Molybdenum-99 Market
Number of pages: 100 | Report Format: PDF | Published date: May 15, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 3.9 billion |
|
Revenue Forecast in 2031 |
US$ 5.95 billion |
|
CAGR |
4.8% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Application, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global Molybdenum-99 market was valued at US$ 3.9 billion in 2022 and is expected to register a revenue CAGR of 4.8% to reach US$ 5.95 billion by 2031.
Molybdenum-99 Market Fundamentals
Molybdenum-99 (Mo-99) is a radioisotope with a half-life of 66 hours, which is used as a parent isotope to generate technetium-99m (Tc-99m), a commonly used medical isotope for diagnostic imaging. Mo-99 is produced by irradiating a target material, typically uranium-235 or low-enriched uranium, in a nuclear reactor. After the target material is irradiated, it is processed to extract the Mo-99, which is then shipped to radiopharmaceutical companies or nuclear pharmacies that use it to produce Tc-99m generators. Tc-99m is used in various medical diagnostic procedures, including bone scans, cardiac stress tests, and imaging of the brain, liver, and other organs.
The research study on the molybdenum-99 market overview thoroughly analyzes the market, along with the aspects that either help or hinder the market's growth, such as its drivers, challenges, and opportunities. The research also discusses the list of businesses that operate in this market and their efforts to establish themselves as major players through expansion plans and innovative ideas. It also emphasizes current events that support the market's revenue expansion.
This report is an important tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide an in-depth molybdenum-99 market forecast to the industry stakeholders.
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Molybdenum-99 Market Dynamics
The demand for diagnostic imaging procedures is increasing due to an aging population, rising incidence of chronic diseases, and advances in medical technology. According to a 2022 WHO article, chronic disease kills 41 million people yearly, accounting for 74% of all deaths globally. Wherein cardiovascular illnesses account for the majority of chronic disease mortality (17.9 million per year), followed by malignancies (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million, including diabetes-related kidney disease deaths). This has led to an increased demand for Tc-99m, which is used in the majority of diagnostic imaging procedures. The production of Mo-99 is a complex process that involves nuclear reactors, and there has been a trend toward developing more efficient and cost-effective production methods. Due to their radioactive nature, strict regulations govern the production and distribution of Mo-99 and Tc-99m. In recent years, there have been efforts to harmonize regulations across different regions and improve supply chain transparency to ensure these isotopes' safe and reliable distribution. The majority of Mo-99 is produced in a few key regions, including Europe, North America, and Australia. Geopolitical factors such as trade policies, supply chain disruptions, and geopolitical tensions can impact the availability and distribution of Mo-99 and Tc-99m. Many companies in the Mo-99 and Tc-99m markets are forming partnerships and collaborations to improve production and distribution efficiency, reduce costs, and develop new technologies. For example, there are collaborations between nuclear companies, radiopharmaceutical companies, and government agencies to improve supply chain reliability and develop new production methods. For instance, in August 2022, NRG and Curium signed a contract to develop molybdenum-99 (Mo-99) at the High Flux Reactor (HFR) in Petten in the Netherlands.
The production of Mo-99 is complex and expensive, requiring specialized facilities and nuclear reactors. The high production costs can limit the availability of Mo-99 and increase the cost of associated medical procedures. The majority of Mo-99 is produced in a few key regions, and disruptions in the supply chain, regulatory issues, or geopolitical tensions can impact its availability. This can lead to shortages and delays in medical procedures that rely on Mo-99. Mo-99 has a short half-life of around 66 hours, which requires a steady supply of the isotope to be produced and distributed on a regular basis. This can be challenging to maintain, particularly during unexpected disruptions in the supply chain. Alternative isotopes can be used for medical imaging, such as Gallium-68 and Fluorine-18, which are produced using different methods. As these alternative isotopes become more widely available and cost-effective, they may compete with Mo-99 and Tc-99m. Moreover, the production and distribution of Mo-99 and Tc-99m are tightly regulated due to their radioactive nature. There are strict regulations governing the transportation, handling, and disposal of these isotopes, which can increase the cost and complexity of the supply chain. The production of Mo-99 generates radioactive waste, which must be handled and disposed of safely. There are ongoing efforts to develop more sustainable production methods and reduce the environmental impact of Mo-99 production.
Molybdenum-99 Market Ecosystem
Molybdenum-99 Market, Application
Molybdenum-99 Market, by End User
Molybdenum-99 Market by Indication
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Gamma cameras dominate the global molybdenum-99 market and are expected to grow at a revenue CAGR of 2.9% from 2023 to 2031. The growth of this segment is attributed to the large usage of imaging devices for procedures that require technetium-99m, which is produced from molybdenum-99. Gamma cameras are specialized devices that detect gamma rays emitted by radioactive isotopes, such as technetium-99m. Gamma cameras are widely available in medical facilities worldwide, making them a convenient option for imaging procedures that require technetium-99m. Gamma cameras can be used for a wide range of imaging procedures, including bone scans, cardiac stress tests, and imaging of the brain, liver, and other organs. Imaging procedures using gamma cameras are non-invasive and do not require surgical incisions or invasive procedures. Gamma cameras are highly sensitive and can detect small amounts of radioactive isotopes, making them useful for imaging procedures that require high-resolution images. Gamma cameras have been in use for several decades, and a large body of research and clinical experience supports their use for medical imaging procedures.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as application, and end user. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps in identifying potential molybdenum-99 market growth opportunities.
Molybdenum-99 Market by Region
The global molybdenum-99 market has been segmented based on region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominates the global molybdenum-99 market due to several factors, including the high prevalence of chronic diseases, well-established healthcare infrastructure, and advanced medical technology. North America has a high prevalence of chronic diseases such as cancer, heart disease, and neurological disorders, which require medical imaging procedures that rely on Mo-99. North America has a well-established healthcare infrastructure, including hospitals, clinics, and diagnostic centers, with advanced medical imaging equipment and facilities. North America has a strong regulatory framework for medical devices and healthcare services, ensuring the safety and efficacy of Mo-99-based imaging procedures. North America is home to some of the world's leading medical device manufacturers and healthcare technology companies, which have developed advanced imaging technologies that rely on Mo-99. The reimbursement policies in North America favor medical imaging procedures, making Mo-99-based imaging procedures more accessible and affordable for patients.
Based on the regions, the global molybdenum-99 market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding the molybdenum-99 market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Competitive Landscape
The prominent players operating in the molybdenum-99 market are:
Strategic Developments
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report
Molybdenum-99 (Mo-99) is a radioisotope with a half-life of 66 hours, which is used as a parent isotope to generate technetium-99m (Tc-99m), a commonly used medical isotope for diagnostic imaging.
North America accounts for the largest revenue share in the global molybdenum-99 market.
The global molybdenum-99 market is estimated to grow at a revenue CAGR of 4.8% from 2023 to 2031
The aging population, rising incidence of chronic diseases, and advances in medical technology are prominent trends in the global molybdenum-99 market.
Growth in awareness and demand for diagnostic imaging procedures is a major opportunity in the global molybdenum-99 market.
Complex and expensive production of Mo-99 and stringent regulatory policies are the major restraining factors hamper the overall market growth.
Some notable players include Curium Company, Eckert & Ziegler Holding Company, Shine Medical Technologies, NTP Radioisotopes SOC Ltd., North Star Medical Radioisotopes LLC, and JSC Isotope are the major market players in the global molybdenum-99 market.
The Gamma Camera segment accounts for a significant revenue share in the global market.
Europe accounts for the second-largest molybdenum-99 market size during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain