The global spectrometry market was valued at $11,124.97 million in 2021, and is estimated to reach $20,313.5 million by 2031, growing at a CAGR of 6.2% from 2022 to 2031.
Spectrometry is a broad branch of research that examines and analyzes the electromagnetic spectra produced by the interaction of electromagnetic radiation with matter as a function of wavelength or frequency. It is a technique for detecting particular substances, such as chemical compounds, impurities, contaminants, or pollutants by ionizing and separating a test sample. Spectrometry is classified into molecular spectrometry, mass spectrometry, and atomic spectrometry. Molecular spectroscopy is the study of interactions between electromagnetic waves and molecules. Mass spectrometry is a technique for determining the mass-to-charge ratio (m/z). Atomic spectrometry is the measurement of the electromagnetic radiation absorbed and emitted by atoms. It has wide applications in various different industries such as life science, food & beverages, environmental, and petrochemical industries.
The major factor that drives the growth of the spectrometry market is increase in the utilization of spectrometry techniques in pharmaceutical & biotechnological companies for drug testing, drug discovery, protein testing, raw materials testing and for the quality assurance & quality control of the products. Surge in the demand for techniques in food & beverage testing laboratories to verify the quality as well as presence of any toxic substance that may risk health is driving the growth of the spectrometry market. In addition, spectral analysis is used in environmental testing for carbon dioxide and pollution control, drinking water, waste water, pesticide screening and quantitation, soil contamination assessment, and others.
Other factors that propel the market growth include increase in various key developmental strategies such as product launch, collaboration, partnership, business expansion and others aimed at increasing the accessibility of these instruments across the globe through its subsidiaries or distributors, further propelling the growth of the market. However, high cost of the instruments and lack of skilled technicians are expected to hinder the growth of the market.
Conversely, surge in the R & D and technological advancements in the spectrometry instruments and its increasing applications in QA & QC boost the market growth. For instance, in November 2021, Thermo Fisher Scientific Inc., announced launch of new mass spectrometry solutions; Thermo Scientific Orbitrap Exploris MX at the 69th American Society for Mass Spectrometry (ASMS) conference. It enables biopharmaceutical laboratories to use the multi-attribute method (MAM) to perform intact monoclonal antibody analysis, oligonucleotide mass determination, and peptide mapping with ease. Thus, launch of such products fuels the growth of the market. Presence of a plethora of products in the pipeline, and high market potential in untapped emerging economies are anticipated to serve as attractive opportunities during the forecast period.
The spectrometry market is segmented on the basis of type, end user, and region. On the basis of type, the market is categorized into molecular spectrometry, mass spectrometry, and atomic spectrometry. Molecular spectrometry segment is further segmented into visible & ultraviolet spectroscopy, infrared & near infrared spectroscopy, nuclear magnetic resonance spectroscopy, and Raman spectroscopy. Mass spectrometry segment is further segmented into hybrid mass spectroscopy, single mass spectroscopy, and others. Atomic spectrometry segment is further segmented into atomic absorption spectroscopy, X-ray diffraction spectroscopy, X-ray fluorescence spectroscopy, inductively coupled plasma optical emission spectroscopy, and inductively coupled plasma mass spectrometry.
By application, it is segregated into pharmaceutical & biotechnology companies, research & academic institutes, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and Latin America, the Middle East, and Africa (LAMEA). The major players profiled in the report are Agilent Technologies, Bruker Corporation, Danaher Corporation (SCIEX), Endress+Hauser Group (Analytics Jena GmbH), Leco Corporation, Kore Technology, PerkinElmer, Inc., Shimadzu Corporation, Thermo Fisher Scientific Inc., and Waters Corporation.
Spectrometry is a broad branch of research that examines and analyzes the electromagnetic spectra produced by the interaction of electromagnetic radiation with matter as a function of wavelength or frequency. It is a technique for detecting particular substances, such as chemical compounds, impurities, contaminants, or pollutants by ionizing and separating a test sample. Spectrometry is classified into molecular spectrometry, mass spectrometry, and atomic spectrometry. Molecular spectroscopy is the study of interactions between electromagnetic waves and molecules. Mass spectrometry is a technique for determining the mass-to-charge ratio (m/z). Atomic spectrometry is the measurement of the electromagnetic radiation absorbed and emitted by atoms. It has wide applications in various different industries such as life science, food & beverages, environmental, and petrochemical industries.
The major factor that drives the growth of the spectrometry market is increase in the utilization of spectrometry techniques in pharmaceutical & biotechnological companies for drug testing, drug discovery, protein testing, raw materials testing and for the quality assurance & quality control of the products. Surge in the demand for techniques in food & beverage testing laboratories to verify the quality as well as presence of any toxic substance that may risk health is driving the growth of the spectrometry market. In addition, spectral analysis is used in environmental testing for carbon dioxide and pollution control, drinking water, waste water, pesticide screening and quantitation, soil contamination assessment, and others.
Other factors that propel the market growth include increase in various key developmental strategies such as product launch, collaboration, partnership, business expansion and others aimed at increasing the accessibility of these instruments across the globe through its subsidiaries or distributors, further propelling the growth of the market. However, high cost of the instruments and lack of skilled technicians are expected to hinder the growth of the market.
Conversely, surge in the R & D and technological advancements in the spectrometry instruments and its increasing applications in QA & QC boost the market growth. For instance, in November 2021, Thermo Fisher Scientific Inc., announced launch of new mass spectrometry solutions; Thermo Scientific Orbitrap Exploris MX at the 69th American Society for Mass Spectrometry (ASMS) conference. It enables biopharmaceutical laboratories to use the multi-attribute method (MAM) to perform intact monoclonal antibody analysis, oligonucleotide mass determination, and peptide mapping with ease. Thus, launch of such products fuels the growth of the market. Presence of a plethora of products in the pipeline, and high market potential in untapped emerging economies are anticipated to serve as attractive opportunities during the forecast period.
