The spectroscopy market size has the potential to grow by USD 6.30 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by technology (mass spectroscopy, molecular spectroscopy, and atomic spectroscopy), application (life sciences, pharmaceutical, environmental, and others), and geography (North America, Europe, APAC, South America, and MEA). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Agilent Technologies Inc., Bruker Corp., Danaher Corp., Hitachi High-Technologies Corp., JEOL Ltd., PerkinElmer Inc., Rigaku Corp., Shimadzu Corp., Thermo Fisher Scientific Inc., and Waters Corp.
Market Overview
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Market Competitive Analysis
The market is fragmented owing to the presence of several global and regional vendors. The competition among the companies is mainly based on factors such as production volume, quality, innovation in technology, and aftersales services. Intense competition, improvements in technology, and changes in consumer preferences pose major challenges to spectroscopy manufacturers. The companies are highly focusing on improving revenue and are concentrating on developing products with innovative technologies. Agilent Technologies Inc., Bruker Corp., and Danaher Corp. are some of the major market participants. Although the increased focus on drug development in healthcare industry will offer immense growth opportunities, the high exchange rate risk will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this spectroscopy market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this spectroscopy market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- Agilent Technologies Inc.
- Bruker Corp.
- Danaher Corp.
- Hitachi High-Technologies Corp.
- JEOL Ltd.
- PerkinElmer Inc.
- Rigaku Corp.
- Shimadzu Corp.
- Thermo Fisher Scientific Inc.
- Waters Corp.
Spectroscopy Market: Segmentation by Geography
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North America was the largest spectroscopy market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the increasing investments in R&D and the high demand for sophisticated and high-performance test and measurement equipment will significantly drive spectroscopy market growth in this region over the forecast period.
37% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for spectroscopy in North America. Market growth in this region will be slower than the growth of the market in Europe and APAC.
Spectroscopy Market: Segmentation by Technology
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Factors such as the growing demand for applications in the agriculture sector and medical research facilities in emerging countries and the growing funding for research activities in APAC, will drive the growth of this global market in the mass spectroscopy market segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the spectroscopy market size.
Spectroscopy Market: Key Drivers and Trends
Increased focus on drug development in the healthcare industry The pharmaceutical industry is a growing industry. The global R&D expenditure on the pharmaceutical industry is increasing year-over-year. Spectrometers are used extensively in the R&D in the pharmaceutical industry for testing and new drug discovery. There is an increased focus by the pharmaceutical industry to meet international standards such as ISO and Six Sigma certifications to improve their operational efficiency by enhancing the quality. As a result, pharmaceutical firms can achieve fast time to market for their new products. In line with this, in the life sciences sector. there is an increased demand for spectrometers for the analysis of drugs and biomolecules. Spectrometers are used to study the human genome as well as the rapid cloning and synthesis of DNA molecules/fragments, which is driving the global spectrometry market.
The spectroscopy market report predicts that the market will grow at a CAGR of over 7% by 2024. The recent technological advancements will be one of the major spectroscopy market drivers. End-users, especially in the pharmaceutical and food and beverage industries have benefitted the most from constant advancements in spectroscopy technology. With constant R&D investments toward enhancing the quality of the product and operational efficiency, the recent years witnessed a rise in sales of spectroscopy equipment. With the growing competition, companies are highly focusing on introducing advanced products.
Spectroscopy Market: Key Highlights of the Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive spectroscopy market growth during the next five years
- Precise estimation of the spectroscopy market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the spectroscopy industry across North America, Europe, APAC, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of spectroscopy market vendors
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