December 2, 2024

Radiation Protection Market is transforming to protect technologically by digital solutions

The radiation protection market comprises of a wide range of products such as aprons, barriers, gloves, face masks, and others that provide safety from various types of ionizing and non-ionizing radiations emitted during radiation-based medical procedures, nuclear power generation, and other industrial uses.

The Global Radiation Protection Market is estimated to be valued at US$ 1,792.7 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031.

Key takeaways
Key players operating in the Radiation Protection market are 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. Rising incidence of cancer and increasing number of radiology procedures are fueling the demand for radiation protection products. Moreover, growing awareness about health hazards of radiation exposure and stringent regulatory guidelines are further propelling the growth of the global market. The market is also witnessing expansion in emerging economies of Asia Pacific and Latin America owing to increasing healthcare infrastructure and rising medical tourism.

Key players operating in the Radiation Protection Market Size are focusing on developing digital and Lightweight products to provide better safety and mobility. Marswell and Mirion Technologies have recently launched innovative radiation protective clothing lines with sensors and IoT connectivity. These digital suits notify users and monitor centers about any radiation leakage in real-time. Furthermore, the demand for personalized protective products is growing mainly for women and teenage patients undergoing radiation therapy. This is driving key players to invest in 3D printing and customized product development.

Some of the key trends in the Radiation Protection market include growing adoption of single-use disposable products to prevent cross-contamination. Meanwhile, investments are rising in developing organic materials and nanocoatings that can provide radiation protection without much weight and thickness. Artificial intelligence is also transforming the market, with the introduction of AI-powered dosimeters and monitoring solutions for better risk management.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in radiation protection market is moderate as it requires substantial capital investment and regulatory compliance.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as there are number of vendors providing radiation protection products.

Bargaining power of suppliers: The bargaining power of suppliers is high as raw materials required for manufacturing radiation protection products like lead, tungsten, ceramics etc. are limited in sources.

Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives available for radiation protection.

Competitive rivalry: The competitive rivalry is high due to presence of large number of global as well as regional players offering varied products.

North America region dominated the global radiation protection market and accounted for more than 35% of global market share in 2024 owing to stringent employee safety regulations and increasing number of diagnostic imaging procedures in this region. Asia Pacific region is expected to witness the highest CAGR during the forecast period due to growing healthcare infrastructure, increasing awareness about radiation safety and expanding nuclear power industry in major countries like China and India in this region.

Geographical Regions
Majority of the global radiation protection market value is concentrated in developed regions of North America and Europe mainly due to stringent regulatory framework mandating use of radiation protection products in medical, research and nuclear power sectors. The U.S. accounted for largest share in the North America region due to presence of well-established healthcare system and significant medical imaging user base. Germany dominated the Europe region and held more than 25% share of Europe radiation protection market value in 2024 driven by presence of leading industry players and strong R&D investments in this country.

Asia Pacific region is poised to be the fastest growing geographical region for radiation protection market during forecast period from 2024 to 2031 ascribed to increasing healthcare expenditures, growing awareness about radiation safety and expanding nuclear power program in major countries like China and India. China alone contributed around 40% to global nuclear power generation in 2024 and this is further projected to rise thereby driving demand for radiation shielding across industrial and medical applications.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

Ravina Pandya

Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

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