The Cobalt-60 market also witnessed a downfall in the market due to the pandemic. Both developed and developing countries have seen their economies slow down due to the ongoing pandemic. Therefore, these regulations restrain the growth of the Cobalt-60 market.Īs soon as the World Health Organization announced COVID-19 as a pandemic in 2020,several countries had to impose nationwide lockdowns, which had a negative impact on the market. A company operating in the market must follow regulations very closely for financial assurances and records for source transfers and decommissioning, or else they may face legal problems.
#COBALT 60 INFORMATION CODE#
In addition to the IAEA Code of Conduct, supplementary guidelines on the import and export of radioactive sources establish the international standard, and over 90 countries have already made a political commitment to the Code. Since Cobalt-60 is a radioactive material, the regulations related to the use and disposal of Cobalt-60 are very stringent. These factors are expected to fuel the growth of the market during the forecast period. Aside from the growing need for medical device sterilization, the application of cobalt-60 in healthcare is also growing with an increasing number of non-invasive and minimally invasive surgical procedures for brain tumors and cancers. The company acquires additional supply of Cobalt-60 from reactors in China, India, and Russia. It has a contract with its subsidiary, Nordion, with three nuclear operators that operate 14 nuclear reactors in four plants in Canada and Russia.
Additionally, Sotera, a renowned worldwide medical laboratory company, has long-term contracts to procure cobalt-60 that stretch from 2024 through 2064. Recently, Bruce Power began producing a new source of Cobalt in order to ensure accessibility to innovative machines and treatments. Medical-grade Cobalt-60 is used by hospitals and medical providers worldwide to fight cancer and treat complex brain conditions with radiation therapy. LSA Cobalt-60 from Bruce Power can sterilize more than 40% of the world’s single-use medical devices. Almost half of the volume is used for medical equipment sterilization by gamma irradiation. According to the International Irradiation Association, more than 400 million cubic feet of Cobalt-60 is produced annually from approximately 250 large-scale commercial gamma irradiators in about 50 countries. Cobalt-60 is widely employed by the healthcare industry to sterilize medical devices such as sutures, gloves, and syringes. The radiation produced by cobalt-60 is crucial to the medical community for cancer treatments and sterilization of medical devices. Growing Application of Cobalt-60 in the Healthcare Industry Cobalt-60, a radioactive form of Cobalt formed by exposing Cobalt to the radiation of an atomic pile, is useful in various industries. It is used to cure cancer and sterilize medical equipment in the medical field. It is increasingly used to check the internal structure of materials, flaws, or foreign objects and to sterilize food.
The stable isotope of cobalt-59 is irradiated by neutrons in a nuclear reactor to produce Cobalt-60. Cobalt-60’s extensive application is driving the growth of the global Cobalt-60 market.Currently, only a few countries, such as Canada, China, and Russiahave Cobalt 60 production capacity, and the international market looks promising.Ĭobalt-60 has a half-life of 5.27 years, making it the longest-lived isotope of cobalt. Cobalt-60 is also used for radiation processing, radiation treatment waste, thickness/density measurement of materials under extreme temperatures or pressures, toxic media, the complex structure of vessels or pipes, abrasive and corrosive fluids, and radiotherapy for cancer and tumor. It can also be used for radiation breeding, stimulation of yield increase, radiation control of insects/pests, food irradiation preservation, non-destructive inspection, and radiation disinfection.
The radioactive source of Cobalt-60 is widely used in agriculture, medicine and other industries. Global Cobalt-60 market was worth USD 451.62 million in 2021 and is further anticipated to reach USD 735.41 million by 2028, growing at a CAGR of 7.4% during the forecast period of 2022-2028. Global Cobalt-60 Market- Industry Trends & Forecast Report 2028 The global cobalt-60 market is anticipated to register impressive growth during the forecast period due to the growing usage of cobalt-60 in various applications such as medical, industrial, agriculture, and others.
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