Cobalt-60 Market Size, Share, Growth, and Industry Analysis, By Type (High Specific Activity Cobalt-60, General Cobalt-60), By Application (Medical Devices, Medical Radiotherapy, Industrial, Other), and Regional Forecast to 2031

MARKET REPORT OVERVIEW

The global Cobalt-60 market size was USD 316.08 million in 2024 and the market is projected to reach USD 430.8 million by 2031, exhibiting a CAGR of 5.30% during the forecast period.

Cobalt-60 industry has been in the forefront in providing important services that have touched a lot of areas of our lives. They enable sterilizing and protecting of medical equipment for the comfort of patients. Cobalt-60 is also important in the treatment of cancer. There, it provokes fight with tumors. In factories, a wide range of products are improved, including their quality and safety. This technology can also be used to inspect the products without destroying them, thus making sure that what they are checking out is the same. Therefore, for instance whether it is cleaning medical tools, crusading cancer or ensuring that products we use daily are safe, Cobalt-60 plays a key role in keeping us healthy or goods reliability.

COVID-19 Impact: Lockdowns exacerbate shortages, driving demand for Cobalt-60 sterilization

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The global Cobalt-60 market felt the serious influence of Covid-19 as the lockdowns and travel restrictions resulted in the shortages. The demand for sterilization in healthcare and food packaging applications worsened the situation. Lengthened down time of reactors further aggravated the supply gap. While trading bans made the problem even more acute, the demand also rose, despite the increasing shortage. Such dual consequence of the pandemic implies a 5% deficit between what was needed and what was available in the past.

LATEST TRENDS

"Innovations To Drive Diverse By Shaping Global Industries That Propel Market Growth"

Recently there has been an increasing trend involving the use of Cobalt-60 for therapy and sterilization of medical commodities. Scientists are novel approaches that facilitate applying Cobalt-60 in a safe and efficient way. Alongside that fact, industries are also using it to test products without practically affecting them. In case the demand is rising, the amount of Cobalt-60 produced in such places is more considering that the reaction will be producing more energy in the process. This indicates that many people, by learning how useful Cobalt-60 can be, are beginning to co-operate in fields like medicine and economy.

MARKET SEGMENTATION

By Type:

• High Specific Activity Cobalt-60: Characterized by higher levels of radioactivity, suitable for specialized medical and industrial applications requiring precise radiation doses.
• General Cobalt-60: Widely used for various purposes including sterilization, radiation processing, and non-destructive inspection across multiple industries.

By Application:

• Medical Devices: Utilized for gamma irradiation to sterilize medical equipment, ensuring high levels of sterility.
• Medical Radiotherapy: Employed in cancer treatment and therapy, delivering targeted radiation to destroy cancerous cells.
• Industrial: Applied in industries for radiation control, processing, and non-destructive inspection of materials and products.
• Other: Encompasses diverse applications such as food irradiation, thickness/density measurement, and online automatic control across different sectors.

DRIVING FACTORS

"Stringent regulations and infection concerns fuel Cobalt-60 demand in healthcare"

Cobalt-60 market growth faces challenges basis of the increased requirement for the hygienic and sterilized medical stuff. Likewise, since concerns on attacks in healthcare infrastructures are spreading, Cobalt-60 sterilization of medical equipment becomes more vital. Not only that these rules fight diseases and infections but also they are extremely crucial for topics like safety and preventing the spread virus diseases even locally.

"Industrial Demand To Fueling Market Growth And Innovation"

Cobalt-60 is widely applied in the sectors like food processing, manufacturing, and construction mainly to verify the product quality and to promote safety. In pursuing a quest for higher efficiency and security, respective entities are using Cobalt-60. Besides, the latest updates in the tech-tools are also becoming more commonplace for the different trade professions. This is the primary factor explaining the market’s sound growth.

RESTRAINING FACTOR

"Regulatory Hurdles And Limited Production Capacity To Hinder Market Expansion"

Severe regulations administration and fear of managing radioactive stuff are the restrictive factors of the Cobalt-60 market share. Companies should follow stringent regulations which can be difficult and costly to adhere to. However, the biggest problem is related to handling with the radioactive material. This means companies should have more profound plans for treatment and disposal of these substances. These challenges led to the fact that the companies are not able to enter Cobalt-60 production and use easily, slowing the market growth.

MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America To Dominate The Market Due To Advanced Healthcare Infrastructure"

North America leads the market because it has lots of high-tech medical stuff and really good hospitals. They use Cobalt-60 for treating cancer and making medical tools super clean. Asia Pacific, especially countries like China, Japan, and India, is also growing fast because they're making more stuff and spending more on healthcare. So, they're becoming big players in using Cobalt-60 for lots of different things too.

KEY INDUSTRY PLAYERS

"Big industry players drive Cobalt-60 market growth through production and distribution"

The cobalt-60 market is like a big game with the major players being the manufacturers. The listed one are Bruce Power, Rosatom, China National Nuclear Corporation and Eckert & Ziegler. These facilities are crucial as they produce the Cobalt-60 with which medical devices are made and also treat cancers. They could be perceived as beacons of knowledge in the field assisting to make sure the Cobalt-60 reaches its destination safely and used appropriately.

List of Market Players Profiled

• Bruce Power (Canada)
• Rosatom (Russia)
• China National Nuclear Corporation (China)
• Eckert & Ziegler (Germany)

INDUSTRIAL DEVELOPMENT

March 2024: The advancement encountered in the production of Cobalt-60 was unprecedented. This implies that they discovered more efficient scheme to solve the problem. They also add new features to it, thus making it aiding in various other sectors. Bottom line is it because they want to improve the product and find new ways to utilize it to help the people. So, they keep putting in hard work to ensure it keeps getting better and helping more lives.

REPORT COVERAGE

The report comprehensively covers various aspects of the global Cobalt-60 market, including market size, competitive landscape, key drivers and challenges, regional analysis, and profiles of industry players. It provides valuable insights into market trends, segmentation, and emerging opportunities, serving as a vital resource for industry stakeholders, investors, researchers, and strategists.