Market Overview
Global Iodine-131 market was valued at USD 1,859.21 thousand in 2023 and is projected to reach USD 2,578.25 thousand by 2030, growing at a CAGR of 5.06% from 2024 to 2030.
North America is expected to grow from USD 653.88 thousand in 2023 to USD 891.04 thousand by 2030, with a CAGR of 4.78%.
Asia-Pacific market is projected to grow from USD 477.07 thousand in 2023 to USD 677.56 thousand by 2030, at a CAGR of 5.46%.
Iodine-131 (I-131) is a radioactive isotope extensively used in nuclear medicine, particularly in diagnosing and treating thyroid-related disorders such as hyperthyroidism and thyroid cancer. Produced in nuclear reactors, I-131 emits radiation as it decays and is known for its targeted therapeutic effects.
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Top Companies in Iodine-131 Market
Jubilant DraxImage
NTP
IRE - IRE ELiT
Isotope JSC
Nordion
POLATOM
In 2023, the top three companies held approximately 61.93% of total market revenue, highlighting a consolidated market landscape.
Market Segmentation
By Type
Solution
Capsule
By Application
Medical Use
Industrial Use
Production by Region
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
Consumption by Region
North America (U.S., Canada)
Asia-Pacific (China, Japan, South Korea, Southeast Asia, India)
Europe (Germany, France, U.K., Italy, Russia, Rest of Europe)
Latin America (Mexico, Brazil, Rest of Latin America)
Middle East & Africa (Turkey, GCC Countries)
Market Drivers
Rising Incidence of Thyroid Disorders
The global rise in thyroid-related illnesses is driving the demand for Iodine-131 in both diagnostic imaging and therapeutic treatments.
Advancements in Nuclear Medicine
Technological advancements like PET/CT and SPECT/CT have improved precision, increasing the adoption of I-131.
Increased Adoption of Targeted Therapy
I-131 provides targeted treatment by selectively accumulating in thyroid tissues, reducing side effects and enhancing efficacy.
Growing Geriatric Population
The aging global population, more susceptible to thyroid conditions, contributes significantly to rising demand.
Government Support and Healthcare Investments
Investments in healthcare infrastructure and supportive policies for cancer treatment further propel market expansion.
Expanding Role in Non-Thyroid Applications
New research is uncovering I-131’s potential in treating non-thyroid cancers, widening the application base.
Market Restraints
Strict Regulatory Frameworks
Handling radioactive materials involves navigating stringent international and regional safety regulations.
Short Half-Life of Iodine-131
With a half-life of only 8 days, logistical and distribution challenges limit availability in remote regions.
High Production Costs
Sophisticated equipment and safety protocols increase production costs, affecting affordability.
Side Effects and Health Risks
Though effective, I-131 may cause nausea, fatigue, and radiation exposure risks, reducing patient preference in certain cases.
Competition from Alternative Therapies
Non-radioactive treatments like molecular and immunotherapy present competition in specific indications.
Market Opportunities
Rising Demand in Emerging Markets
Asia-Pacific, Latin America, and Africa are witnessing growth in healthcare infrastructure and nuclear medicine facilities.
Development of Advanced Radioisotope Production Techniques
Enhanced production methods improve supply consistency and reduce operational costs.
Integration of AI in Nuclear Medicine
AI is improving diagnostic accuracy and personalizing treatment plans, boosting clinical outcomes with I-131.
Expansion into Veterinary Medicine
Growing usage in veterinary oncology for conditions like feline hyperthyroidism adds a new growth avenue.
Collaborations Between Academia and Industry
Joint R&D initiatives drive innovation, leading to new formulations and expanded applications.
Focus on Sustainable Practices
Efforts toward eco-friendly production and waste management systems increase sustainability and market attractiveness.
Market Challenges
Global Supply Chain Disruptions
Reliance on specialized production facilities makes the market vulnerable to supply shocks from geopolitical issues or natural disasters.
Lack of Infrastructure in Developing Regions
Many regions lack necessary infrastructure like radiopharmacies and nuclear reactors to utilize I-131 efficiently.
Radiation Safety Concerns
Public perception and professional safety concerns surrounding radiation use may limit adoption.
Competition from Other Isotopes
Alternatives like Lutetium-177 and Yttrium-90 are gaining attention for certain cancers, diverting market share.
Complex Licensing and Compliance Processes
Navigating global compliance standards and obtaining licenses can be time-consuming and resource-intensive, delaying market expansion.
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