Radioactive Source Market Size, Share, Growth and Industry Analysis by Type (Mo-99, Co-60, Na-22, Co-57, Sr-90, I-131, Ir-192, Se-75, Kr-85, Am-241), By Application (Medical, Industrial, Agriculture, Scientific Research, And Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Radioactive Source Market REPORT OVERVIEW

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The global radioactive source market size is anticipated to be worth USD 1023.6 million in 2021 and market is projected to touch USD 1520.14 million by 2031 with a CAGR of 4.0% during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A radioactive source can be defined as the amount or quantity of radionuclide. A radionuclide has the property of giving out or emitting ionizing radiations. There are various types of radiations, which are emitted such as gamma rays, beta particles, alpha particles and neutron radiation. Science is evolving at a very rapid rate.  Radioactive sources are also being subject to a lot of innovative changes. Recently there has been an advent of new detectors in the industry. Another notable discovery is the ion beam facilities that have created many opportunities to investigate alpha and other unstable nuclei.

A few factors have been responsible for the fast and robust growth of the global radioactive source market. Military, manufacturing, research and power generation are the main fields where radioactive sources are primarily employed. With the increase in the number of nuclear power plants, the demand for radioactive materials has increased. These factors have propelled the global radioactive source market share.

COVID-19 impact: Lack of Research and Development During the Pandemic Limited the Market Growth

The effect of lockdowns and strict social distancing norms on all the fields especially science was immense. Certain sectors of science and technology require constant research and development. Only then can they survive and have an active role in the industry. The radioactive sector is also one such industry. However, due to the pandemic, conducting experiments, observations and research proved to be very difficult. The production also stopped during the pandemic bringing down the market share. There was a negative impact on the demand level as well. All of these were some of the negative impacts of the pandemic on the global radioactive source market.

LATEST TRENDS

"Use of New Detector Technologies to Increase the Market Growth"

Every industry must bring out something new to stay in the competitive market. The market conditions are highly dynamic and they keep changing. Rapidly changing technologies are a common sight in today’s market. New trends are therefore being witnessed very often. A few innovative changes have also taken place in the radioactive market. Recently there has been an advent of new detectors in the industry. Another notable discovery is the ion beam facilities which have created many opportunities to investigate alpha and other unstable nuclei. This is the newest development in the market.

Radioactive Source Market SEGMENTATION

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• By Type:

The market can be divided on the basis of type as follows:

Mo-99, Co-60, Na-22, Co-57, Sr-90, I-131, Ir-192, Se-75,  Kr-85, Am-241. The Mo-99 segment is expected to hold the dominant market share through 2031.

• By Application:

Classification based on application is as follows:

Medical,  industrial, agriculture, scientific research, and others. The medical segment is predicted to dominate the market through 2031.

DRIVING FACTORS

"Usage Of Radioactive Sources in Various Industries to Amplify the Market Growth"

Radioactive sources are widely used in many industries. Their application can be seen in many places. The vast usage of these sources has increased the global demand for the product. This can act as a factor driving market growth. Military, manufacturing, research, and power generation are the main fields where radioactive sources are primarily employed. According to a report the United States makes a bulk shipment of radioactive materials every year. This has primarily driven market growth.

"Rising Numbers of Nuclear Power Plants Globally to Develop the Market"

With the increasing use of radioactive materials recently there has been tremendous market growth. Another important factor has added up to this. The number of nuclear power plants has drastically grown in the past few decades due to urbanization, industrialization, and many more factors.

Radioactive materials form an important part of the nuclear industry. They are used in abundance under supervised circumstances. With the increase in the number of nuclear power plants, the demand for radioactive materials has increased. This acts as a factor driving the global radioactive source market growth.

RESTRAINING FACTOR

"Harmful Effects of Radioactive Materials to Bring Down the Market Growth"

Even though radioactive sources are highly used a few factors can cause a decline in the growth of the industry. The major one is the harmful effects that can be caused by radioactive elements. People working in the presence of radioactive materials are at the risk of being exposed to highly dangerous radiation which can cause burning, genetic mutations, and many other problems. This can be one of the major factors that can restrain market growth and development.

Radioactive Source Market Regional Insights

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"North America to Dominate the Market Growth During the Forecast Period"

North America is the region that is estimated to lead the market. The market share and overall dominance of the sector are dominated by North America. North America is followed in place by Asia-Pacific. In the region of North America, the U.S. contributes a significant portion of the market share. Additionally, the region's well-developed market and the presence of wealthy consumers have given the sector the chance to thrive. North America now dominates the region's industry thanks to significant expenditures made in the sector and the growth of the cosmetics and health care industries. Another factor driving the growth of the market in this region is the expansion of nuclear power plants.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position in recent days. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market. Key market players have adopted unique strategies to flourish in the market.

List of Market Players Profiled

• NRG (U.S.)
• Mayak (Russia)
• NTP Radioisotopes (South Africa)
• ANSTO (Australia)
• Nordion (Canada)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations