Molybdenum-99 Market Share 2023 to 2033 | By Sumitomo, Advanced Cyclotron Systems, IBA, Siemens Healthineers

The global Molybdenum-99 market size is estimated to be worth US$ 4.48 billion in 2023 and US$ 7.28 billion by 2033. Initially, the global market was expected to grow at a 5.0% CAGR between 2023 and 2033.

Doctors all over the world utilise nuclear medicine imaging techniques to see the structure and functionality of a tissue, organ, or system within the body. Better technology must be developed in the healthcare business to aid in the early and accurate diagnosis of life-threatening diseases. As a result, new methods of manufacturing Molybdenum have emerged.

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There has been a movement in recent years away from producing Mo-99 in reactors and towards producing it from enriched uranium sources. This was driven by the need for enhanced manufacturing efficiency and cost-effectiveness, as well as increased safety and supply reliability. As a result, companies are already generating Mo-99 from enriched uranium sources such as Molybdenum-enriched uranium targets, which opens up new markets for the isotope.

Key Takeaways

• With a market size of US$ 3,103.4 million, the United States is predicted to dominate the Molybdenum-99 market by 2033.
• The market for Molybdenum-99 was quickly expanding, with an estimated value of $4.25 billion in 2022.
• The necessity to address the noncommunicable disease has created a business opportunity worth US$ 253 million.
• China’s GDP is predicted to develop at a robust 7.7% CAGR by 2033.
• Germany’s Molybdenum-99 market is estimated to reach US$ 407 million by 2033.
• The Canadian Molybdenum-99 sector is predicted to develop to US$ 255 million by 2033.
• By 2033, the United Kingdom’s expansion is predicted to increase at a sufficient CAGR of 3.8%.
• The gamma camera segment lead the market CAGR of 3.1% by 2033 based on isotope application.
• Hospitals continue to lead the sector in terms of end users, with a CAGR of 4.9% during the predicted period.

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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.

Recent Developments

• The Nuclear Regulatory Commission (NRC) of the United States approved a new policy in 2019 that allows makers of medical isotopes to use reactors without NRC licences. This new rule is expected to cut the price of Molybdenum-99 due to the usage of reactors exempt from tight NRC requirements.
• Many new providers entered the Molybdenum-99 market in 2019, including Nordion, NTP Radioisotopes, and the Australian Nuclear Science and Technology Organisation. The arrival of these new providers is expected to increase market competitiveness and aid in price reduction.
• The US Department of Energy (DOE) awarded Argonne National Laboratory a US$ 25 million contract in 2019 to develop a brand-new technique for extracting Molybdenum-99 from other isotopes. This new process is expected to be more cost-effective and efficient than traditional methods.

Key players

• IBA
• Sumitomo Corporation
• Advanced Cyclotron Systems, Inc.
• Siemens Healthineers

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Key Segments

By Isotopic Application:

• SPECT
• Gamma Camera

By End User:

• Hospitals
• Diagnostic Centers

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