The global molybdenum-99 (99Mo) market is poised to grow from an estimated USD 4.48 billion in 2023 to USD 7.28 billion by 2033, with a compound annual growth rate (CAGR) of 5.0%. As one of the most frequently utilized radioisotopes in nuclear diagnostic medical operations, molybdenum-99 is integral for visualizing the structure and function of tissues, organs, bones, and systems within the human body.
Despite its crucial role in diagnostics, the procurement of 99Mo has faced challenges in recent years due to the shutdown of some nuclear reactors and uncertainties surrounding operating conditions. These disruptions have heightened concerns over reliable supply chains, emphasizing the need for advancements in production infrastructure.
On a positive note, increased investments and recent regulatory approvals of molybdenum-99 and its derivative products are creating substantial economic opportunities for market players. These developments aim to enhance production capabilities and address supply concerns, ensuring the continued availability of this essential isotope for medical diagnostics.
A Detailed Full Report – https://www.futuremarketinsights.com/reports/molybdenum-99-market
Key Takeaways:
- The molybdenum-99 market is expected to grow at a 5.0% CAGR, reaching USD 7.28 billion by 2033.
- Rising demand for nuclear diagnostic procedures is driving the utilization of molybdenum-99 in healthcare.
- Supply chain challenges due to reactor shutdowns and operational uncertainties pose obstacles to procurement.
- Increased investments in production infrastructure and recent approvals of 99Mo-related products offer promising opportunities for market growth.
Growth Drivers
- Increased Demand for Medical Imaging:
- Molybdenum-99 is essential for producing technetium-99m, a key radioisotope used in over 80% of nuclear medicine procedures, primarily for imaging organs and diagnosing conditions like cancer and heart disease.
- Investment in Production Infrastructure:
- There is a growing investment in the production facilities for Mo-99, driven by the need to ensure a stable supply amidst recent challenges in procurement.
- Technological Innovations:
- Ongoing advancements in production techniques and the development of new applications for Mo-99 are expected to enhance market growth.
- Global Health Initiatives:
- Increased healthcare spending and initiatives aimed at improving diagnostic capabilities are propelling the demand for Mo-99.
Challenges
- Supply Chain Issues:
- The shutting down of some nuclear reactors and uncertainties regarding operational reliability have made procuring Mo-99 increasingly difficult, which could impact availability.
Regional Insights
- North America: Expected to dominate the market due to favorable healthcare reimbursement policies and high demand for medical imaging.
- Asia-Pacific: Anticipated to show significant growth driven by increasing healthcare investments and the expansion of nuclear medicine facilities.
Key players
- IBA
- Sumitomo Corporation
- Advanced Cyclotron Systems, Inc.
- Siemens Healthineers
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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