According to FMI projection, the molybdenum-99 market could reach a value of USD 7.28 billion. With a forecast market size of USD 4.48 billion in 2023, it continues to be one of the radioisotopes that are most frequently utilized in nuclear diagnostic medical operations.
In response to the need for molybdenum-99 to visualize the structure and function of a tissue, organ, bone, or system within the body, a CAGR of 5.0% is projected by 2033. The global Y-o-Y growth for the molybdenum-99 is currently estimated at a little below 5%. However, recently procuring 99Mo has become increasingly difficult.
Various factors are responsible for this, including the shutting down of some nuclear reactors and uncertainties pertaining to reliable operating conditions. Nonetheless, increasing investment in production infrastructure and recent approvals of 99Mo and products derived from it offers substantial economic incentives to the market players.
Innovations are on the cards. However, any new processes with possibilities of influencing product quality in comparison to the existing counterparts must be licensed and demonstrated to realize their market potential.
| Attributes | Details |
|---|---|
| Molybdenum-99 Market CAGR (2023 to 2033) | 5.0% |
| Molybdenum-99 Market Size (2023) | USD 4.48 billion |
| Molybdenum-99 Market Size (2033) | USD 7.28 billion |
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The rising penetration of radio-therapeutics is expected to be the chief driver of the global market. Radiotherapeutics is already touted as the next wave in medicine, accounting for nearly 13% of the nuclear medicine market.
As a result of the increasing incidence of prostate and bone cancers, the demand for effective treatment and innovation in medicine is at an all-time high. This is also the primary reason driving investment in radio therapeutics, which has augured well for the molybdenum-99 sector.
Studies suggest that prostate cancer is the second-leading cause of cancer-related deaths in the United States. Despite a significant reduction in fatality in the last couple of years, the disease has continued to cost precious human lives despite advancements in screening methods and treatment.
Penetration of radio-therapeutics is therefore considered a path-breaking move in the cancer diagnostic market. The launch of molybdenum-99 for the treatment of bone and prostate cancer is therefore considered an indispensable move in the medical world.
In the coming years, greater discoveries are on the card, especially as leading players continue investing in advancements. For instance, the demand for effective treatment of tumors impelled the launch of novel radiotherapeutics by GE Healthcare.
Molybdenum-99 usage in nuclear power plants is predicted to increase, along with expanding interest in nuclear energy, and the CAGR remains steady, which is 5% for both time periods. In 2022, the market had a valuation of USD 4.25 billion.
This is primarily attributed to the need for capacity expansion. While the current supply of 99Mo is considered sufficient to meet global demand, changing the supply chain might result in severe shortages. This can adversely impact the delivery of medical care.
Technetium-99m obtained from 99Mo is one of the primary isotopes used in radionuclide medical imaging. It helps in noninvasively evaluating regional metabolic and psychological processes, such as cardiac blood flow, to localize the affected tissue or organ.
During the forecast period, the market is anticipated to be driven by increased demand for molybdenum-99 generators from nations in the Asia Pacific region and an increase in the number of nuclear medicine facilities. As a result, the molybdenum 99 generator market is also expanding significantly. Despite this, a number of initiatives lead the market to make an absolute dollar opportunity of USD 253 million during the forecast period. Such initiatives are:
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Use of Molybdenum-99 in Managing Non-communicable Diseases
The demand for molybdenum-99 is rising in response to the increasing incidence of various non-communicable diseases, such as cancer and cardiovascular ailments.
As opposed to communicable diseases witnessed in underdeveloped countries, communicable diseases are primarily byproducts of an aging population, unhealthy and stressful life, and increasing life expectancy. Treatment of non-communicable diseases is often time-consuming and very complicated. A delay in diagnosis can further complicate a patient’s condition.
As a result of these factors, radio-therapeutics are increasingly adopted. Investment, too, is on the cards, especially since healthcare institutions are looking at offering improved patient care through precise diagnosis and accurate treatment.
Social and economic transformation in high-potential pockets has been creating a strong foundation for healthcare developments to happen. Improvement in living standards and per-capita income has made people more willing to spend on advanced treatment, creating a conducive environment for the growth of the 99Mo market.
Demand for molybdenum supplements has increased as a result of increased consumer health consciousness and growing awareness of healthy living. Molybdenum supplements market share in the molybdenum-99 market is projected to be between 10% and 15%.
The availability of technetium-99m or 99mTc is dependent on the production and supply of 99Mo from a limited number of nuclear reactors located around the world. Leading ones are close to shutting down, which has been leading to production disruption.
The looming closure of aged reactors or extended shutdowns for planned and unplanned maintenance works have been disrupting the market’s supply chain for the last couple of years.
With this, the demand for alternative imaging modalities has gained momentum, creating significant bottlenecks for the market. As a result of the anticipated shortage in the near future, healthcare institutions are shifting to PET, SPECT, and other imaging modalities, denting future prospects for the market.
