Sodium Iodide Market Size, Share, Growth, and Industry Analysis, By Type (Pharmaceutical Grade, Industrial Grade, and Others), By Application (Food Industry, Pharmaceutical, Industrial, and Others), and Regional Forecast to 2032

SODIUM IODIDE MARKET OVERVIEW

The global sodium iodide market size was USD 164.3 million in 2023 and is projected to touch USD 315.4 million by 2032, exhibiting a CAGR of 6.7% during the forecast period. 

Sodium Iodide or NaI is an inorganic compound of sodium and iodine Sodium Iodide is a white crystalline solid. It can dissolve in water very easily and for this reason, many industries use this product due to the flexibility of use. Sodium Iodide has several uses, particularly as a source of the isotope Iodine that is used as a carrier in nuclear medicine including the diagnosis of thyroid disorders and even the treatment of cancer. The compound also finds application for detection and imaging, serving as a scintillation material. In industrial applications, it is used as a reagent in organic synthesis and production of iodine compounds.

The Sodium Iodide market has stirred forces from the growing need for nuclear medications and diagnostic testing as well as radiation identification devices. Both the development of new healthcare facilities and the progress made in the fields of medicine are seen as key enablers of market growth. Though variations in iodine prices can pose threats to a competitive supply chain, stringent regulative policies regarding radioactive stuff can act as a restraint. Possibilities are found in growing trends in medical diagnostics and possible uses in future technologies including quantum information processing and advanced imaging systems. Presently, the global market is led by North America and Europe because of efficient healthcare facilities and optimum R&D facilities in these regions.

GLOBAL CRISES IMPACTING SODIUM IODIDE MARKETCOVID-19 PANDEMIC IMPACT

Market Had a Negative Effect Due To Increased Economic Uncertainty and Supply Chain Disruptions

The 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 market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic impacted the sodium iodide market growth, mainly due to delivery chain disruptions, delivery constraints, and decreased production ability. The use of sodium iodide in diagnostics and imaging strategies has improved demand for the compound, particularly in medical and pharmaceutical applications. However, logistical troubles and a short shortage of uncooked substances ended in delays and pricing modifications. The pandemic's lengthy-term effect has also fueled innovation in nearby enterprises and altered worldwide sourcing methods.

LATEST TREND

"Expanding Applications Drives Market Growth"

The sodium iodide industry is rising swiftly due to its growing use in pharmaceuticals, nuclear medicinal drugs, and radiation detection. A first-rate marketplace trend is a growing call for sodium iodide in diagnostic imaging and thyroid ailment remedy, which is being pushed by way of an increase in the prevalence of linked fitness conditions. Advancements in imaging generation are aiding the nuclear remedy marketplace by increasing the usage of radiopharmaceutical-grade sodium iodide. Furthermore, advances in radiation detection systems, drastically for place of origin security and environmental tracking, are beginning up new prospects.

SODIUM IODIDE MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into Pharmaceutical Grade, Industrial Grade, and Others

• Pharmaceutical Grade: Thyroid therapies and radiopharmaceuticals are among the medicinal and diagnostic uses for sodium iodide in pharmaceutical grade.
• Industrial Grade: This grade is used in chemical synthesis, photography, and other industrial activities that need high-purity sodium iodide.

BY Application

Based on application, the global market can be categorized into Food Industry, Pharmaceutical, Industrial, and Others

• Food Industry: To avoid iodine shortage and associated health issues, sodium iodide is added to table salt as a strengthening agent.
• Pharmaceutical: It is used as a component in radiopharmaceuticals and in the manufacturing of medicines, especially those treating thyroid-related conditions.
• Industrial: Sodium iodide is used as a reagent in a number of industrial processes, as well as in the production of chemicals and photography.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.                  

DRIVING FACTORS

"Rising Demand in Healthcare and Medical Imaging Boosts the Market"

The leading application segment of the market is the Health Care & Medical Field. Sodium iodide is used in the formulation of compounds to be used in radiography, especially in nuclear medicine scans and function thyroid tests. When it burns, it can produce Gamma radiation, which makes it a valuable substance in gamma cameras and PET scanners for imaging cells inside organs. Increased occurrence of non–communicable diseases including cancers and thyroid disorders, and technological improvement in diagnostic techniques are some of the factors that have led to increased usage of sodium iodide. In addition, the business expects continually increasing healthcare-related spending, especially in developing countries and it will continue its demand for sodium iodide in medicine.

