The global molybdenum-99 market is poised for substantial growth, with estimates predicting its value will soar from USD 4.48 billion in 2023 to USD 7.28 billion by 2033. Following a steady growth rate of 5.0% CAGR from 2017 to 2022, the market is expected to expand further as healthcare technology advances.
Molybdenum-99 is a crucial radioisotope widely used in nuclear medicine imaging techniques. These techniques play a vital role in visualizing the structure and functionality of various tissues, organs, and systems within the human body. As the demand for early and accurate diagnosis of life-threatening diseases rises, the healthcare industry is increasingly focused on developing better technologies and production methods for Mo-99.
In recent years, there has been a notable shift in the production of Mo-99 from traditional reactors to the utilization of enriched uranium sources. This transition is driven by the need for enhanced production efficiency, cost-effectiveness, and improved safety and reliability of supply. By using molybdenum-enriched uranium targets, businesses are opening up new markets for this essential isotope, ensuring a more stable supply to meet the growing global demand.
As healthcare providers and researchers continue to emphasize the importance of advanced imaging techniques, the Molybdenum-99 market is set to play a critical role in the future of diagnostic medicine.
Key Takeaways:
- By 2033, the United States is likely to dominate the molybdenum-99 market, with a size of USD 3,103.4 million.
- The molybdenum-99 market was significantly expanding, with a size of USD 4.25 billion in 2022.
- There is a market opportunity of USD 253 million in absolute terms, which is driven by the need to manage the non-communicable disease.
- The expansion in China is anticipated to expand at an adequate CAGR of 7.7% by 2033.
- By 2033, Germany is likely to expand in the molybdenum-99 market, with a size of USD 407 million.
- By 2033, the molybdenum-99 sector is likely to increase in Canada, with a size of USD 255 million.
- The expansion in the United Kingdom is anticipated to expand at an adequate CAGR of 3.8% by 2033.
- Based on the isotope application, the gamma camera segment led the market CAGR of 3.1% by 2033.
- Based on end users, the hospitals continue to dominate the sector during the forecast period, with a CAGR of 4.9%.
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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 United States Nuclear Regulatory Commission (NRC) approved a new regulation in 2019 that permits manufacturers of medicinal isotopes to use reactors without NRC licenses. With the use of reactors exempt from the strict NRC regulations, this new rule is anticipated to lower the price of molybdenum-99.
- The molybdenum-99 market saw the entry of many new providers in 2019, including Nordion, NTP Radioisotopes, and the Australian Nuclear Science and Technology Organization. It is anticipated that the entry of these new providers boosts market competitiveness and aid in price reduction.
- Argonne National Laboratory was given a USD 25 million contract by the US Department of Energy (DOE) in 2019 to create a brand-new technique for separating molybdenum-99 from other isotopes. This new technique is anticipated to be more economical and effective than conventional techniques.
Key Players:
- IBA
- Sumitomo Corporation
- Advanced Cyclotron Systems, Inc.
- Siemens Healthineers
Key Segments
By Isotopic Application:
- SPECT
- Gamma Camera
By End User:
- Hospitals
- Diagnostic Centers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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