The spectrometry market is segmented on the basis of type, end user, and region. On the basis of type, the market is categorized into molecular spectrometry, mass spectrometry, and atomic spectrometry. Molecular spectrometry segment is further segmented into visible & ultraviolet spectroscopy, infrared & near infrared spectroscopy, nuclear magnetic resonance spectroscopy, and Raman spectroscopy. Mass spectrometry segment is further segmented into hybrid mass spectroscopy, single mass spectroscopy, and others. Atomic spectrometry segment is further segmented into atomic absorption spectroscopy, X-ray diffraction spectroscopy, X-ray fluorescence spectroscopy, inductively coupled plasma optical emission spectroscopy, and inductively coupled plasma mass spectrometry.
By application, it is segregated into pharmaceutical & biotechnology companies, research & academic institutes, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and Latin America, the Middle East, and Africa (LAMEA). The major players profiled in the report are Agilent Technologies, Bruker Corporation, Danaher Corporation (SCIEX), Endress+Hauser Group (Analytics Jena GmbH), Leco Corporation, Kore Technology, PerkinElmer, Inc., Shimadzu Corporation, Thermo Fisher Scientific Inc., and Waters Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the world spectrometry market analysis from 2021 to 2031 to identify the prevailing world spectrometry market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the world spectrometry market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global world spectrometry market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Molecular Spectrometry
- Mass Spectrometry
- Atomic Spectrometry
By End User
- Pharmaceutical and Biotechnology Companies
- Research and Academic Institutes
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa,
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Thermo Fisher Scientific, Inc.
- Danaher Corporation
- Agilent Technologies
- Waters
- Bruker Corporation
- shimadzu corporation
- Perkin Elmer Inc.
- endress+hauser group
- Leco Corporation
- Kore Technology
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: WORLD SPECTROMETRY MARKET, BY TYPE
CHAPTER 5: WORLD SPECTROMETRY MARKET, BY END USER
CHAPTER 6: WORLD SPECTROMETRY MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Spectrometry Market,' the global spectrometry market was valued at $11.1 billion in 2021, and is estimated to reach $20.3 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.Spectrometry is the measurement of spectra formed by materials when they interact with sample or emit electromagnetic radiation. It is the analysis of light-matter interactions as well as reactions and measurements of radiation intensity and wavelength. It is widely used in spectroscopic evaluation of sample materials to identify certain substances like chemical compounds, impurities, contaminants, or pollutants. Depending upon the sample and requirement it can be examined through various molecular mass and atomic spectroscopy techniques.
Increase in trend of spectrometry analysis is owing to its increasing utilization for research activities in the pharma & biotech companies, for proteomics, metabolomics, genomics, and demand for personalized medicines. As a revolutionary technique for improved diagnostics, biomarker detection, and disease detection, it is leading the way in both health care and medical research. In addition, implementation of stringent guidelines by the United States Food and Drug Administration (USFDA) for monitoring harmful substances (metals like arsenic, lead, and mercury) in food as well as drinking water further contributes toward the utilization of these spectral analysis. Thus spectrometry’s clinical, toxicological, & forensic applications fuel its industrial growth during the forecast period, therefore contributing for spectrometry market growth.
Moreover, the automotive, textile, construction, industrial, medical, pharmaceutical, electronic, and consumer goods industries all employ petrochemical derivatives which enhances the spectral analysis of these materials to determine its characteristics. However, these instruments are expensive and incur high installation & high maintenance cost which is expected to hinder the market growth. Conversely, technological advancements are currently pushing market players for new product development and increase in cloud-based data essentials for analysis. Thus, this is a great spectrometry market trends for key players to invest in the forecast period especially in the developing economies.
By type, the market is segmented into molecular spectrometry, mass spectrometry, and atomic spectrometry. The molecular spectrometry segment generated maximum revenue in 2021, accounting $4,281.93 million of spectrometry market size, owing to its wide applications in life science industry and availability of numerous technologically advanced instruments. The mass spectrometry industry is expected to witness highest CAGR of 6.9% during the forecast period, owing to its rapid analysis with higher resolutions and launch of novel products with huge advancements such as by combination of the instruments with the chromatographic techniques.
Depending on end user, the market is classified into pharmaceutical & biotechnology companies, research & academic institutes, and others. The research & academic institutes segment dominated the market in 2021, with $5,023.17 million of spectrometry market size, owing to rise in R & D activities for drug discovery and toxicity testing. The others segment is expected to witness highest CAGR of 6.9% during the forecast period, owing to rise in awareness for food safety and environmental testing’s.
North America accounted for a majority of the global spectrometry market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to technological advancements in spectrometry techniques, integration of advanced hardware and software processes in spectrometry devices, and presence of key & robust research infrastructure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in R&D activities, implementation of food safety regulations, establishment of facilities, and increase in investments projects for end user’s industries in the region.
KEY FINDINGS OF THE STUDY
- By type, the molecular segment was the highest contributor to the market in 2021.
- By end user, the research & academic institutes segment was highest contributor in 2021, and is expected to continue this trend during the forecast period.
- By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
- Thermo Fisher Scientific, Inc.
- Danaher Corporation
- Agilent Technologies
- Waters
- Bruker Corporation
- shimadzu corporation
- Perkin Elmer Inc.
- endress+hauser group
- Leco Corporation
- Kore Technology
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 225 |
| Published | May 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 11124.97 million |
| Forecasted Market Value ( USD | $ 20313.5 million |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
