Iodine Market Uniquely Is Poised To Expand
Market Opportunity:
The increasing incidence of chronic diseases such as cancer is expected to boost utilization of medical imaging modalities for diagnosis and monitoring. According to statistics by the World Health Organization (WHO), cancer burden has risen to 19.3 million new cases and 10 million cancer deaths in 2020. Early detection greatly improves chances of successful treatment. Iodine-based contrast media play a vital role in identification of small tumors and metastases during CT scans and other procedures. Thus, rising cancer caseload presents significant opportunity for increased uptake of iodine in medical imaging applications over the coming years.
Porter's Analysis
Threat of new entrants: Low capital requirements and availability of raw materials keeps the threat of new entrants moderate. However established players have economies of scale and brand recognition.
Bargaining power of buyers: Buyers have low to moderate bargaining power due to the presence of substitutes and fragmented nature of buyers.
Bargaining power of suppliers: Suppliers have high bargaining power due to scarcity of raw materials and suppliers being consolidated.
Threat of new substitutes: Substitutes like bromine and potassium iodide pose moderate threat due to their unique properties.
Competitive rivalry: High as competitors compete on pricing and quality.
SWOT Analysis
Strength: Availability of iodine from seaweed harvesting and recycling spent fluids from oil and gas industries. Wide range of applications in medical, industrial and day to day products.
Weaknesses: Fluctuating raw material prices and supply disruptions. Stringent regulations over some applications.
Opportunities: Growing demand from medical films, X-ray contrast media and nutritional supplements industries. Scope for capacity expansion and backwards integration.
Threats: Substitutes like bromine eating into market share. Environmental concerns over extraction processes.
Key Takeaways
The Global Iodine Market Growth is expected to witness high over the forecast period of 2023 to 2030. The market size is projected to reach US$ 1641.17 Mn by 2023 growing at a CAGR of 4.1% during the forecast period. Iodine finds increasing usage in medical imaging, nutrition and industrial applications driving demand.
Regional analysis of the iodine market comprises- Asia Pacific dominates the global iodine market with a share of over 45% led by China. Abundant seaweed resources and large consumer base in dietary supplements drives the region's growth. North America follows Asia Pacific in terms of market share led by the United States owing to well-established healthcare infrastructure and growing medical imaging industry.
Key players operating in the iodine market are Alpha Omega, Inc., GE Healthcare, Bayer AG, FUJIFILM Holdings Corporation, and Sterling Iodine Company. Alpha Omega Inc. is a leading producer with operations across the iodine value chain from production to derivatives. GE Healthcare is a major player catering to medical imaging applications.
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