According to Future Market Insights (FMI) projections, the global molybdenum-99 market is expected to attain a valuation of approximately USD 7.28 billion by 2033. The market, with an estimated size of USD 4.48 billion in 2023, remains one of the most frequently utilized radioisotopes in nuclear diagnostic medical procedures.
The forecast indicates a compound annual growth rate (CAGR) of 5.0% for molybdenum-99 through 2033. This growth is driven by its critical role in visualizing the structure and function of tissues, organs, bones, and systems within the body, making it indispensable in medical diagnostics.
Despite the positive growth outlook, the market faces challenges related to the procurement of molybdenum-99. The supply chain for 99Mo has recently experienced increased difficulties, impacting availability. Nevertheless, the ongoing demand and the essential role of Mo-99 in medical imaging continue to support a steady market expansion.
Challenges in 99Mo procurement stem from the closure of nuclear reactors and uncertainties surrounding operational reliability. However, heightened investments in production infrastructure and recent regulatory approvals for 99Mo and its derivatives are expected to provide substantial economic incentives for market participants.
In recent years, there has been a shift in the production of Mo-99 from reactors to sources of enriched uranium. The demand for improved safety and supply reliability, along with better cost-effectiveness and production efficiency, has driven this. Consequently, enterprises are currently producing Mo-99 using enriched uranium sources, like molybdenum-enriched uranium targets, creating 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%.
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
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.
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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
About Future Market Insights (FMI)
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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