The molybdenum-99 market is predicted to be worth US$ 4.48 billion in 2023 and rise to US$ 7.28 billion by 2033. Initially, the global market was expanding at a steady CAGR of 5.0% between 2023 to 2033.
Doctors globally utilize nuclear medicine imaging techniques to visualize the structure and functionality of a tissue, organ, or system within the body. It is imperative that the healthcare industry create better technologies to aid in the early and accurate diagnosis of life-threatening diseases. As a result, molybdenum production techniques have come to light.
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There has been a shift in recent years away from producing Mo-99 in reactors and towards doing so from sources of enriched uranium. This has been motivated by the need for enhanced production efficiency and cost-effectiveness, as well as increased safety and supply reliability. As a result, businesses are now generating Mo-99 from sources of enriched uranium, such as molybdenum-enriched uranium targets, opening up new markets for the isotope.
Key Takeaways
- By 2033, the United States is likely to dominate the molybdenum-99 market, with a size of US$ 3,103.4 million.
- The molybdenum-99 market was significantly expanding, with a size of US$ 4.25 billion in 2022.
- There is a market opportunity of US$ 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 US$ 407 million.
- By 2033, the molybdenum-99 sector is likely to increase in Canada, with a size of US$ 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 US$ 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
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Key Segments
By Isotopic Application:
- SPECT
- Gamma Camera
By End User:
- Hospitals
- Diagnostic Centers
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified 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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