PUBLISHER: Grand View Research | PRODUCT CODE: 1404896
PUBLISHER: Grand View Research | PRODUCT CODE: 1404896
The global iodine market size is expected to reach USD 4.88 billion by 2030, according to a new report by Grand View Research, Inc., growing at a CAGR of 4.7% from 2023 to 2030. Increasing demand for medicines that address iodine deficiency in the thyroid gland is a key driver for the market. In addition, the requirement for enriched animal feed is also boosting product demand. Based on segmentation by source, iodine is derived from caliche ore, underground brines, recycling, and seaweed. Caliche ore held the largest revenue share in 2022 due to its widespread availability in the earth's crust. The two naturally occurring crystalline forms of iodine in caliche ore are lautarite and dietzeite, constituting around 0.04% (400 ppm) of iodine.
Based on data from the World Iodine Association, about 2 billion people around the globe are afflicted by iodine deficiency, which is understood to be one of the most preventable causes of mental retardation in children and adults. It also results in decreased rates of metabolism, thereby impacting the general functioning and efficiency of people.
The global market is highly concentrated. The growth in the medical devices and pharmaceutical industry are the key growth drivers for the market. For instance, an agreement was signed between GE Healthcare and Sociedad Quimica y Minera de Chile S.A, for securing iodine supply for the former's Pharmaceutical Diagnostics business, in October 2022. In medical devices such as X-ray and Computed Tomography (CT) procedures, iodine continues to be a key ingredient for contrast media products.