The global molybdenum-99 market is on track for significant growth, with a projected value of US$7.28 billion by 2033 according to a recent forecast by Future Market Insights (FMI). This represents a Compound Annual Growth Rate (CAGR) of 5.0% from 2023. Mo-99 remains one of the most widely used radioisotopes in nuclear medicine diagnostic procedures.
The market growth is driven by the crucial role Mo-99 plays in visualizing the structure and function of various tissues, organs, bones, and systems within the human body. This vital information aids in early and accurate diagnosis of various medical conditions.
However, the market faces a current challenge: securing a reliable supply of Mo-99. Recent reactor shutdowns and uncertainties regarding consistent operating conditions have caused supply disruptions.
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Despite these hurdles, the market offers promising opportunities:
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Increased Investment in Production Infrastructure: Growing investments in Mo-99 production infrastructure are anticipated to address supply concerns and ensure greater stability.
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Economic Incentives for Market Players: Recent approvals for Mo-99 and derived products provide substantial economic incentives for market participants, encouraging further innovation and market expansion.
Focus on Quality and Regulatory Compliance: While innovation is crucial, any new processes must undergo rigorous licensing and quality control measures to ensure they meet existing standards and maintain patient safety.
Key Takeaways
● By 2033, the United States is likely to dominate the molybdenum-99 market, with a size of US$ 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
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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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