Press Releases

Radiation Shielding and Monitoring Market to See 4.4% Annual Growth Through 2024

Industry Boosted by Growing Security Threats and Increasing Cancer Rates

June 10, 2019

WELLESLEY, Mass., June 10, 2019–Growing security threats and the worldwide rise in cancer cases are two factors helping to shape the radiation shielding and monitoring market, according to a report by BCC Research, “Radiation Shielding and Monitoring: Technologies and Application Markets.”

The market expects to see a compound annual growth rate (CAGR) of 4.4% through 2024, when it could be worth $72.9 billion.

Major players in the market include Aaronia, Berthold Technologies, DuPont Protection Technologies (NYSE: DD-B), Honeywell Analytics (NYSE: HON), Microgard, and Radiation Detection Company.    

Research Highlights

  • By application, growth is strongest in personal protection, which expects a CAGR through 2024 of 4.9%, followed by radiation shielding at 4.5% and medical and laboratory applications at 4.2%.
  • North America leads global demand, with a CAGR through 2024 of 4.5%, followed by Europe at 4.4% and the Asia-Pacific region at 4.1%.
  • By product type, personal dosimeters lead the market by size, with a 2018 value of $19.4 billion, followed by non-personal dosimeters at $11.2 billion.

“The increased use of ionization radiation in industry and medicine presents a health hazard, as it can cause microscopic damage to living tissue, resulting in skin burns and radiation sickness at high exposures,” notes report author Srinivasa Rajaram. “The advances in computed tomography, as well as the high radiation doses delivered by interventional procedures, have raised serious safety and health concerns for both patients and medical staff, requiring the establishment of a radiation protection culture in every radiology department.”

Smaller Companies Turning Toward Mergers and Acquisitions

The market is dominated by medium-sized companies, the report adds, which may eventually lose the ability to innovate. Small companies, meanwhile, have difficulty staying competitive and cost-efficient. Mergers and acquisitions present benefits for both types of players in this business, as they increase value generation, cost efficiency and market share. Recent M&A activity includes Boston Scientific’s acquisition of Millipede, BTG and SpaceOAR, and ESCO Technologies’ acquisition of Manta Test Systems.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Radiation Shielding and Monitoring: Technologies and Application Markets( AVM188A )
Publish Date:     

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.