The rising incidence of non-communicate diseases is creating scope for novel and advanced imaging technologies. There is immense scope for technologies that offer non-invasive yet precise diagnosis of various types of cancer and cardiovascular ailments. Future Market Insights (FMI) sees the prevailing trends to be highly favorable for the expansion of molybdenum-99 market.
Technetium-99m derived from molybdenum-99 (99Mo) is a key isotope used in radionuclide imaging. It is a part of the technology that non-invasively diagnoses regional metabolic and physiologic processes such as blood flow in the heart to zero down on the affected organ or tissue.
Molybdenum-99 is therefore used as radioisotope in various nuclear medicine diagnostic procedures. With several leading healthcare organizations intending to up their research and development initiatives, the 99Mo is expected to grow considerably in the coming years.
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FMI in a recent study has projected the market to rise at a CAGR of 5.2% between 2020 and 2030. The rising willingness among patients and their families to spend on advanced healthcare will bode well for the market. Additionally, government support in the form of favorable reimbursement policies will create lucrative prospects for growth in the coming years.
FMI identifies various growth drivers and restraints impacting the market’s trajectory in its recent study. The report is intended to evaluate the scope for expansion and investment feasibility in the market. Some of the key takeaways from the report are:
The market is estimated to be valued at US$ 3.2 billion by the end of 2020Supply constraints and looming closure of reactors across various locations are posing threat to growthAmong hospitals and diagnostic centers, the former is expected to account for the maximum revenue generated in the marketNorth America is expected to remain dominant through the forecast periodAmong applications, SPECT segment will hold dominant share in the marketImpact of COVID-19 on Market
The market for molybdenum-99 is already reeling under inadequate supply. Supply-chain disruptions are not new to the market and the unprecedented pandemic outbreak has only worsened prospects for the market’s growth in 2020.
Lockdown orders enforced across the world have caused significant disruptions in production. Partial and complete lockdown followed in the last couple of months have put a serious dent on the global GDP growth.
The negative impact of the same is felt on the molybdenum-99 market as well. North America and South Asia markets will be more hampered. Recovery however is on cards especially once the novel coronavirus passes and economies start focusing on healthcare concerns other than COVID-19.
Who is winning?
The market has a consolidated vendor landscape. Tier-1 companies primarily boast dominance. Companies operating in the market primarily focus on research and development initiatives. Besides this, some of them are investing their resources in strategic collaborations and acquisitions to gain competitive advantage.
Other companies such as Advanced Cyclotron Systems, Inc. are focusing on research and development initiatives and establishing facilities in compliance with Good Manufacturing Practices.
Some of the companies profiled in the report are GE Healthcare, IBA, Sumitomo Corporation, Advanced Cyclotron Systems, and Siemens Healthineers.
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