New York, July 19, 2023 (GLOBE NEWSWIRE) -- The global Cesium Iodide Market is expected to witness significant growth at a remarkable CAGR of 4.7% during the forecast period of 2023-2030. This growth is attributed to the increasing demand for cesium iodide in end use industries such as healthcare, oil & gas, and others. In addition, the rising advancements in medical technology in key regions such as Asia Pacific, Middle East, and others are accelerating the demand for cesium iodide.
According to a recent report by Consegic Business Intelligence, the cesium iodide market is poised for strong expansion and is expected to reach USD 433.12 Million by 2030. The market, which was valued at USD 300.94 Million in 2022, is predicted to grow at a compound annual growth rate of 4.7% during the period 2023-2030. The report highlights the increasing adoption of cesium iodide in the oil & gas industry for well-logging applications. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the cesium iodide market.
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Cesium iodide is an inorganic compound composed of cesium and iodine that is a colorless or white crystalline solid that is soluble in water. Cesium iodide is widely used in various applications such as radiation, detection, imaging, and scintillation due to its properties such as high sensitivity, and energy resolution. Cesium iodide is also used in applications including particle physics, and nuclear medicine, among others.
The growth of the cesium iodide market is primarily driven by the increasing demand for radiation detection and imaging applications in the healthcare industry. The growing prevalence of diseases including cancer and the increasing need for early diagnosis and treatment is contributing to the increasing demand for cesium iodide as a preferred material in diagnostic tools. In addition, the rising demand for radiation detectors and scintillation materials is driving the growth of the market.
Additionally, the rising adoption of digital technologies in various end use industries such as aerospace, defense, and telecommunication is expected to propel the growth of the cesium iodide market over the forecast period.
Global Cesium Iodide Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 433.12 Million |
| CAGR (2023-2030) | 4.7% |
| By Type | CsI (Tl), CsI (Na), and CsI (Pure) |
| By Application | Medical Imaging, Radiology, Optical Components, Well Logging, and Others |
| By End User | Healthcare, Oil & Gas Exploration, Industrial, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
| Key Players | TCI Chemicals Pvt. Ltd., Merck KGaA, BERKELEY NUCLEONICS CORPORATION, Radiation Monitoring Devices, Amcrys, Hamamatsu Photonics K.K., Scintacor, Saint Gobain S.A., EPIC Crystal Company Limited, Shanghai SICCAS |
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Global Cesium Iodide Market Segmentation Details:
Based on type, the CsI (Tl) segment held the highest market share in the cesium iodide market. The wide scope of applications including X-ray computer tomographs, radiation isotope identification devices, and environmental monitoring is driving the growth of the market. In addition, the increasing adoption of digital imaging technologies in various end use industries such as defense, telecommunication, and aerospace is also contributing to the growth of the market.
Bade on Application, the medical imaging segment accounted for the highest market share in the cesium iodide market. The rising prevalence of chronic disease across the globe is driving the need for diagnostic tools such as X-rays, and CT scans. The widespread use of cesium iodide in diagnostic equipment due to its properties such as high refractive index and excellent stopping power for medical equipment is contributing to the growth of the segment.
Based on End User, the healthcare segment held the largest market share in the cesium iodide market. This is due to the increasing applications of cesium iodide in the diagnostic and treatment. The increasing demand for these diagnostic tools due to the increasing prevalence of chronic diseases that need to be diagnosed and treated early is contributing to the growth of the segment.
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Based on Region, in 2022, Asia Pacific held the largest market share in the cesium iodide market. The rising expenditures in the healthcare industry is expected to surge the demand for cesium iodide. For instance, according to the report published by the Ministry of Finance, India, the healthcare expenditure in 2021 accounted for INR 807 billion (USD 10.91) and is expected to increase to INR 862 (USD 10.48) in 2023. In addition, the rising prevalence of diseases such as infectious diseases, dental diseases, and cardiovascular disease is anticipated to drive the cesium iodide market.
Competitive Landscape
TCI Chemicals Pvt. Ltd., Merck KGaA, BERKELEY NUCLEONICS CORPORATION, and Radiation Monitoring Devices, Ltd are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies such as the development of efficient, cost-effective, and high quality cesium iodide. Further, the cesium iodide market is expected to grow steadily due to rising demand from the healthcare industry, especially in the Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend towards increasing adoption of cesium iodide in the oil & gas industry is also estimated to drive demand for such compounds that is anticipated to increase the competition in the market.
Recent Development
- In September 2021, Saint-Gobain acquired GCP Applied Technologies which is headquartered in Germany. GCP Applied Technologies is involved in the manufacturing of cesium iodide.
Key Market Takeaways
- The global cesium iodide market size is estimated to exceed USD 433.12 million by 2030 with a CAGR of 4.7% during the forecast period (2023-2030).
- Based on type, the CsI (Tl) segment accounted for the highest market share in the cesium iodide market in 2022.
- On the basis of application, the medical imaging segment held the highest market share in the cesium iodide market.
- By end user, the industrial segment is expected to register the fastest CAGR over the forecast period.
- North America is expected to register the fastest CAGR of 5.2% due to rising technological advancements in the cesium iodide market to reduce costs and improve quality.
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List of Major Global Cesium Iodide Market:
- TCI Chemicals Pvt. Ltd.
- Merck KGaA
- BERKELEY NUCLEONICS CORPORATION
- Radiation Monitoring Devices
- Amcrys
- Hamamatsu Photonics K.K.
- Scintacor
- Saint Gobain S.A.
- EPIC Crystal Company Limited
- Shanghai SICCAS
Global Cesium Iodide Market Segmentation:
- By Type
- Food Grade
- Pharmaceutical Grade
- Industrial Grade
- By Application
- Medical Imaging
- Radiology
- Optical Components
- Well Logging
- Others
- By End User
- Healthcare
- Oil & Gas Exploration
- Industrial
- Others
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Frequently Asked Questions in the Cesium Iodide Market Report
- What was the market size of the cesium iodide industry in 2022?
- In 2022, the market size of cesium iodide was USD 300.94 million
- What will be the potential market valuation for the Cesium Iodide industry by 2030?
- In 2030, the market size of cesium iodide is expected to reach USD 433.12 million.
- What are the key restraints of the cesium iodide market?
- Easy availability of alternatives for cesium iodide
- What is the dominating segment in the cesium iodide market by xx?
- In 2022, the CsI (Tl) segment accounted for the highest market share of 48.75% in the overall cesium iodide market.
- Based on current market trends and future predictions, which geographical region will have the fastest impact on the Cesium Iodide market's growth in the coming years?
- North America is expected to be the fastest-growing region in the market during the forecast period.
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