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Bohrium Market Estimated to Reach Revenue of US$ 66.0 Mn by 2031 | TMR Study

WILMINGTON, DE / ACCESSWIRE / June 2, 2023 / Transparency Market Research Inc. - The Global Bohrium Market was valued at US$ 54.7 Mn in 2022 and is projected to reach US$ 66.0 Mn by 2031.

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Extensive utilization of bohrium in understanding various processes in nuclear physics and study of atomic structures of a range of elements is propelling the market. Considerable R&D in fundamental physics is augmenting market growth, since bohrium is gaining traction in the study of fundamental forces that govern atomic nuclei.

Significant attention of market players on utilization of stable isotopes of this synthetic chemical element in multiple application areas is expected to spur market development in the near future. An instance is ongoing research in bohrium-270. Rise in research & development activities in utilization of stable isotope in synthesizing isotopes of other elements is likely to bolster the global bohrium industry. Ongoing efforts by researchers to increase the half-life of the element are projected to augment the market outlook in the next few years.

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Key Findings of Study

  • Considerable Utilization in Nuclear Research and Atomic Structure Research Applications: Significant number of nuclear research applications of bohrium is likely to generate lucrative business opportunities for companies in the market. Considerable research in radioanalytical tracer studies is expected to broaden the bohrium market outlook. Bohrium is widely used in nuclear power plants and as a tracer in several industrial applications due to attractive radioactive properties of bohrium. Rapid increase in number of nuclear medicine procedures around the world is a key trend expected to augment the market size in the near future.
  • Rise in Demand for Bohrium in Medical Imaging & Cancer Treatment to Generate Significant Business Opportunities: Significant efforts by companies into utilizing bohrium in nuclear medicine have boosted the market in recent years. Surge in R&D activities to isolate short-lived, heavy elements is likely to bolster the demand for bohrium in nuclear medicine. Potential usage of bohrium in diagnostics, therapeutics, and/or theranostics applications is expected to augment the market size.

    Rise in number of clinical applications of bohrium, such as in the treatment of neuroendocrine tumors, osseous metastases, prostate cancer, and medical imaging, is broadening market outlook. Surge in incidence of neuroendocrine tumors, osseous metastatic disease, and prostate cancer is anticipated to positively influence the market dynamics. Consistent development of single-photon emission computed tomography (SPECT) radiopharmaceuticals presents promising avenues for companies in the market.

Key Drivers

  • Surge in fundamental research in nuclear physics around the globe is a key driver of the global bohrium market
  • Significant focus on utilizing bohrium as a radioisotope for nuclear medicine is likely to drive the evolution of the market. Rise in potential applications of the element in the healthcare sector is also anticipated to boost the global market

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Regional Growth Dynamics

  • North America constituted the leading market share in 2022. Rise in usage of bohrium in nuclear physics research and study of atomic nuclei in the U.S. and Canada offers significant growth opportunities for companies in the region. Considerable research in understanding the fundamental forces governing atomic nuclei of heavy elements is anticipated to fuel the market growth in the region in the next few years. Demand for bohrium in multiple applications is anticipated to boost market development in the region.

Competition Landscape

Key players operating in the bohrium market are

  • American Elements
  • ISOFLEX
  • Lorad Chemical Corporation
  • Smart-elements GmbH

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Bohrium Market Segmentation

Isotope Type

  • 260Bh
  • 261Bh
  • 262Bh
  • 264Bh
  • 265Bh
  • 266Bh
  • 267Bh
  • 270Bh
  • 271Bh
  • 272Bh
  • 274Bh

Application

  • Scientific Research
  • Medical Research
  • Cancer Treatment
  • Nuclear Power Plants
  • Radioactive Tracers
  • Others

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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SOURCE: Transparency Market Research Inc.



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