is influenced by factors such as the cost of materials, their effectiveness in shielding against different types of radiation, and the safety and health concerns associated with long-term exposure to radioactive rays. The market for radiation shielding materials is expected to grow significantly due to the increasing demand for effective and efficient shielding solutions for various applications, including cancer treatment and diagnostic imaging. The development of new materials with higher shielding capacity and lower weight is also expected to drive market growth.
According to Technavio, the global radiation shielding material market is a significant segment of the expansive global healthcare equipment industry. This market is characterized by companies and innovations focused on the research and development (R&D) of various product categories, encompassing capital equipment, instruments, implants, accessories, and consumables. These solutions are integral to the diagnosis, monitoring, and treatment of numerous health conditions. The size of the healthcare equipment market is determined by the consolidated revenue generated by manufacturers of diagnostic equipment and devices, spread across diverse therapy areas. The healthcare equipment sector encompasses the following segments: Devices, which comprise advanced, differentiated, and clinically validated data-driven devices.
The Radiation Shielding Material Market is experiencing significant growth, fueled by the rising number of diagnostic imaging and radiation therapy procedures. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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