The molybdenum-99 market sale is expected to be worth US$ 4.48 billion in 2023 and US$ 7.28 billion in 2033. The global market was initially expanding at a steady CAGR of 5.0% between 2023 and 2033.
Nuclear medicine imaging techniques are used by medical professionals all around the world to see the composition and operation of a tissue, organ, or system in the body. To help in the early and precise identification of life-threatening diseases, the healthcare sector must develop better technologies. Consequently, methods for producing molybdenum have been discovered.
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.
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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%.
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.
Key players
- IBA
- Sumitomo Corporation
- Advanced Cyclotron Systems, Inc.
- Siemens Healthineers
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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 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.
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