The Global Molybdenum-99 Market size is expected to be valued US$ 4.48 billion in 2023 and US$ 7.28 billion by 2033. Initially, the global market was developing at a 5.0% CAGR from 2023 to 2033.
Nuclear medicine imaging techniques are used by doctors all over the world to see the structure and functionality of a tissue, organ, or system within the body. The healthcare industry must develop better technologies to aid in the early and accurate diagnosis of life-threatening diseases. As a result, approaches for producing Molybdenum have emerged.
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In recent years, there has been a shift away from manufacturing Mo-99 in reactors and towards doing so from enriched uranium sources. The demand for better manufacturing efficiency and cost-effectiveness, as well as increased safety and supply reliability, has inspired this. As a result, companies are currently producing Mo-99 from enriched uranium sources such as Molybdenum-enriched uranium targets, opening up new markets for the isotope.
Key Takeaways
- The United States is expected to dominate the Molybdenum-99 market by 2033, with a market value of US$ 3,103.4 million.
- The Molybdenum-99 market was rapidly developing, with a projected value of $4.25 billion in 2022.
- In absolute terms, there is a market potential worth US$ 253 million, driven by the need to manage the noncommunicable disease.
- By 2033, China’s economy is expected to grow at a healthy 7.7% CAGR.
- Germany is expected to grow its Molybdenum-99 market to US$ 407 million by 2033.
- The Molybdenum-99 sector in Canada is expected to grow to US$ 255 million by 2033.
- The expansion in the United Kingdom is expected to grow at a sufficient CAGR of 3.8% by 2033.
- The gamma camera segment lead the market CAGR of 3.1% by 2033 based on isotope application.
- Hospitals continue to lead the sector in terms of end users, with a CAGR of 4.9% during the predicted period.
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Key Strategies in the Industry
The demand for Molybdenum-99 is fueled by improvements in medical technology. Manufacturers are coping with an increase in the number of medical procedures and a rise in the prevalence of conditions that call for medical imaging.
Regulatory, price and resource availability policies are other factors that have an impact on the market. The Molybdenum-99 market is often quite dynamic and competitive, with many competitors vying to offer high-quality goods and services at possible cheap costs.
Recent Developments
- The Nuclear Regulatory Commission (NRC) of the United States approved a new policy in 2019 that allows makers of medical isotopes to use reactors without NRC licences. This new rule is expected to cut the price of Molybdenum-99 due to the usage of reactors exempt from tight NRC requirements.
- Many new providers entered the Molybdenum-99 market in 2019, including Nordion, NTP Radioisotopes, and the Australian Nuclear Science and Technology Organisation. The arrival of these new providers is expected to increase market competitiveness and aid in price reduction.
- The US Department of Energy (DOE) awarded Argonne National Laboratory a US$ 25 million contract in 2019 to develop a brand-new technique for extracting Molybdenum-99 from other isotopes. This new process is expected to be more cost-effective and efficient than traditional methods.
Key players
- IBA
- Sumitomo Corporation
- Advanced Cyclotron Systems, Inc.
- Siemens Healthineers
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Key Segments
By Isotopic Application:
- SPECT
- Gamma Camera
By End User:
- Hospitals
- Diagnostic Centers
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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