Global Spectrometry Market
Global Spectrometry Market Size Expands to Cross USD 24 Billion by 2028
Published | 25 November 2022
Global spectrometry market size is growing due to increasing adoption of technology advancements and rising use of spectrometry instruments in various sectors, including food and beverages, environmental testing, and research.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global spectrometry market size at USD 14.9 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects the size of global spectrometry market to grow at a CAGR of 7.3%, reaching a value of USD 24.03 billion by 2028. The increasing use of spectrometry techniques in pharmaceutical and biotechnological firms for drug testing, drug discovery, protein testing, raw material testing, and quality assurance and quality control of products is one of the main factors fueling the growth of global spectrometry market. The demand for methods in food and beverage testing laboratories to confirm the quality and the presence of any toxic substance that may endanger health has increased, which is leading to the expansion of the spectrometry market. Spectral analysis is employed in environmental testing for a variety of environmental issues, including the assessment of soil contamination, pesticide screening and quantification, carbon dioxide and pollution control, drinking water, and wastewater.
Global Spectrometry Market – Overview
Study and analysis of electromagnetic spectra, which are produced when electromagnetic radiation interacts with matter as a function of wavelength or frequency, is the broad field of study known as spectrometry. It is a method for isolating and separating a test sample to identify specific substances, such as chemical compounds, impurities, contaminants, or pollutants Atomic, molecular, and mass spectrometry are the different types of spectrometry. Study of interactions between electromagnetic waves and molecules is known as molecular spectroscopy. The mass-to-charge ratio (m/z) can be found using mass spectrometry. Measurement of the electromagnetic radiation that atoms absorb and emit is known as atomic spectrometry. It has many uses in a variety of different industries, including the petrochemical, food and beverage, environmental, and life science sectors.
Increase in the use of spectrometry techniques in pharmaceutical and biotechnological companies for drug testing, drug discovery, protein testing, raw material testing, and for quality assurance and quality control of the products is the main factor driving the growth of the spectrometry market. The spectrometry market is expanding due to the rise in demand for methods in food and beverage testing labs to confirm the quality and presence of any toxic substance that may risk health. Additionally, spectral analysis is employed in environmental testing for soil contamination assessment, pesticide screening and quantitation, carbon dioxide and pollution control, drinking water, wastewater, and others.
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Opportunity: Growing Demand in Emerging Markets
Developing countries, such as China and India, provide a variety of growth opportunities for the spectrometry market. As greenfield projects in various end-use industries have been launched in both China and India, there has been a high demand for spectrometers and hybrid spectroscopic analyzers. These countries' pharmaceutical industries are robust, and they are expected to contribute significantly to the growth of the spectroscopic and chromatographic markets. Leading industry players are seizing this opportunity to establish new facilities, R&D centers, and innovation hubs to form partnerships with Asian market players.
Challenge: Shortage of skilled Professionals in Spectrometry Field
Spectrometry must be used effectively, which calls for trained personnel with the necessary skills and knowledge. The final product's quality can be impacted by mistakes like samples getting stuck on GC-MS or LC-MS, or issues like fingerprints or solution bubbles. In addition, a crucial step in separating the target compound in mass spectrometry is sample pre-treatment, which includes dispensing, dilution, and extraction. Remove any interference that might tamper with the accuracy of the findings. Lack of knowledge about the best technology to use can also have an impact on the end user's costs, both direct and indirect. The mass spectrometry market is anticipated to experience a slight slowdown in growth over the coming few years due to the current shortage of skilled personnel in method development, validation, operation, and troubleshooting.
Impact of COVID-19 on Global Spectrometry Market
COVID-19 pandemic adversely affected the market for spectrometry. Mass spectrometry is widely accepted in test applications in the pharmaceutical, food and beverage, and biological research sectors. The development of new drugs, the repurposing of new drugs, and the rise in pharmaceutical product production have all led to a greater need for safety and quality controls in the pharmaceutical sector. Mass spectrometry is increasingly popular in these industries due to stringent government regulations and rising quality maintenance demands. However, it is anticipated that the use of mass spectrometers will be constrained by supply chain disruptions and the deregulation of pollution monitoring in the petrochemical sector.
Global Spectrometry Market – Segmental Information
Global spectrometry market is segmented by end-user into Pharmaceutical & Biotechnology Companies, Research & Academic Institutes, and Others. In 2021, the research and academic institutes segment dominated the spectrometry market. Spectrometry techniques and related products are used in a wide range of research studies conducted by government and academic institutions. Thus, an increase in research studies is expected to drive the market for spectrometry products. Between 2021 and 2028, the end-user segment for pharmaceutical and biotechnology companies is expected to grow at the fastest rate. The use of spectrometry methods, particularly mass spectrometry, for drug discovery and development in the pharmaceutical and biotechnology industries is propelling the segment's growth.
Competition in global spectrometry market is intense. Major companies in global spectrometry market include Braun Medical, Inc, Shimadzu Corporation, PERKIN ELMER, INC, Agilent Technologies, DANAHER CORPORATION, Thermo Fisher Scientific, Inc., Waters Corporation, Endress+Hauser Group, Leco Corporation, and Kore Technology. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Global Spectrometry Market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Spectrometry Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Spectrometry Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Spectrometry Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2018–2028, Segmented By Type (Atomic Spectrometry, Mass Spectrometry, Molecular Spectrometry); By End User (Pharmaceutical & Biotechnology Companies, Research & Academic Institutes, Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: November 2022
Increasing use of mass spectrometry in pharmaceutical and biotechnology applications, adoption of spectrometry devices in tissue analysis, toxicology, proteomics, and disease detection, advancements in spectrometry techniques, and expanding emerging markets are expected to boost the growth of Global Spectrometry Market during the forecast period between 2022 and 2028.
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