The molybdenum-99 market centers around the production and distribution of radioisotopes used primarily in medical imaging, particularly for the generation of Technetium-99m (Tc-99m)-a critical radioisotope used in over 80% of nuclear medicine diagnostic procedures worldwide.
Mo-99 plays an essential role in early disease detection, cardiac imaging, cancer diagnostics, and bone scans. The market is driven by rising global demand for diagnostic imaging, expansion of nuclear medicine infrastructure, and a transition to low-enriched uranium (LEU) production methods in compliance with non-proliferation goals.
In 2025, the global Mo-99 market is projected to reach approximately USD 5,166.4 million, with expectations to grow to around USD 7,744.1 million by 2035, reflecting a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period.
This growth is driven by increasing healthcare demand for nuclear diagnostics, aging populations, and government initiatives to ensure Mo-99 supply chain resilience through domestic production capabilities and accelerator-based alternatives.
Key Market Metrics
| Metric | Value |
|---|---|
| Market Size in 2025 | USD 5,166.4 Million |
| Projected Market Size in 2035 | USD 7,744.1 Million |
| CAGR (2025 to 2035) | 4.6% |
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North America has a sizeable share of the Mo-99 Market due to primary nuclear medicine capability, high per capita imaging rates and strong regulatory focus on non-proliferation.USA Investment in Domestic LEU - Based Mo-99 Production: The United States is spending a lot of taxpayers' dollars on domestic LEU - based Mo-99 production, through DOE/NNSA programs that will make the nation more dependent on foreign reactors. The region is also looking at accelerator and non-reactor-based production methods to bolster the supply chains.
Europe is a more established market, with the most advanced countries in isotope production and radiopharmaceutical innovation being France, Germany, the Netherlands, and Belgium. Fisheries, like the High Flux Reactor (HFR) in the Netherlands and Belgium’s BR2 reactor, are key global suppliers. Ensuring constant access for the national healthcare systems, the EU is providing support for sustainable Mo-99 production and transition to LEU targets.
Asia-Pacific is projected to grow at a high CAGR, owing to rising investments in nuclear medicine, increasing diagnosis of chronic disease, and expansion of radiopharmaceutical infrastructure in countries such as China, India, Japan, South Korea, and Australia. Localizing Mo-99 supply through regional production builds - like Australia’s ANSTO facility and India’s BRIT - and reducing import dependance is essential.
Challenges
Reactor Dependence and Supply Chain Vulnerability
The molybdenum-99 (Mo-99) market suffers challenges due to its dependence on old nuclear reactors, a significant portion of which are being decommissioned/ significantly requiring infrastructure upgrades. Much of global supply depends on a small number of producers, generating supply bottlenecks and geopolitical risks.
Due to the short half-life of Mo-99 (~66 hours), the transportation, distribution, and inventory of Mo-99 is challenging and can incur additional costs and waste in the event of delays. On top of all this, regulatory issues regarding nuclear waste, reactor safety and HEU (HEU) use continue to hold back growth.
Opportunities
Growth in Non-Reactor Production, Radiopharmaceutical Demand, and Technetium-99m Imaging
Mo-99 is still vital for creating Technetium-99m (Tc-99m)-used in almost 80% of all nuclear medicine diagnostic imaging examinations, especially cardiac, bone, and cancer diagnostics. Novel production techniques for Mo-99, such as accelerator-based and LEU (low enriched uranium)-based production (e.g. neutron capture, cyclotrons, linear accelerators) start to replace high neutron flux reactors.
The period from 2020 to 2024 would be marked by supply volatility resulting from shutdowns and maintenance at commercially important reactors, such as Canada’s NRU, South Africa’s SAFARI-1, and the Netherlands’ HFR. This resulted in investments in alternate production technologies, but commercial-scale ramp-up was sluggish.
Between 2025 and 2035, the market is projected to shift to decentralized, scalable, and non-reactor-based Mo-99 production, with multiple public-private partnerships already investing in LEU- and accelerator-based facilities. The global nuclear imaging market is being supported by government initiatives, increased medical isotope self-sufficiency, and the expansion of nuclear imaging infrastructure across regions, which is likely to benefit key players.
