by Iodine is an essential micronutrient required by the human body in trace amounts. It helps in production of thyroid hormones which regulate metabolism, brain development, and bone and heart health. Iodine is employed in medical imaging procedures like computed tomography (CT) scans, magnetic resonance imaging (MRI), X-rays and ultrasound to provide better image quality. It acts as radio-opaque contrast medium which enhances the visualization of internal organs, blood vessels and tissues on medical scans.
The global Iodine Market is estimated to be valued at US$ 1641.17 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing usage of iodine in medical diagnostics and healthcare applications is one of the key trends fueling the demand for iodine. Iodine acts as contrast medium for CT scans, MRI, angiograms and other procedures which helps improve image quality and detect abnormalities. As the global population is aging and lifestyle diseases are on rise, medical imaging tests are being increasingly used for diagnosis and monitoring of chronic conditions like cancer, heart diseases, etc. This is driving the consumption of iodine-based contrast agents.
The global diagnostics imaging market valued at US$ 26.4 billion in 2020 and is forecast to grow at a CAGR of 6.2% until 2028. Rising penetration of medical scans will correspondingly propel the demand for iodine in healthcare sector during the forecast period.
SWOT Analysis
Strength: The iodine market has steady demand from various end-use industries such as medical, automotive, and construction. The increasing investments in healthcare infrastructure is further boosting the demand.
Weakness: Strict regulations from regulatory bodies regarding the use of toxic chemicals pose operational challenges. The availability of substitutes like bromine also impacts the market.
Opportunity: Growing applications in X-ray contrast media and catalysts are opening new growth avenues. The rising disposable incomes in developing nations is widening the customer base.
Threats: Economic slowdowns can negatively impact the consumption levels across industries. Volatility in raw material prices creates supply-demand imbalances.
Key Takeaways
The Global Iodine Market Size is expected to witness high growth during the forecast period due to expanding healthcare and construction industries globally.
Regional analysis: Asia Pacific dominates the global market and holds around 50% market share. China, India, and Japan are the major consumers due to large population and increasing healthcare investments. The growth can be attributed to rising healthcare expenditure, flourishing construction industry, and growing population.
Key players operating in the iodine market are Alpha Omega, Inc., GE Healthcare, Axion Biosystems, Inc., Siemens Healthineers, Scientifica Ltd., Blackrock Microsystems LLC, Femtonics Ltd., LaVision Biotec GmbH, Intan Technologies, NeuroNexus Technologies, Inc., Newport Corporation, Neuralynx Inc., Plexon Inc., Mediso Medical Imaging Systems, Noldus Information Technology, Sutter Instrument Corporation, Thomas Recording GmbH, Trifoil Imaging Inc. The key players are mainly focusing on new product launches, expansions, and collaborations to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