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A large share of the global supply of molybdenum-99 is derived from irradiating targets, which is a solid plates containing aluminum-clad uranium found across seven reactors located in Canada, Australia, Europe, and South Africa.
| Country | United States |
|---|---|
| Market CAGR (2017 to 2022) | 4.9% |
| Absolute Dollar Growth | USD 106.5 million |
| Country | China |
|---|---|
| Market CAGR (2017 to 2022) | 6.9% |
| Absolute Dollar Growth | USD 10.6 million |
| Country | Canada |
|---|---|
| Market CAGR (2017 to 2022) | 5.8% |
| Absolute Dollar Growth | USD 13.8 million |
| Country | Germany |
|---|---|
| Market CAGR (2017 to 2022) | 5.0% |
| Absolute Dollar Growth | USD 9.2 million |
| Country | United Kingdom |
|---|---|
| Market CAGR (2017 to 2022) | 4.9% |
| Absolute Dollar Growth | USD 8 million |
Future Market Insights (FMI) finds that the capacity of supply has been significantly affected since Canada stopped production towards the end of October 2016. Current efforts are therefore dedicated to increasing the supply by expanding existing production overseas.
This issue is solved by the presence of a sophisticated healthcare network, constituting hospitals and diagnostic centers with state-of-the-art infrastructure that has been of support as well. The United States is likely to dominate the market with a 4.3% CAGR and a valuation of USD 3,103.4 million by 2033.
The region's growth is backed by high demand in the United States, coupled with the country’s favorable healthcare reimbursement policies.
Governments in North America often extend support via managed care plans and comprehensive healthcare support. Spurred by this, the demand for 99Mo is considerably high in North America. Canada is likely to account for a 6.4% CAGR and a valuation of USD 355 million by 2033.
Europe, too has emerged as a lucrative market for molybdenum-99. Between 2023 and 2033, the Europe market is forecast to exhibit steady growth. The rising demand from countries such as Germany, the United Kingdom, France, and Spain has been crucial in enabling growth in the Europe market.
Besides favorable reimbursement policies, a focus on innovations to offer better healthcare facilities is driving growth in the United Kingdom. The market is aided by the presence of sophisticated healthcare infrastructure. The market is likely to be worth USD 245.5 million and has a CAGR of 3.8% by 2033 as a result of steadily expanding demand from hospitals and diagnostic centers.
By 2033, Germany is likely to provide the most to Europe's total value-USD 407 million. The demand in the nation is extremely strong, and the trend is not expected to change in the upcoming years. Also, the presence of several top businesses supports the growth being experienced in the area.
China’s rising investment in healthcare development and strengthening research and development initiatives bode well for the market. Penetration of advanced healthcare technologies is rising, which works in favour of growth in the region. However, a lack of trained professionals and poor healthcare facilities have been creating bottlenecks to growth in certain under-developed pockets.
The use of private healthcare is increasing in countries such as India. In fact, studies report remarkable growth in this sector since 2000. Additionally, insurance support extended by various government and non-government providers has been supporting patients and their families, encouraging them to spend on advanced healthcare.
In South Asia, too, hospitals have emerged as a more attractive segment than diagnostic centers. Demand from countries such as India, Thailand, Indonesia, and Malaysia supports the expansion of the market in the region.
| Segment | Isotopic Application |
|---|---|
| Top Segment | Gamma Camera |
| Market CAGR (2017 to 2022) | 4.1% |
| Market CAGR (2023 to 2033) | 3.1% |
| Segment | End Users |
|---|---|
| Top Segment | Hospitals |
| Market CAGR (2017 to 2022) | 5.3% |
| Market CAGR (2023 to 2033) | 4.9% |
Based on Isotopic Application: Due to the growing usage of gamma cameras for medical imaging, such as for the diagnosis of cancer, cardiovascular diseases, and neurological disorders, this segment is anticipated to take the lead by 2033.
Based on End User: hospitals account for the leading share in the global market. Hospitals remain dominant, especially due to the rising healthcare spending recorded across the world.
Key Players in the Molybdenum-99 Industry Seek to Achieve High Investing Capacities
The need for technologies to create Mo-99 in an efficient and secure manner is increasing, along with the demand for the substance. To address this demand, businesses in the Mo-99 production technology market are creating cutting-edge methods and procedures. To lower production costs and boost safety, businesses are also creating new technologies and procedures.
The molybdenum market continues to be consolidated. Tier 1 players make up the bulk of the share. These businesses are at the forefront of numerous clinical studies that have been published in the market since they have higher investing capacities.
Mid-level players, too, are witnessing scope for expansion. In the coming years, the market is likely to see an immense focus on strengthening portfolios among the companies. Besides this, many of them also focus on the expansion of their footprint worldwide.
The key intent behind their strategies is to gain a competitive advantage. It is, therefore, a little surprising to witness investment towards research and development activities. Also, strategic collaborations are likely to become more common in the near future.
The Molybdenum-99 Market value reaches USD 4.48 billion in 2023.
The Molybdenum-99 Market is anticipated to surpass USD 7.28 billion by 2033, recording a CAGR of 5%.
The demand for molybdenum-99-based medical imaging methods is the main trend in the molybdenum-99 market.
The Molybdenum-99 Market discovers profitable prospects within Asia Pacific.
Key Molybdenum-99 Market players are Mallinckrodt, Nordian, IsoRay.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Production by Highly Enriched Uranium 5.2. Production by Non-Highly Enriched Uranium 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Medical 6.2. Scientific Research 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. South Asia 7.5. East Asia 7.6. Oceania 7.7. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Curium Company 17.2. Eckert & Ziegler Holding Company 17.3. Shine Medical Technologies 17.4. NTP Radioisotopes SOC Ltd. 17.5. North Star Medical Radioisotopes LLC 17.6. JSC Isotope 17.7. ANSTO 17.8. Lantheus Medical Imaging Inc. 17.9. IRE ELIT 17.10. Niowave Inc. 18. Assumptions & Acronyms Used 19. Research Methodology
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Molybdenum-99 Market
