The Cobalt-60 source market was valued at USD1.29 billion in 2023. It is anticipated to increase from USD1.35 billion in 2024 to USD1.90 billion by 2032. The market is projected to grow at a compound annual growth rate (CAGR) of approximately 4.37% during the forecast period from 2024 to 2032.

Cobalt-60 is a radioactive isotope of cobalt widely used in medical, industrial, and research applications. It is produced primarily in nuclear reactors by irradiating cobalt-59. Cobalt-60 emits gamma rays and is extensively used in radiation therapy for treating cancer, sterilizing medical equipment, and in non-destructive testing (NDT) for industrial applications. The global market for Cobalt-60 is driven by its critical role in healthcare, industrial processing, and scientific research, with the demand for sterilization and radiotherapy applications growing steadily.

Key Market Driver: Increasing Demand for Radiation Therapy in Cancer Treatment

Cobalt-60 is extensively used in external beam radiation therapy for treating various forms of cancer. With the global rise in cancer cases, especially in emerging markets, the demand for cost-effective and reliable radiation treatment is increasing. Cobalt-60-based radiotherapy machines, often more affordable than linear accelerators, are crucial in providing cancer treatment in developing countries where access to high-tech medical equipment is limited.

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Key Companies Profiled     

MDS Nordion ,NTP Radioisotopes ,Nordion ,IGE Healthcare ,SaintGobain ,China Isotope & Radiation Corporation ,Canadian Nuclear Laboratories ,Gammaster ,Isotope Products Laboratories ,Larsen & Toubro Ltd. ,AECL ,Isotec Radiochemicals ,Eckert & Ziegler AG ,Bhabha Atomic Research Centre ,Fuente Radiactiva

Market Opportunity: Expanding Use in Industrial Sterilization

The use of Cobalt-60 for the sterilization of medical devices, pharmaceutical products, and food products presents a significant opportunity for market expansion. Gamma radiation from Cobalt-60 is highly effective in sterilizing products without the need for chemicals, making it an attractive option for industries aiming to meet stringent sterilization standards, especially in healthcare and pharmaceuticals. Additionally, the growing demand for sterilized medical supplies and pharmaceuticals due to increasing global healthcare needs drives this market.

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Market Challenge: Regulatory and Safety Concerns

Cobalt-60 is a radioactive substance, and its production, transport, and disposal are heavily regulated due to safety and environmental concerns. Stringent regulations, particularly in the handling and disposal of radioactive waste, increase operational costs and limit the market's growth. The potential risks of radiation exposure and the high-security measures required to prevent its misuse for malicious purposes (e.g., in dirty bombs) further complicate the market's expansion.

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