Market Shifts: A Comparative Analysis 2020 to 2024 vs. 2025 to 2035
| Market Shift | 2020 to 2024 Trends |
|---|---|
| Regulatory Landscape | HEU phase-out policies under Global Threat Reduction Initiative (GTRI) |
| Technology Innovations | Dependency on reactor-based production with aging infrastructure |
| Market Adoption | Used primarily in diagnostic imaging of cardiovascular, skeletal, and oncological conditions |
| Sustainability Trends | Focus on reducing nuclear waste and diversifying isotope sources |
| Market Competition | Dominated by NTP Radioisotopes (South Africa), IRE (Belgium), ANSTO (Australia), Curium, NorthStar Medical |
| Consumer Trends | Hospitals seek reliable Tc-99m generators, low-cost diagnostic imaging |
| Market Shift | 2025 to 2035 Projections |
|---|---|
| Regulatory Landscape | Enforcement of LEU-only Mo-99 production mandates, transport security upgrades |
| Technology Innovations | Expansion of accelerator, neutron capture, and cyclotron-based Mo-99 production |
| Market Adoption | Expanded use in precision diagnostics, rural nuclear imaging centers , and emerging markets |
| Sustainability Trends | Large-scale adoption of non-reactor isotope production with lower carbon and radiological footprints |
| Market Competition | Entry of accelerator-based Mo-99 firms, regional isotope consortia, and nuclear-pharma hybrid manufacturers |
| Consumer Trends | Demand for on-site or regional isotope generation, AI-guided nuclear imaging, and low-dose diagnostic radio pharma |
The United States molybdenum-99 market is characterized by robust and sustained growth, supported by the increasing demand for other diagnostic imaging procedures type including SPECT (Single Photon Emission Computed Tomography). Mo‐99 is necessary for production of Technetium‐99m (Tc‐99m) for use in over 80% of nuclear medicine diagnostic applications.
Growth is further fueled by efforts by the USA Department of Energy (DOE) and the National Nuclear Security Administration (NNSA) to develop domestic, non-HEU (highly enriched uranium) Mo-99 production capacities. It also hopes to scale production of its own isotope production reactors to give it autonomy over their supply.
| Country | CAGR (2025 to 2035) |
|---|---|
| USA | 4.9% |
With growth in nuclear medicine procedures driven chiefly by the NHS, particularly in the fields of oncology and cardiology diagnostics, the UK Molybdenum-99 market continues to show healthy growth. The UK is not a domestic producer of Mo-99, but strong links with European suppliers and the planned investment in radiopharmaceutical infrastructure are contributing to the advancement of supply security. Rapid adoption of SPECT/CT technologies and increasing need for reliable isotope availability is to drive the market significantly.
| Country | CAGR (2025 to 2035) |
|---|---|
| UK | 4.4% |
Countries such as the Netherlands, Belgium, and France are also some of the leading producers and suppliers of this isotope in the world, making the EU Molybdenum-99 market a strong one. EU enjoys mature nuclear medicine infrastructure along with government-backed initiatives for modernizing isotope production with low-enriched uranium (LEU).
As reactors are continuously modernized and investments in alternate production techniques like accelerator-based Mo-99 are made, supply reliability and medical isotope shortages are expected to improve.
| Region | CAGR (2025 to 2035) |
|---|---|
| EU | 4.3% |
The molybdenum-99 market in Japan is growing, driven by increasing demand for nuclear imaging in the diagnosis of cancer and cardiovascular diseases. Japan had historically relied on imported sources for Mo-99, but is seeking domestic supply solutions through use of LEU and accelerators.
Market stability is supported by government support for the expansion of nuclear medicine and the effort to reduce dependence on aging reactors. And the proliferation of private imaging centers, as well as hospital nuclear medicine departments, is driving demand.
| Country | CAGR (2025 to 2035) |
|---|---|
| Japan | 4.6% |
The molybdenum-99 market of South Korea is increasing steadily, underpinned by a robust nuclear tech foundation and governmental moves to advance the radiopharmaceutical market. The country is making investments in domestic Mo-99 production capabilities to reduce reliance on imports and increase supply security. The rise in the prevalence of lifestyle diseases in an older population with more of a focus on oncology and a strong healthcare infrastructure is bolstering demand for diagnostic imaging.
| Country | CAGR (2025 to 2035) |
|---|---|
| South Korea | 4.5% |
SPECT (Single Photon Emission Computed Tomography) imaging which has the most extensive isotopic use of Mo-99 produced Tc-99m and is the leading product in the field of nuclear medicine diagnostics worldwide. In a world of ever-evolving, non-invasive, and highly specific imaging modalities for medical professionals, SPECT shines as among the most cost-effective, clinically versatile, and with high diagnostic accuracy.
At imaging facilities, Mo-99 is transmuted into the medical isotope, Tc-99m, with a medical isotope generator. Tc-99m is used to label radiopharmaceutical agents, which are introduced into the patient’s bloodstream and target specific tissues-allowing for complementary imaging of functional processes including blood flow, metabolic activity, and tissue viability.
SPECT imaging remains a first line cardiac stress test to detect myocardial ischemia, coronary artery disease (CAD) and post-infarction tissue perfusion deficits. Mo-99-based tracers such as sestamibi and tetrofosmin allow clinicians to visualize cardiac function as it dynamic processes in real-time to help guide decisions about therapy and risk stratification.
In the field of oncology, Tc-99m-radiolabeled agents delineating radiotracers including methoxyisobutylisonitrile (MIBI) and tilmanocept to locate tumors, map sentinel lymph nodes and detect metastases. These protocols facilitate early intervention strategies, and assist the oncologist in precisely staging disease progression.
Neurological strategies are also coming up. SPECT is a useful tool in the assessment of cerebral perfusion deficits, epileptic foci, and neurodegenerative disorders, including Alzheimer’s disease and Parkinson’s disease, via imaging with Tc-99m-labeled hexamethylpropyleneamine oxime (HMPAO).
