Global Iridium-192 Market Size By Type (High Purity Iridium-192, Normal Purity Iridium-192), By Application (Medical, Industry, Scientific Research), By Geography Scope And Forecast

Iridium-192 Market Size And Forecast

Iridium-192 Market size is growing at a moderate pace with substantial growth rates over the last few years, and is estimated that the market will grow significantly in the forecasted period i.e.2024 to 2031.

The increasing application of Iridium-192 across various end-use industries is one of the significant factors which is boosting the growth of the market. The Global Iridium-192 Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Iridium-192 Market Definition

Iridium-192 is a manmade radioactive isotope of iridium that is formed from nonradioactive iridium metal in a nuclear reactor. It is a silvery-white, shiny, very dense metal that will not rust when exposed to natural elements. It emits gamma rays and has a half-life of 74 days. Iridium-192 is used in medicine in the form of tiny seeds, each about the size of a grain of rice. For industrial application, industrial gauges hold pencil-like metal sticks of solid Iridium-192 or small pencil-like tubes that contain pellets of Iridium-192.

High specific activity coupled with small focal spot sizes makes Iridium-192 the preferred choice for most gamma radiography applications. The practical working thickness range in nickel, copper, or steel alloys for Iridium-192 is commonly accepted as 0.8 in-2.5 in (12-63 mm), which may vary depending on the sensitivity requirement and imaging methodology.

Global Iridium-192 Market Overview

The increasing application of Iridium-192 across various end-use industries is one of the significant factors which is boosting the growth of the market. A growing market exists for the radioactive isotope Iridium-192, is typically used for radiographing pipelines, rigs, and other civil engineering structures. The irradiation source is placed inside the body, which is called brachytherapy. There is a rising demand for Iridium-192 in medical applications. For instance, according to the World Nuclear Association, over 40 million nuclear medicine procedures are performed each year, and demand for radioisotopes is increasing at up to 5% annually. For medical applications, Iridium-192 is the most commonly used to fight cancer cells.

However, the adverse health impact of Iridium-192 is one of the key factors which could hinder the growth of the market over the forecast period. Exposure to Iridium-192 can cause cancer, owing to its high-energy gamma radiation. In addition to this, external exposure to Iridium-192 can cause acute radiation sickness, burns, and even death. Growing research and development activities in the Iridium-192 industry are anticipated to offer various growth opportunities over the forecast period.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Iridium-192 Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the global Iridium-192 Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Global Iridium-192 Market Segmentation Analysis

The Global Iridium-192 Market is Segmented on the basis of Type, Application, And Geography.

Iridium-192 Market, By Type

• High Purity Iridium-192
• Normal Purity Iridium-192

Based on Type, the market is segmented into High Purity Iridium-192 and Normal Purity Iridium-192. The High Purity Iridium-192 segment held the largest market share in the global Iridium-192 market in the year 2021. The rising application of High Purity Iridium-192 for various applications such as medical and scientific research are some of the main factors that is driving the growth of the High Purity Iridium-192 segment.

Iridium-192 Market, By Application

• Medical
• Industry
• Scientific Research
• Others

Based on Application, the market is segmented into Medical, Industry, Scientific Research, and Others. The medical segment is anticipated to grow at the highest CAGR over the forecast period. Iridium-192 is the most commonly used source in clinical applications owing to its high specific activity and short half-life. Endobronchial brachytherapy using Iridium-192 is one of the established methods of treating tumors in the main bronchi. It is most commonly used to fight cancer cells.

Iridium-192 Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

On the basis of Geography, the Global Iridium-192 Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America region accounted for the highest market share in the global Iridium-192 market in 2021. The highest market share can be attributed to the high investment in the research and development activities for the Iridium-192 in the North America region. The Asia Pacific region is anticipated to grow at the highest CAGR over the forecast period. This is mainly due to increasing awareness about advanced cancer therapeutics such as nuclear medicines in the region.

Key Players

The “Global Iridium-192 Market” study report will provide valuable insight with an emphasis on global market including some of the major players Eckert Ziegler, Rosatom, NTP Radioisotopes, Bruce Power, and China National Nuclear Corporation among others.

Our market analysis also entails a section solely among others. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Development

• In April 2019, Eckert Ziegler BEBIG and OSL announced the partnership to bring HDR brachytherapy and Orthovoltage radiotherapy to the Ireland and UK. The new partnership combines the Eckert Ziegler BEBIG’s German-made state-of-the-art technology with the clinical and service excellence of OSL covering installation, clinical support, training, and ongoing maintenance.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Report Scope

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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