Gamma Radioactive Sources Market Size, Share, Growth, and Industry Analysis by Type (Co-60, Ir-192, Cs-137 and Other Types), By Application (Medical, Industrial, Agriculture, Scientific Research and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Gamma Radioactive Sources Market REPORT OVERVIEW

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The global gamma radioactive sources market size was USD 417 million in 2022 and is projected to touch USD 665 million by 2031, exhibiting a CAGR of 5.3% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Materials or compounds that generate gamma radiation are referred to as gamma radioactive sources. High-energy photons make up gamma radiation, a form of ionising electromagnetic radiation. Being the most potent type of radiation, it has the ability to deeply penetrate many different materials, including human tissues. Nuclear power, industry, science, and many other areas employ gamma radioactive sources extensively. To establish stability, a heavy nucleus must split into smaller nuclei, a process known as radioactivity. A.H. Becquerel made the initial discovery of this procedure entirely by chance. Studies done later revealed that radioactivity is a nuclear phenomenon that results from nuclei decaying.

COVID-19 Impact: Pandemic Effectuated the Emphasize and Downsized the Market Demand

The COVID-19 pandemic has had a significant negative influence on the world economy on many levels, which is also evident in the healthcare sector. Due to the closure of production facilities, severe shortage in raw material supply, and lack of qualified labour, the booming market for health care research and development is predicted to have a sharp fall in sales during the lockdown period. The pandemic's present effects can be inferred from the supply chain and production operations encountering some modest difficulties. After COVID-19, the market is anticipated to gradually recover, which will offer appealing chances for sales in numerous parts of the world in the years to come.

LATEST TRENDS

"The Advancements and Development in Cancer Therapy to Inflate the Market Demand"

Gamma Radioactive Sources Market SEGMENTATION

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• By Type

Based on type; the gamma radioactive sources market is divided into Co-60, Ir-192, Cs-137 and others.

The part Co-60 is the leading of the type segment.

• By Application

Based on the application; the gamma radioactive sources market is divided into medical, industrial, agriculture, scientific research and others.

The part medical is the leading of the application segment.

DRIVING FACTORS

"Innovation in Advanced Medical Applications to Advance the Market Share"

In chemotherapy, gamma radioactive sources are used. Gamma rays are also used to sterilise medical equipment as well as treat cancer and tumours. Earlier, the morphological structure of interior organs could be observed using an x-ray or gamma-ray. A radioactive isotope of technetium is technetium-99m. In nuclear medicine imaging procedures like single-photon emission computed tomography (SPECT), it emits gamma radiation and is frequently employed. Other isotopes are utilised in a variety of processes, including sterilisation of medical equipment, industrial radiography, and scientific investigation.

"Several Space and Industrial Applications to Drive the Market Growth"

Particle accelerators use gamma rays as an external beam. Astronomers find many galaxies and stars by using gamma waves from space. For research and development objectives, gamma rays are employed in the nuclear industry. In order to examine welds and find faults in metal constructions, cobalt 60 is also utilised in industrial radiography. For measuring soil moisture content and density gauges in building materials, cs-137 is also utilised in industrial applications. Iridium-192 is a radioactive isotope of iridium that is frequently employed in industrial radiography to examine welds, pipelines, and other structures.

RESTRAINING FACTORS

"Serious Damage to Human Body with Handling and Safety Protocols to Restrain the Market Growth"

The frequency of gamma rays is extremely high and comparable to that of X-rays. Gamma rays are extremely invasive and can harm cells at the cellular level as well as cause major illnesses in people. It’s critical to keep in mind that handling and working with gamma radioactive sources calls for appropriate training, shielding, and attention to safety regulations in order to reduce radiation exposure and guarantee the safety of workers and the environment. Over the projected period, the above mentioned reasons are anticipated to constrain the gamma radioactive sources market growth.

Gamma Radioactive Sources Market REGIONAL INSIGHTS

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"North America to Lead the Market with Presence of Developed Healthcare System"

The North American region led the market as a whole and generated more than one-fourth of worldwide market. The abundance of major industry players and the high frequency of new product launches in the area are the main drivers of regional market expansion. Because to advantageous reimbursement policies and backing from industry players, the region has a high rate of adoption of cutting-edge, expensive cancer ailments and treatments with gamma radioactive sources. In terms of GDP, North America spends the most money on healthcare. The aforementioned elements, as well as the ageing population, an increase in cancer cases, and the tendency toward preventative diagnostic methods, are anticipated to boost the regional market. The participation of prominent market players in clinical trials and research projects pertaining to the gamma radioactive sources market share is anticipated to boost market growth in the region.

KEY INDUSTRY PLAYERS

"Key Industry Players to Promote the Market Expansion"

The market's expansion was significantly impacted by the techniques employed by market participants in recent years, such as extensions. The report covers details and information about the firms and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other considerations taken into account for this market are the businesses that develop and provide new products, the geographic areas in which they function, mechanization, innovation strategies, generating the maximum revenue, and using their products to make a significant difference.

List of Market Players Profiled

• Nordion (Canada)
• Rosatom (Singapore)
• China National Nuclear Corporation
• Eckert & Ziegler Strahlen (Germany)
• Polatom (Poland)
• NTP (India).

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study.The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.