Novel Spectrometry Market Report 2024

This Novel spectrometry market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The novel spectrometry market size has grown strongly in recent years. It will grow from $4.07 billion in 2023 to $4.39 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth observed during the historic period can be linked to several factors, increased demand for spectrometry solutions, the expanding need for accurate analytical tools, a rise in global events related to novel spectrometers, and the growing necessity for precise analytical tools.

The novel spectrometry market size is expected to see strong growth in the next few years. It will grow to $6.0 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth during the forecast period is driven by several factors, including a heightened emphasis on drug discovery and development within the pharmaceutical industry, a rising application of spectrometry in the food and beverage sector, and a growing focus on miniaturization and portability. Key trends expected during this period include the advancement of multi-dimensional spectrometry techniques, the incorporation of artificial intelligence (AI) for data analysis in spectrometry, progress in mass spectrometry technology, developments in personalized medicine and genomics, and the emergence of innovative novel spectrometry platforms.

The novel spectrometry market is projected to grow significantly due to the increasing demand for personalized medicine. Personalized medicine is a medical approach that customizes treatments and healthcare strategies based on individual patients' genetic, environmental, and lifestyle factors. The rising demand for personalized medicine is attributed to advancements in genomics, which facilitate more precise treatments and enhance patient outcomes by providing targeted and effective interventions. Novel spectrometry supports personalized medicine by offering precise biomarker analysis and enabling customized treatment plans, thereby improving the accuracy and efficacy of individualized therapies. For example, in February 2024, the Personalized Medicine Coalition, a US-based non-profit organization, reported that the U.S. Food and Drug Administration (FDA) approved 16 new personalized treatments for rare diseases in 2023, a notable increase from the 6 approvals granted in 2022. This growing need for personalized medicine is driving the expansion of the novel spectrometry market.

Key players in the novel spectrometry market are focusing on developing advanced spectroscopy solutions, including novel triple-quadrupole mass spectrometers, to enhance analytical capabilities and improve sensitivity and accuracy in analyzing complex samples. Novel triple-quadrupole mass spectrometers are advanced versions designed to deliver superior performance for both quantitative and qualitative analysis. For instance, in June 2023, Bruker Corporation, a US-based manufacturer of scientific instruments, launched the EVOQ DART-TQ+, a novel triple-quadrupole mass spectrometer tailored for chromatography-free mass spectrometry. This system is targeted at applied markets such as food and beverage, forensic toxicology, industrial, and environmental analysis. It features an integrated direct analysis in real time (DART) ionization technique source, which simplifies and streamlines routine analysis without requiring complex gas or liquid chromatography, addressing the demand for cost-effective and environmentally sustainable workflows.

In April 2022, Bruker Corporation, a US-based scientific instrument manufacturer, acquired IonSense for an undisclosed amount. This acquisition is aimed at enhancing Bruker’s efficiency in mass spectrometry analysis across sectors such as food and forensics, while broadening the scope of innovative capabilities and accelerating integration into analytical workflows. IonSense Inc., a US-based developer of open-air mass spectrometry technology, specializes in direct real-time analysis.

Major companies operating in the novel spectrometry market are Thermo Fisher Scientific Inc., Danaher Corporation, Agilent Technologies Inc., Teledyne Photon Instruments, PerkinElmer Inc., LECO Corporation, Endress+Hauser Group, Shimadzu Corporation, Waters Corporation, Bruker Corporation, Horiba Ltd., FLIR Systems Inc., Sciex, JEOL Ltd., Oxford Instruments plc, Rigaku Corporation, Peak Scientific Instruments Ltd., Nanalysis Corp., Scion Instruments, Hiden Analytical Ltd., Labman Automation Ltd., Advion Inc., Exciton Inc., SRI Instruments.

North America was the largest region in the novel spectrometry market in 2023. The regions covered in the novel spectrometry market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the novel spectrometry market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Novel spectrometry involves cutting-edge or advanced techniques within the field of spectrometry, which focuses on the interaction between light and matter. These innovative methods often incorporate new technologies, approaches, or instruments that improve the ability to analyze and measure the properties of substances.

Among the main types of spectrometers used in novel spectrometry are atomic absorption spectrometers, mass spectrometers, near-infrared spectrometers, nuclear magnetic resonance spectrometers, Raman spectrometers, and X-ray fluorescence spectrometers. Atomic absorption spectrometers are analytical instruments that determine the concentration of elements by measuring the light absorbed by vaporized samples. These devices cater to various business sizes, including small, mid-sized, and large companies, and are used across multiple industries, such as agriculture, pesticide testing, environmental analysis, food biotechnology, forensic analysis, and pharmaceutical analysis.

The novel spectrometry market research report is one of a series of new reports that provides novel spectrometry market statistics, including novel spectrometry industry global market size, regional shares, competitors with a novel spectrometry market share, detailed novel spectrometry market segments, market trends and opportunities, and any further data you may need to thrive in the novel spectrometry industry. This novel spectrometry market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The novel spectrometry market includes revenues earned by entities by providing services such as environmental monitoring, trace analysis, high-resolution analysis, and biological and medical diagnostics. The market value includes the value of related goods sold by the service provider or included within the service offering. The novel spectrometry market also consists of sales of portable spectrometers, advanced spectrometers, multimodal spectroscopy systems, and enhanced data processing software. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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