Iodine finds a diverse range of applications in industries such as medical, pharmaceutical, industrial, and Catalyst. In the medical field, iodine plays a crucial role in medical imaging techniques such as X-ray, ultrasound, computed tomography (CT) scans, magnetic resonance imaging (MRI), and nuclear medicine including positron emission tomography (PET). It is used as radiocontrast agents in these techniques for enhancing the visibility of internal organs, tissues or fluids in various diagnostic medical imaging tests.

The global iodine market is estimated to be valued at US$ 1641.17 Mn or Bn 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 Dynamics:

One of the key drivers for the growth of the iodine market is the wide range of applications of iodine in medical imaging techniques. Iodine serves as a vital radioactive tracer in nuclear medicine imaging modalities like PET and SPECT scans. These techniques find applications in diagnosis and staging of various cancers and cardiac problems. With rising incidence of chronic diseases, the demand for medical imaging is surging which is directly boosting the demand for iodine-based contrast media and radioisotopes. Further, iodine has industrial applications as catalyst in polymerization of plastics and chemicals. The significant rise in plastic production globally is fueling consumption of iodine in the industrial sector.

Swot Analysis

Strength: The iodine market benefits from stable demand from the medical industry. Iodine plays a crucial role in intravascular contrast media used in medical imaging procedures like computed tomography scans. Some examples are organoiodine compounds and iodinated contrast media. The increasing prevalence of chronic diseases is boosting demand for medical imaging tests and fueling growth of the iodine market.

Weakness: Iodine production is concentrated in a few countries and vulnerable to geopolitical risks. Around 57% of iodine production occurs in Chile. Any disruptions in supply from natural calamities or regulatory changes in Chile can negatively impact the iodine market. Moreover, substitute disinfectants and sterilants are gaining ground, posing a threat to iodine demand from the medical sector.

Opportunity: The burgeoning medical device industry provides opportunities for incorporating iodine-based components. Iodine is used in manufacturing polymers, fiber optics, LCDs and other components. Furthermore, rising awareness about disinfection and sterilization in industries like food processing can augment iodine consumption. Growing adoption of iodine-based LCD polarizing films driven by increasing LCD displays also presents an avenue for market growth.

Threats: Stringent regulations pertaining to the usage of iodine in X-ray imaging may negatively impact the market. Regulators are imposing limits on maximum iodine dose exposure through radiology procedures on patients. Additionally, economic slowdowns can dampen spending on healthcare and capital-intensive medical devices, affecting iodine demand adversely.

Key Takeaways

The Global Iodine Market Size is expected to witness high growth driven by stable demand from medical applications. The market size is projected to reach US$ 1641.17 Mn in 2024 at a CAGR of 4.1% during the forecast period of 2023 to 2030.

Regional analysis: Asia Pacific holds the major share currently owing to large iodine reserves and high consumption, especially in China, Japan and India. China accounts for over 40% of global iodine production and is the fastest growing regional market. North America follows APAC in terms of market size led by well-established healthcare sector and demand for medical imaging.

Key players: 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, and Trifoil Imaging Inc.

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