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The Global Spectrometry Market size is estimated to increase by USD 7.20 billion and grow at a CAGR of 9.65% between 2022 and 2027. Market growth hinges on various factors, notably the increasing global geriatric population, rising demand in emerging markets, and escalating research and development endeavors. However, challenges persist, such as the elevated costs of the instruments, a scarcity of skilled professionals, and stringent governmental regulations concerning the manufacturing of such instruments.
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This market report extensively covers market segmentation by type (molecular spectrometry, mass spectrometry, and atomic spectrometry), end-user (pharmaceutical and biotechnology industries, chemical and petrochemical industries, and academic institutions and others), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth by the molecular spectrometry segment will be significant during the forecast period. One of the major end-users of the instruments and systems is the pharmaceuticals and biotechnology segment. The techniques are widely used in the pharmaceutical and biotechnology segments in order to identify and characterize potential drug candidates.
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The molecular spectrometry segment was valued at USD 3.44 billion in 2017 and continued to grow until 2021. Mass spectrometry (MS) is one of the widely used techniques that helps to identify and structurally analyze small molecules, peptides, and proteins. Some of the key Mass spectrometry techniques used are liquid chromatography-mass spectrometry (LC-MS) and gas chromatography-mass spectrometry (GC-MS) which enable the separation, identification, and quantification of compounds in complex mixtures, aiding in the screening and profiling potential drug candidates. Molecular techniques such as ultraviolet-visible (UV-Vis) and infrared (IR) ones are other important kinds of techniques that are widely utilized to analyze the composition and characteristics of finished drug products. Thus, such applications are expected to drive the global market during the forecast period.
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North America is estimated to contribute 53% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Factors such as increased funding for research and development activities, widespread application of mass spectrometer instruments in the life sciences, metabolomics, and petroleum industries, as well as the presence of major market players are significantly contributing to the global market in North America, especially in the US. The US is one of the prominent markets with the largest market share in North America due to the huge government and private sector investment in research and development. For instance, in the US, medical and health research and development investment reached around USD245.1 billion in 2020, an 11.1% increase compared to 2019. Thus, such growing investments are expected to drive the global market during the forecast period.
The market is witnessing significant growth driven by applications in Proteomics, Metabolomics, and Forensic Analysis. It plays a pivotal role in the Diagnosis, Prognosis, and Treatment of various cancers, bolstering its demand in the Pharmaceutical and Forensic industries. Key techniques like Molecular Spectrometry, Fluorescence Spectroscopy, and Mass Spectrometry (MS) segment, including advanced systems like Neoma Multi-Collector ICP-MS, are leading the market. Technological advancements enable applications across diverse sectors, from Healthcare to Petrochemical industries, ensuring the quality of medicines and environmental welfare. Despite analytical challenges, Spectrometry remains vital for toxicity tests, offering insights into molecular composition using electromagnetic radiation across the spectrum. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The global market is experiencing significant growth, driven in part by the rising geriatric population worldwide. With the elderly demographic expanding rapidly, there's an increased prevalence of microbial diseases such as skin infections, bacterial pneumonia, and urinary tract infections. As the elderly population undergoes diagnostic tests like microbial testing regularly due to their generally lower immunity and metabolism, there's a growing demand for clinical mass spectrometry. This technology provides crucial insights into the causal microorganisms, fueling market expansion. Key segments like Mass Spectrometry (MS) and technologies including Fluorescence Spectroscopy and Ultraviolet-visible (UV-Vis) Spectroscopy are poised for substantial growth.
A key factor shaping the global market is the increasing demand for portable spectrometers. Due to the large and bulky size of the traditional spectrometer system, vendors have introduced small permanent magnets, which can facilitate the portability of mass spectrometers. For instance, the Thermo Fisher Scientific Prima BT Bench Top Mass Spectrometer is a type of portable spectrometer system with benefits such as easy sample introduction, automatic sample, best-in-class resolution, an option for variable sample temperature control, and a built-in pressurized air supply.