Nuclear imaging can be integrated into the clinical workflow in a hospital setting seamlessly. Patients may present for nuclear cardiology, bone scans, renal imaging or cancer staging; these Mo-99-based procedures can be performed in concert with lab work, biopsies and physician consults-simplifying diagnosis and care planning.
Mo-99-based imaging contributes to teaching programs, resident training, and clinical research in academic medical centers, which also advocate for the standard use protocols and the introduction of new radiopharmaceuticals.
And at larger hospitals which have more specialty departments, some run interdisciplinary diagnostic centers, Mo-99 powered imaging diagnostics brought radiologist, oncologist and nuclear medicine specialists together in real-time, using insights to guide interventions, surgical planning or radiation therapy.
Hospitals are currently investing in next-gen SPECT/CT systems, automated dose injectors and AI-facilitated image analysis platforms. Such technologies improve workflow, reduce image acquisition time, and enhance patient throughput-all of which are predicated on a steady supply of Mo-99-derived tracers.
Many hospitals have merged nuclear medicine departments into enterprise-wide Visit Archiving & Communication Systems PACS & RIS radiology information systems to allow seamless data exchange, remote consultation, and the working of multiple sites.
This liberates clinical use of high and low energy isotopes for broad applications throughout patient management in oncology and the fields of cardiac molecular imaging. As precision medicine matures, hospitals utilize SPECT imaging to monitor therapeutic response, assess molecular targets, and evaluate novel radiopharmaceutical uptake-all with Mo-99 support-thereby incorporating nuclear diagnostics throughout advanced oncology and cardiovascular care models.
Molybdenum-99 market is acquiring strategic vitalness on account of crucial role it plays in nuclear medicine, specifically in meeting the need of Technetium-99m (Tc-99m) - the most ordinarily utilized radioisotope for symptomatic imaging.
Mo-99 is used as a key input in SPECT scans, which are performed in cardiology, oncology, and bone imaging. The market is driven by rising demand for nuclear diagnostics, worldwide initiatives to phase out highly enriched uranium (HEU), and the growing investments in alternative, non-reactor-based production methods.
Market Share Analysis by Key Players
| Company/Organization Name | Estimated Market Share (%) |
|---|---|
| Curium Pharma | 18-22% |
| NorthStar Medical Radioisotopes | 14-18% |
| Institute for Radioelements (IRE) | 12-16% |
| ANSTO (Australian Nuclear Science and Technology Organisation) | 10-14% |
| NTP Radioisotopes (South Africa) | 8-12% |
| Others | 26-32% |
| Company/Organization Name | Key Offerings/Activities |
|---|---|
| Curium Pharma | One of the largest Mo-99 suppliers globally, operating reactor-based production and distribution across North America and Europe. |
| NorthStar Medical Radioisotopes | Pioneering non-reactor production using neutron capture and accelerator technology, targeting HEU-free domestic Mo-99 supply. |
| Institute for Radioelements (IRE) | Offers fission-based Mo-99 production, with supply chains across Europe and Asia. |
| ANSTO | Produces LEU-based Mo-99 for the Asia-Pacific and global markets, through its OPAL multi-purpose reactor. |
| NTP Radioisotopes | Supplies Mo-99 via SAFARI-1 reactor, supporting Africa, Europe, and parts of Asia. |
Key Market Insights
Curium Pharma (18-22%)
Curium leads the Mo-99 supply chain by distributing fission-produced isotopes to radio pharmacies and imaging centers, ensuring a stable North American and European footprint.
NorthStar Medical Radioisotopes (14-18%)
NorthStar is disrupting the market with accelerator-based, non-reactor Mo-99 production, supporting the USA DOE initiative to eliminate HEU dependency while ensuring onshore supply chain resilience.
IRE (12-16%)
IRE continues to supply Mo-99 from fission reactors, with a strong base in Belgium, and is investing in new LEU-based production infrastructure to align with global non-proliferation goals.
ANSTO (10-14%)
ANSTO’s OPAL reactor supports the Asia-Pacific region, supplying Mo-99 produced from low-enriched uranium (LEU) in compliance with international treaties.
NTP Radioisotopes (8-12%)
South Africa’s NTP division exports Mo-99 to multiple continents and has a history of technical partnerships and reactor collaboration in the global isotope supply network.
Other Key Players (26-32% Combined)
Several government-backed institutions, research bodies, and emerging companies are working toward decentralized, non-reactor, and sustainable Mo-99 production, including:
The overall market size for molybdenum-99 market was USD 5,166.4 million in 2025.
The molybdenum-99 market is expected to reach USD 7,744.1 million in 2035.
Rising demand for medical imaging procedures, increasing prevalence of chronic diseases, and growing use of Mo-99 in diagnostic radiopharmaceuticals will drive market growth.
The top 5 countries which drives the development of molybdenum-99 market are USA, European Union, Japan, South Korea and UK.
SPECT imaging expected to grow to command significant share over the assessment period.
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Molybdenum-99 Market
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