by The global iodine market is experiencing significant expansion, driven by soaring demand in the medical and pharmaceutical industries. Iodines critical role in medical applications, especially in X-ray contrast media, and its use in cancer treatment on the thyroid gland have emerged as key growth factors. Moreover, the increasing awareness of iodine deficiency and its adverse health effects is expected to further fuel the markets growth.
Medical Advancements Propel Iodine Demand
The medical sector has become a prominent influencer of iodine demand due to its extensive applications. Iodine is now widely utilized in X-ray contrast media, enhancing the visibility of organs and vascular structures during radiographic procedures. Techniques such as X-rays, angiography, and CT scans rely on iodine-based contrast media for superior performance. The continuous advancements in medical technology and developments in nuclear medicine are anticipated to drive iodine demand, particularly in the field of X-ray contrast media.
Iodines Crucial Role in Cancer Treatment
The global iodine market is also benefiting from the increasing use of radioactive iodine in the treatment of thyroid gland-related cancer. Administered in capsule or liquid form, radioactive iodine is absorbed by cancer cells in the thyroid gland, effectively targeting and eliminating them. This application underscores the vital role iodine plays in modern medical practices.
Iodines Impact on Pharmaceutical Sector
Iodines significance extends to the pharmaceutical sector, where it is used in the manufacturing of bactericides, analgesics, and disinfectants. This pivotal role in pharmaceutical applications is propelling iodine sales and contributing to the markets growth.
Rising Awareness of Iodine Deficiency
Iodine deficiency can have severe consequences on human health, including thyroid gland enlargement, known as goiter, weight gain, weakness, fatigue, dry skin, hair loss, and irregular heart rate. Increased public awareness of the importance of iodine intake is expected to drive demand, promoting the growth of the iodine market.
Iodized Salt: A Solution to Iodine Deficiency
To combat iodine deficiency, especially in high-altitude regions, the use of iodized salt is increasing. Consuming iodine-enriched salts can prevent deficiencies, reducing the risk of thyroid enlargement and other associated health issues. Furthermore, iodine plays a critical role in fetal neurodevelopment, contributing to its global demand.
Caliche Ore Dominates as a Source
Caliche ore stands out as the most extensively used source for iodine extraction. Its economic feasibility and effectiveness in iodine extraction make it a preferred choice, driving sales and bolstering the global iodine market.
North America Leads the Way
North America, led by countries like Canada and the United States, has witnessed a surge in iodine consumption, with the United States alone consuming approximately 4,000 metric tons of iodine in 2021. The regions pharmaceutical sector, characterized by significant growth and research and development activities, contributes to the increased demand for iodine. Factors such as a growing elderly population, rising demand for chronic ailment treatments, and expanded applications in the animal feed industry are expected to further boost the iodine market in North America.
Competitive Landscape
Key players in the iodine market include SQM SA, Algorta Norte, COSAYACH, Iochem Corporation, ISE Chemicals Corporation, Nippoh Chemicals Co. Ltd., Iofina Plc, and GODO SHIGEN Co. Ltd.
The global iodine market is poised for remarkable growth, driven by its pivotal role in medical, pharmaceutical, and other vital sectors. As the demand for iodine continues to rise, it is expected to play a crucial role in advancing healthcare and ensuring a healthier future for individuals worldwide.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/iodine-market
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COMTEX_442052224/2840/2023-10-18T00:36:59
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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