Radiation Protection Market is Driven by Increasing Risk of Radiation Exposure
Radiation protection products such as protective clothing, shielding booths, lead acrylic screens, lead curtains, lead bricks, lead glass and accessories are essential to protect the human body from harmful radiation during medical procedures, nuclear power plant operations and other industrial applications. The growing usage of radiation emitting technologies in various industries has amplified the risks of radiation exposure for workers. As a result, there is increased awareness regarding personnel safety and stringent regulations surrounding radiation safety.
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, and SDS Specialist Door Solutions.
The growing demand for nuclear medicine procedures along with increased usage of radiation emitting technologies in the medical, industrial and research sectors is expected to propel the growth of the radiation protection market globally.
Major players are focusing on geographic expansion strategies to strengthen their presence in high growth markets such as Asia Pacific and Latin America. Radiation Protection Market Size Increasing investment toward the development of nuclear power generation capacity is anticipated to boost demand for radiation safety products in these regions.
Market drivers
Stringent employee safety guidelines issued by regulatory authorities have compelled end use industries to invest more in radiation safety equipment and accessories. Additionally, increasing public awareness about radiation exposure risks is contributing to the demand for radiation protection products.
The current geopolitical situation is impacting the growth of the radiation protection market in multiple ways. With rising geopolitical tensions and threats of nuclear warfare increasing between nations, many countries are significantly beefing up their preparedness capabilities against radiological and nuclear disasters. This involves heavy investments in advanced radiation protection products and technologies for civilian protection as well as military applications. Growing security concerns are prompting nations to improve emergency management infrastructure and stock up on critical supplies. However, supply chain disruptions caused by restrictions on trade between certain countries amid political conflicts pose near term challenges.
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