Demand across Several Medical and Pharmaceutical Applications to Augment Growth of Iodine Market
Medical sector is expected to largely influence the demand for iodine on the back of its growing use across various applications. In addition, development of medical science backed by technological advancements has propelled use of iodine in X-ray contrast media. Radiographic contrast media with iodine can improve the visibility of organs and vascular structures during radiographic procedures. Various techniques of diagnosing ailments such as X-rays, angiography, and CT scan use contrast media to achieve high performance. This aspect coupled with rising technological advances in medical sector along with developments in the nuclear medicine space are expected to boost demand for iodine, particularly in the X-ray contract media application.
Global iodine market is also likely to receive an impetus from the growing use of radioactive iodine in treatment of cancer developed on the thyroid gland. Radioactive iodine when administered via capsule or in liquid form gets absorbed by cancer cells on the thyroid gland which then kills those cells albeit the intensity of their spread. Additionally, iodine is used in the pharmaceutical sector to manufacture bactericides, analgesics, and disinfectants. This factor remains instrumental in driving use of iodine, consequently fuelling its sales across a myriad of pharmaceutical and medical applications, thus driving its market growth.
Rising Awareness Apropos to Iodine Deficiency Likely to Widen its Consumption
Iodine deficiency can have extreme negative impacts on the human body. Typical and most common deficiency is the enlargement of the thyroid gland and developing goiter, according to the American Thyroid Association. This swelling increases over time as thyroid gland keeps up with the production of thyroid hormone. Iodine deficiency can also lead to weight gain, weakness, unexpected fatigue, dry skin, hair loss, and fluctuating heart rate. In wake of this syndrome, increasing awareness of iodine among people is expected to drive its demand, in turn complementing growth of the iodine market.
Consumption of iodine can carry out effective regularisation of the hormone levels in human body and can strengthen and facilitate efficient functioning of thyroid gland. Also, deficiency of iodine is largely found in regions that are much above sea level. In order to maintain the content of iodine in diets of individuals living in these areas, use of iodized salts is increasing. Consumption of iodine based salts can prevent lack of iodine in diets, in turn reducing risks of thyroid enlargement and other ill effects. Moreover, iodine also plays a crucial role in neurodevelopment of fetus, which is likely to boost its demand on the global front.
Caliche Ore as a Source to Account for a Significant Share in the Iodine Market
Caliche ore is expected to prevail as the most exploited source through which iodine, and other nitrates are extracted. Iodine extraction form caliche ore is highly feasible in terms of economics and profits and is also effective as compared to other sources. This factor remains instrumental in driving sales of iodine extracted from caliche ore, consequently driving growth of the iodine market on the global front.
North America Likely to Cement Dominance in the Iodine Market
Consumption of iodine across developed nations in North America such as Canada and United States has witnessed an upswing since the recent past. According to USGS (US Geological Survey), consumption of iodine in 2021 in United States was around 4,000 metric tons. Moreover, imports of iodine in the region have been increasing to meet its growing demand. For instance, according to ITC (International Trade Centre) trademap, in 2020, United States was third largest importer of iodine. The quantity of iodine imported was around 4,569 metric tons, a 265 metric ton increase over 2019.
In addition, the pharmaceutical sector in North America has been growing at a significant pace and is considered as an R&D intensive industry in the region. According to PhRMA (Pharmaceutical Research and Manufacturers of America), revenue through pharmaceutical sector in the United States touched a valuation of more than US$ 420 billion in 2020 and is expected to further increase in the coming years. This billion-dollar industry in the country has given an impetus to use of various chemicals and elements and iodine is no exception. Other aspects such as growing geriatric population, rising demand for treatment of chronic ailments, and increasing applications in the animal feed industry in the North America is expected to boost growth of the iodine market in the region going forward.
Iodine Market: Competitive Landscape
Few of the major 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 Segmented as Below:
Key Elements Included In The Study: Global Iodine Market
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