Radioactive Material Packaging Market is estimated to be valued at USD 1,200.3 Million in 2031

A newly published report by Coherent Market Insights reveals a sustainable growth opportunity in the radioactive material packaging market. Coherent Market Insights’ analyst projected the radioactive material packaging market to be valued at USD 1,200.3 Mn in 2031. It is expected to exhibit a CAGR of 5.9% over the forecast period 2024 -2031.

Increasing healthcare expenditures and growing number of PET-CT scans and nuclear medicine diagnostics drives market growth. According to World Health Organization (WHO), globally spending on health reached nearly USD 8.5 trillion in 2020 and is expected to rise to USD 10 trillion by 2023.

In addition, rising applications of radioactive isotopes in medical, industrial and research fields is also propelling the demand for reliable and safe packaging solutions.

Key Market Trends: Lead-free and composite material solutions for radioactive packaging is a key trend driving market growth. Manufacturers are increasingly developing green composite material-based packaging options to replace traditional lead-based solutions. For instance, QSA Global, Inc offers fiber-reinforced composite radioactive packaging drums that are lead-free and provide enhanced durability.

Track and trace technology -Furthermore, implementation of track and trace technology like barcode and RFID for real-time monitoring of packages is another key trend in radioactive material transport packaging market.

Radioactive Material Packaging Market Opportunities : On the basis of type– Type A packaging contributes approximately 30% of the total radioactive material packaging market share. This is due to their wide application in transporting lower risk isotopes and general waste. Type A packaging is used to transport radioactive materials that pose a very low risk. They are typically used for medical and industrial applications requiring less containment.

The growing geriatric population and rising prevalence of diseases like cancer is expected to drive demand from the medical sector. Radioactive materials find extensive application in nuclear medicine procedures like medical isotope production, diagnostic scans, and cancer treatment. It is estimated that over 30 million nuclear medicine procedures are performed worldwide each year requiring reliable packaging of radioactive isotopes.

Key Market Takeaways: The global radioactive material packaging market is anticipated to witness a CAGR of 5.9% during the forecast period 2024-2031. This is owing to stringent regulations regarding the safe transportation of radioactive substances.

On the basis of type, type B segment is expected to hold a dominant position, accounting for over 40% of the market share. This is due to their ability to transport higher risk materials over long distances.

On the basis of material, metal packaging solutions are expected to remain highly popular. This is due to their durability and shielding capabilities.

North America is expected to hold a dominant position over the forecast period. This is due to high nuclear energy adoption and stringent nuclear safety norms.

Competitor Insights

Key players operating in the radioactive material packaging market include – Areva SA, Babcock & Wilcox Enterprises, Inc., FLUOR Corporation, Holtec International, ORANO,EnergySolutions, Inc., Westinghouse Electric Company LLC, Nuclear Transport Solutions,Cezar S.A. ,RMT, Inc.,TWI, Ltd.

Recent Developments:   In 2021, Westinghouse Electric Company agreed to purchase a 50% stake in Tecnatom, a Spanish engineering firm focused on nuclear services. This strategic cooperation intends to strengthen Westinghouse’s expertise in nuclear refueling, engineering, and digital services, helping to develop next-generation radioactive material management systems. More information is available in full report