According to the recent report published by Transparency Market Research (TMR) the global medical radiation shielding market is set to soar a CAGR of 4.8% during the forecast period (2017-2022). Increasing popularity of diagnostic and treatment procedures that include radiation therapy has been instrumental in driving the demand for medical radiation shielding. Over the years, there has been a significant increase in number of imaging and diagnostic centers partly owing to increasing occurrence of cancer. In addition, growing deployment of radiology equipment in hospitals and clinics is leading to greater requirements of medical radiation shielding. Factors as such are expected to reflect favourably on the global market for medical radiation shielding over the next couple years.
Exposure to radiation for long duration can have adverse effects on health such as skin burn, rashes and in severe cases may lead to development of cancer or tumor. The growth of the market is also expected to be influenced by increasing awareness about potential risks of operating radiation emitting medical equipment. Professional who work in imaging or diagnostic centers are required to take all the mandatory precautions to avoid exposure to harmful radiations. It is important to have sufficient medical radiation shielding in imaging and diagnostic facilities for protection of medical staff and people nearby.
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On the basis of product type, the blocks and rooms segment is expected to remain highly lucrative over 2022. Currently, the segment represents for close to 30% revenue share of the market and is expected reach a market valuation in excess of US$ 350 Mn by of the forecast period, expanding at a steady CAGR. This is mainly due to increasing importance of blocks and rooms for radiation shielding in hospital and diagnostic centers.