Molybdenum-99 Market Gears Towards a US$ 7.28 Billion Horizon by 2033-FMI Projection

According to projections, the molybdenum-99 market will be valued US$ 4.48 billion in 2023 and US$ 7.28 billion in 2033. Between 2023 and 2033, the global market was initially growing at a consistent CAGR of 5.0%.

Doctors globally utilize nuclear medicine imaging techniques to visualize the structure and functionality of a tissue, organ, or system within the body. It is imperative that the healthcare industry create better technologies to aid in the early and accurate diagnosis of life-threatening diseases. As a result, molybdenum production techniques have come to light.

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.

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 5000 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

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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