"Growing Use in Radiation Detection and Safety Equipment Expands the Market"

For the sodium iodide market, other factors have boosted its demand; it’s the market for radiation detection and safety equipment. Sodium iodide scintillators are peculiarly used in radiation detectors because of their high efficiency & reliability in detecting ionizing radiation. These detectors are important in nuclear power plants and in defense and security industries for the measurement of radiation levels. Due to the shift towards clean energies and nuclear energy figuring higher on the energy list, improved measurement of radiation is more important than ever. In addition, growing concerns over nuclear risks and the need for top security features in protective gears have increased the uptake of sodium iodide in radiation-detecting devices boosting the market.

RESTRAINING FACTOR

"High Cost Impedes Market Growth"

The biggest constraint in the market is the excessive cost of raw materials and production techniques. Sodium iodide calls for iodine as an essential issue and iodine charge fluctuation may have a big effect on common manufacturing fees. Furthermore, tight regulatory regulations for the manufacturing and use of sodium iodide, mainly in pharmaceutical and diagnostic packages, raise compliance expenses and obstruct marketplace expansion in emerging nations. These hurdles frequently discourage smaller manufacturers from entering the marketplace.

OPPORTUNITY

"Expanding Nuclear Medicine and Diagnostic Imaging Sectors Create Opportunity for the Product in the Market"

The sodium iodide market has tremendous growth capability inside the expanding nuclear medicinal drug and diagnostic imaging industries. Sodium iodide is normally used in scintillation detectors and radiopharmaceuticals for thyroid imaging and remedy. Increased investment in healthcare infrastructure, especially in rising economies, is boosting the call for sodium iodide-primarily based diagnostic gadgets. Furthermore, advances in nuclear remedies and an increasing emphasis on early sickness detection offer fertile ground for market increase.

CHALLENGE

"Ensuring Consistent Quality and Supply in the Face of Iodine Shortages Could Be a Potential Challenge "

The sodium iodide market confronts a full-size problem in preserving consistent excellence and delivery in the face of iodine shortage. Iodine manufacturing is domestically concentrated, consequently any disruption in extraction or export has an impact on the sodium iodide supply chain. Furthermore, the requirement for specialized production facilities and rigorous quality requirements for medical and clinical applications complicate production approaches, supplying operational hurdles for manufacturers.

SODIUM IODIDE REGIONAL INSIGHTS

• NORTH AMERICA 

North America acts as an outstanding marketplace for sodium iodide, because of advances in the healthcare and pharmaceutical industries. The United States sodium iodide market, especially, is critical to the region's dominance, way to its paired nuclear remedy area, and the rising demand for diagnostic imaging agents. Furthermore, the US benefits from great studies and improvement efforts aimed at enhancing iodine-based items. With a robust industrial and healthcare infrastructure, North America keeps its dominance in the sodium iodide market share.

• EUROPE

Europe is another predominant place within the sodium iodide marketplace, because of the increased use of nuclear imaging techniques and a thriving pharmaceutical industry. Countries such as Germany, France, and the UK make maximum contributions because of their properly evolved healthcare systems and expanded emphasis on advanced scientific diagnostics. Furthermore, governmental assistance for iodine use in pharmaceuticals drives marketplace growth at some stage in the region.

• ASIA

Asia-Pacific's sodium iodide marketplace is swiftly developing, due to improving healthcare infrastructure and multiplied demand for nuclear medicinal drugs in emerging markets along with China and India. The location's huge populace base and rising occurrence of chronic sicknesses gas demand for diagnostic and therapeutic programs. Furthermore, elevated investments in healthcare facilities, in addition to government measures to promote medical innovations, role Asia-Pacific as a key participant in global markets.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

The sodium iodide market has a diversified group of important players, including manufacturers, suppliers, and distributors who operate in multiple areas. These companies manufacture high-purity sodium iodide for use in industries such as pharmaceuticals, healthcare, and nuclear medicine. Companies frequently prioritize research and development to improve product quality and meet the rigorous criteria of industries such as diagnostic imaging and radiation detection. Furthermore, some important actors prioritize sustainable manufacturing processes to comply with global environmental requirements, while others broaden their worldwide footprint through strategic alliances and collaborations to serve a larger consumer base.

LIST OF TOP SODIUM IODIDE COMPANIES

• Iofina (U.S.)
• Ajay-SQM (China)
• Tocean Iodine Products (China)
• Boyuan Pharmaceutical&Chemical (China)
• Nanjing Taiye Chemical (China)
• Taixing Youlian Fine Chemical (China)
• Jindian Chemical (China)
• Jiangxi Shengdian S&T (China)

KEY INDUSTRY DEVELOPMENT

May 2024: Kromek, a radiological and biological detector inventor and manufacturer based in Sedgefield, Co. Durham, has launched its new generation RayMon detector. This is a high-performance handheld spectrometer with interchangeable probes for CZT, NaI (Sodium Iodide), and Alpha Beta.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

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