Lutetium (Lu), with atomic number 71, is a chemical element that belongs to the lanthanide series of the periodic table. It is the densest and highest-melting rare element and the last member of the lanthanide series. Lutetium is rarely employed in human activities since it is such a complicated element that it is difficult to extract and has such a low availability. According to BlueQuark Research & Consulting, the global Lutetium market is expected to witness a significant growth rate during the forecasted period. Factors like the increasing use of Lutetium in the Medical Industry, Lutetium 177 is a radioactive medication that attaches to a specific portion of tumor cells, allowing radiation to penetrate and kill them are expected to drive the global Lutetium market. Further, the use of Lutetium in Electronics, Lutetium salts are used to manufacture electronic components and therefore can be used in equipment such as color televisions are projected to drive the global Lutetium market. Furthermore, in the petrochemical sector, Lutetium Oxide is used to manufacture catalysts for breaking hydrocarbons, which is expected to drive market growth. However, Lutetium is very expensive to obtain in valuable quantities, and therefore it has very few commercial applications. Ingestion of Lutetium is poisonous. Like other rare earth metals, Lutetium is less toxic, but it and its compounds should be handled with care, which is expected to hinder the global market growth.

Lutetium is used in the medical industry to kill tumor cells and treat certain digestive tract cancers, including the stomach, pancreas, and intestines. It is used in electronics such as color television, detectors, sensors, and fluorescent lamps. Lutetium is used as catalysts in hydrogenation, cracking alkylation, and polymerization. It is used as a host for scintillators and X-ray phosphors, and the oxide is used in optical lenses.  

The Asia-Pacific region is expected to be the leader in the production and consumption of Lutetium, with most of the consumption in countries like China and India. The demand for the medical industry, electronics, catalysts, and optical lenses is enormous in the region since more than half of the world’s population lives there. Due to the ongoing need for the medical industry, particles of Lutetium Oxyorthosilicate (LSO) is used in positron emission tomography detectors (PET), which is a noninvasive medical scan that produces a three-dimensional image of cellular activity in the body are driving the need for Lutetium in the Global Market. According to Eckert & Ziegler AG, Lu-177 is becoming increasingly popular as a treatment option and labeled therapeutic intense from big pharma. Lu-177 demand is expected to approach 500,000 Curie by 2025, representing a 3.5 billion euro market opportunity. Further, in electronics, Gadolinium gallium garnet (GGG), which is utilized in magnetic bubble memory systems, has a trace quantity of Lutetium as a dopant, thus driving the Lutetium market in demand. Lutetium salts are commonly used to produce high-quality glass catalysts, and polishers are expected to drive the demand for Lutetium in the market. The small amount of Lutetium is used in optical lenses, in producing dentures, and impurity sensors in the metallurgical industry are expected to drive the demand for Lutetium in the Global Market. The mentioned factors have made the Asia-Pacific an essential region for growth in the Lutetium Market.

Some of the market's key players are Novartis AG, Cell Theranostics, Inc, Telix Pharmaceuticals Ltd, Molecular Targeting Technologies, Cell Point, LLC, among others.

In September 2021, Bruce Power received regulatory approval for Lutetium-177 production from the Canadian Nuclear Safety Commission (CNSC) to take the next step forward for new isotope production.

In June 2021, according to the findings of a significant clinical trial, a type of cancer therapy that delivers radiation directly to cancer cells is the newest step in the treatment of the prostate gland. Participants who received the drug called Lu-PSMA-617 along with other standard therapies lived longer than those who received only traditional medicines.

Global Lutetium Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Lutetium market by segmenting based on the By Isotopes (Lutetium-175, Lutetium-176), By Form (Metal, Oxide, Others) By Application (Medical, Electronic, Catalyst, Optical Lenses, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.