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The Global Spectrometry Market size is estimated to increase by USD 9.02 billion, at a CAGR of 10.87% between 2023 and 2028. The spectrometry market is experiencing significant growth due to several key factors. The global geriatric population is expanding, leading to an increased demand for diagnostic tools and technologies, including spectrometry. Furthermore, emerging markets are exhibiting a rising demand for these advanced analytical instruments, as they seek to improve their healthcare infrastructure and capabilities. Additionally, growing research and development activities in the field of spectrometry are driving innovation and expanding its applications across various industries, from pharmaceuticals to food and beverage, further fueling market growth. In the next 100 words, spectrometry's role in addressing the healthcare needs of an aging population, meeting demands from emerging markets, and the impact of ongoing R&D activities will continue to shape the market's trajectory.
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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 3.68 billion in 2018. 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 58% 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.
Electromagnetic radiation encompasses a broad spectrum of energy waves characterized by varying wavelengths and frequencies. In chemical compounds, identifying impurities, contaminants, and pollutants is crucial for ensuring product safety. Ionizing radiation plays a pivotal role in test samples analyzed through techniques like molecular spectroscopy and mass spectroscopy in raw materials testing for quality assurance. These methods are integral to research operations across diverse sectors including the pharma industry and biotech, where precise analysis of chemical compounds and impurities supports the development of safe and effective products. Advances in electromagnetic radiation technologies enhance the capability to detect and characterize contaminants and pollutants, contributing to improved quality control and regulatory compliance in scientific and industrial applications.
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.
Moreover, 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 research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
1. Mass Spectrometry Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, Germany, China, UK - Size and Forecast
2. Total Reflection X-Ray Fluorescence Spectrometer Market Analysis Europe, North America, APAC, Middle East and Africa, South America - US, Germany, Japan, UK, Italy - Size and Forecast
3. Atomic Spectroscopy Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, Germany, France, China - Size and Forecast
Electromagnetic radiation spans a vast range of energy, defined by its wavelength and frequency, crucial in analyzing chemical compounds, impurities, contaminants, and pollutants. Utilizing ionizing radiation, test samples undergo molecular spectroscopy and mass spectroscopy during raw materials testing, ensuring quality assurance in various research operations within the pharma and biotech industries. In health care and medical research, precise diagnostics and biomarker identification rely on stringent criteria, necessitating monitoring of dangerous elements. Technological advancements like visible, ultraviolet, near infrared, and Raman spectroscopy, alongside hybrid and single mass spectroscopy, and techniques such as atomic absorption and X-ray fluorescence spectroscopy, aid in disease detection and monitoring. These methods are pivotal in both academic institutes and clinical settings, facilitating accurate analysis and advancing scientific research and medical diagnostics. The biotechnological landscape relies heavily on genomics and proteomics to drive drug discovery and protein testing forward. These fields employ sophisticated techniques to analyze test samples and chemicals, ensuring advancements in the biotech industry. Harnessing the electromagnetic spectrum, they pave the way for innovative solutions in drug testing and beyond.
Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.87% |
Market growth 2024-2028 |
USD 9.02 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.53 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 58% |
Key countries |
US, Canada, Germany, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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 growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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