Global Molybdenum-99 Market Set for Significant Growth, Projected to Reach USD 7.28 Billion by 2033

Molybdenum-99 Market
Molybdenum-99 Market

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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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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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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