The molybdenum-99 (99Mo) market is projected to reach USD 7.28 billion by 2033, up from USD 4.48 billion in 2023, reflecting a steady CAGR of 5.0% over the forecast period. As one of the most widely used radioisotopes in nuclear diagnostic medical procedures, molybdenum-99 continues to play an essential role in imaging the structure and function of various tissues, organs, bones, and systems within the human body. Its demand is particularly high in positron emission tomography (PET) and single-photon emission computed tomography (SPECT), both of which are critical for early disease detection and monitoring.
The rising demand for non-invasive imaging techniques to diagnose and monitor conditions such as cancer, heart disease, and neurological disorders is a significant driver of growth for the molybdenum-99 market. With its ability to produce gamma rays, 99Mo is used to generate the molybdenum-99/technetium-99m (99mTc) generator, which is crucial for a range of medical imaging procedures. However, while the need for 99Mo continues to grow, recent challenges in procuring this vital radioisotope have impacted its availability, posing potential risks to global supply chains.
Despite these challenges, the market continues to expand, supported by ongoing innovations in radiopharmaceuticals and efforts to improve supply security. New technologies and regulatory changes are expected to improve the stability of 99Mo procurement, ensuring that the global healthcare sector can continue to rely on this critical isotope for medical diagnostics.
Key Takeaways:
- The molybdenum-99 market is projected to grow from USD 4.48 billion in 2023 to USD 7.28 billion by 2033, at a CAGR of 5.0%.
- Rising demand for nuclear diagnostics, including PET and SPECT, is fueling the growth of the market.
- The procurement challenges for molybdenum-99 have impacted its supply, but efforts are underway to stabilize availability.
- Innovations in radiopharmaceuticals and advancements in radiation technology are expected to sustain market growth and supply security.
Key Growth Drivers
- High Demand for Diagnostic Imaging: Molybdenum-99 is extensively used in nuclear medicine, particularly for diagnostic imaging procedures that visualize the structure and function of various tissues and organs.
- Increasing Prevalence of Chronic Diseases: The rising incidence of conditions such as cancer and cardiovascular diseases necessitates the use of Mo-99 in imaging techniques, thereby driving market demand.
- Technological Advancements: Innovations in radiopharmaceuticals and production methods are enhancing the efficiency and availability of Mo-99, supporting its growing use in medical applications.
Competitive Analysis
Key Players in the Molybdenum-99 Industry Seek to Achieve High Investing Capacities
The need for technologies to create Mo-99 in an efficient and secure manner is increasing, along with the demand for the substance. To address this demand, businesses in the Mo-99 production technology market are creating cutting-edge methods and procedures. To lower production costs and boost safety, businesses are also creating new technologies and procedures.
The molybdenum market continues to be consolidated. Tier 1 players make up the bulk of the share. These businesses are at the forefront of numerous clinical studies that have been published in the market since they have higher investing capacities.
Mid-level players, too, are witnessing scope for expansion. In the coming years, the market is likely to see an immense focus on strengthening portfolios among the companies. Besides this, many of them also focus on the expansion of their footprint worldwide.
The key intent behind their strategies is to gain a competitive advantage. It is, therefore, a little surprising to witness investment towards research and development activities. Also, strategic collaborations are likely to become more common in the near future.
- GE Healthcare signed an agreement with HealthTrust to supply radiopharmaceuticals in March 2017. It is, therefore, evidence that the company is focusing on boosting its supply via partnership agreements.
- Curium Pharmaceuticals meanwhile acquired MAP Medical Technologies Oy, which is a radiopharmaceuticals company, in December 2019. The company intends to expand its footprint via this acquisition.
Key players
- IBA
- Sumitomo Corporation
- Advanced Cyclotron Systems, Inc.
- Siemens Healthineers
Full Report Revealed
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
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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