Iridium-192 Market Dynamics: Growth Drivers, Challenges, and Opportunities
Global Iridium-192 (Ir-192) Market The global Iridium-192 market was valued at US$ 35 million in 2024 and is anticipated to reach US$ 47.1 million by 2031, witnessing a CAGR of 4.1% during the forecast period 2025-2031. Iridium-192 is a short-lived gamma radioisotope (half-life ~74 days) primarily used as sealed sources for industrial radiography / nondestructive testing (NDT) and, to a lesser extent, in select medical brachytherapy applications. The market comprises isotope production (reactor irradiation & processing), sealed-source manufacture, radiography camera/equipment sales, source logistics (transport, replacement), source life-cycle services (decay/disposal), and contract NDT & brachytherapy services. Demand is driven by routine inspection programs in oil & gas, petrochemical, pipelines, pressure vessels, aerospace, and infrastructure; healthcare demand is more niche and subject to technology choices. The Ir-192 market is tightly linked to reacto...