Furthermore, utilizing an advanced, multi-port magnetic sector gas analyzer and cryogen-free technology led to a small footprint and low weight for easy placement on standard laboratory benches. Torion T-9 GC/MS by PerkinElmer is another prime example of a portable mass spectrometer that is designed for benchtop operation in academic and industrial laboratories and it provides benefits such as an easy collection of routine, high-resolution mass-to-charge ratio data on molecules in solution. Thus, such innovations are expected to drive the global Market share during the forecast period.
The high cost of the instruments is one of the key challenges hindering global market growth. One of the key issues with instruments, especially those equipped with advanced technologies and capabilities, is highly expensive and difficult to maintain. Thus, for small and medium-sized enterprises or research institutions operating with limited budgets, this cost factor can be a significant barrier.
Additionally, factors such as the development and production of high-quality instruments involving substantial research and engineering efforts, the incorporation of cutting-edge technologies, sophisticated optics, precise detectors, and advanced data processing capabilities are significantly contributing to the overall cost of instruments. Hence, such factors are expected to hinder the global market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Agilent Technologies Inc: The company offers spectrometry such as Triple Quadrupole, Quadrupole Time of Flight LC/MS, High Throughput LC/MS, and others.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market players, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market experiences robust growth driven by diverse industries like pharmaceuticals, forensics, and healthcare. Cutting-edge techniques like Mass Spectrometry (MS), Fluorescence Spectroscopy, and Ultraviolet-visible (UV-Vis) Spectroscopy enable precise diagnosis, prognosis, and treatment of various cancers. From proteomics to genomics, spectrometry aids in personalized treatments and drug discovery. Near-infrared (NIR) Spectroscopy and Neoma multi-collector ICP-MS cater to pharmaceutical and biotechnological industries, ensuring quality medicines and healthcare products. Despite analytical challenges, technological advancements like Artificial Neural Networks (ANN) enhance data analysis, ensuring food safety evaluation and environmental testing. However, challenges such as installation costs and regulatory compliance persist, mitigated by cloud-based data solutions and industry collaboration.
Moreover, the market experiences growth driven by various sectors like the pharmaceutical and forensic industries. It encompasses technologies such as FT-IR microscopy, mass spectrometry, and atomic spectroscopy, crucial for analyzing molecular compositions and identifying unknown components. Spectrometry aids in drug testing, protein testing, and raw materials analysis, ensuring safety and quality control in the pharmaceutical and food & beverage industries. Despite challenges like high installation costs and regulatory hurdles from bodies like the FDA, spectrometry remains vital for toxicity testing, carbon dating, and quality control processes. With applications in diverse fields from pharmacology to forensic analysis, spectrometry continues to play a pivotal role in scientific advancements.
It is propelled by diverse industries such as pharmaceutical and forensic, relying on advanced tools like FT-IR microscopy and imaging systems and Mass Spectrometry (MS) segment for comprehensive analysis. It encompasses electromagnetic spectrum applications in examining chemicals, raw materials, and dangerous compounds, ensuring food and environmental welfare through toxicity tests. Spectrometry aids in evaluating molecular composition across biological sciences using techniques like X-ray fluorescence and Nuclear magnetic resonance (NMR). Its versatility extends to inorganic mass spectroscopies, offering insights into solids, liquids, and gases. With the ability to provide both quantitative and qualitative data, spectrometry ensures quality control in sectors like food and beverage (F&B), despite installation and maintenance costs challenges.
Spectrometry Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.65% |
Market growth 2023-2027 |
USD 7.20 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.59 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 53% |
Key countries |
US, Canada, Germany, UK, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agilent Technologies Inc., AMETEK Inc., Bruker Corp., Danaher Corp., Endress Hauser Group Services AG, Erich NETZSCH GmbH and Co. Holding KG, Hiden Analytical, JEOL Ltd., Kore Technology Ltd., LECO Corp., Linseis Messgerate GmbH, Microsaic Systems plc, MKS Instruments Inc., Perkin Elmer Inc., Process Insights Inc., Rigaku Corp., Shimadzu Corp., Teledyne Technologies Inc., Thermo Fisher Scientific Inc., and Waters Corp. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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