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Of late, the rising use of iodine in the medical industry has enhanced its demand. Radiographic contrast media with iodine can enhance the vascular structures and visibility of organs during radiographic procedures. Different techniques of diagnosing ailments such as angiography, X-rays, and CT scan utilise contrast media to offer high performance. Such technological breakthroughs in medical science have fueled the use of iodine in X-ray contrast media. Apart from that, radioactive iodine found its adoption in the treatment of cancer developed in the thyroid gland. Cancer cells on the thyroid gland absorb radioactive iodine, which then kills these cells regardless of the intensity at which they spread. Iodine also has its application in the pharmaceutical sector in the manufacturing of bactericides, analgesics, and disinfectants. These guiding factors are poised to unlock novel growth opportunities in the global iodine market.
Rising Awareness Regarding Iodine Deficiency to Prolong Market Expansion
Iodine deficiency has negative impacts on the human body. The enlargement of the thyroid gland and goitre is the most common deficiency. Other effects of its deficiency include weight gain, weakness, unexpected fatigue, dry skin, hair loss, and fluctuating heart rate. On the other hand, its consumption promotes effective regulation of the hormone levels in the human body and strengthens and facilitates efficient functioning of the thyroid gland. Iodine-based salts can prevent iodine deficiency and mitigate the risk of various ill effects including thyroid enlargement. With the rising awareness of iodine among people, its demand is expected to surge at a paced rate consequently promoting iodine market growth.
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Caliche Ore to Hold Lion’s Share in the Iodine Market
Caliche ore is a mineral containing high concentrations of nitrate, iodine and potassium. The extraction of iodine from caliche ore is considered to be highly effective and economically profitable. The amount of iodine recovered from the caliche depends on the reduction of the extracted iodate solution to iodine. Once the iodine is refined, it is suitable for use in any application including its application as topical ointments and supplements. Therefore, the economic feasibility and effectiveness of extraction from this source will likely increase the sale of iodine extracted from caliche ore. This in turn is projected to steepen the growth curve for the iodine market in the coming years.
North America to Emerge as Key Region Owing to Rising Iodine Consumption
A rise in the import of iodine in developed countries of North America has been witnessed due to its rising consumption in the region. In addition to this, the pharmaceutical sector in North America is also growing at a record pace and showcases considerable R&D activities in the region. This expanding industry in turn promotes the use of various chemicals and elements including iodine. Furthermore, the surge in the geriatric population, growing demand for the treatment of chronic ailments, and rising applications in the animal feed industry are other factors promoting the growth of the iodine market in the region.
Prominent Market Players
Some of the major players in the iodine market include Algorta Norte, COSAYACH, Nippoh Chemicals Co. Ltd., Iofina Plc, Iochem Corporation, ISE Chemicals Corporation, SQM SA, and GODO SHIGEN Co. Ltd.
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