Spectrometry Industry To Rise Up Due To Advancements And New Product Launches

Spectrometry industry data book covers spectrometry, mass spectrometry, NMR spectroscopy, near-infrared spectroscopy, and in-line UV-vis spectroscopy market.

Grand View Research’s Spectrometry Industry databook is a collection of market sizing & forecast insights, market dynamics & trends, opportunity assessment, regulatory & technology framework, pricing intelligence, competitive benchmarking analyses, and macro-environmental analysis studies. Within the purview of the databook, such information is systematically analyzed and provided in the form of summary presentations and detailed outlook reports on individual areas of research.

Spectrometry Market Insights

The global spectrometry market size was estimated at USD 17.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.34% from 2022 to 2030. The development of technologically advanced spectroscopy instruments and consumables is anticipated to provide growth avenues to this market. Continuous evolution in spectrometry techniques has enhanced the use of spectrometers in the market. Key players are developing products that are easy to use and provide better outcomes which would help researchers to provide better results. This in turn is anticipated to aid growth over the forecast period.

North America dominated the market and accounted for the largest revenue share of 46.7% in 2020. This can be attributed to the local presence of a significant number of key players, such as Thermo Fisher Scientific, Agilent Technologies, Waters Corporation, and others. Asia Pacific, the market is expected to witness the fastest growth rate in the market owing to the presence of a strong research base for new drug development.

Mass Spectrometry Market Insights

The global mass spectrometry market size was valued at USD 5.83 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 7.87% from 2022 to 2030. Mass spectrometry is used as an analytical method to characterize large biomolecules, such as DNA and proteins, and is widely used for omics-related studies. The primary application of mass spectrometry is in the field of drug discovery where it is used to identify structures of metabolites and drugs as well as for screening of metabolites in biological systems. Hence, with the increase in the prevalence of chronic diseases and rising R&D investments for the development of new diagnostic techniques, demand for mass spectrometry is expected to witness growth in the near future.
North America accounted for the largest market share of 41.94% in 2022 due to the high extent of research and development activities and the presence of an established research and healthcare infrastructure. The Asia Pacific region is expected to grow at the fastest CAGR of 8.97% over the forecast period due to the availability of a large population and rising focus on healthcare systems.

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NMR Spectroscopy Market Insights

The global nuclear magnetic resonance spectroscopy market size was valued at USD 657.11 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2022 to 2030. Nuclear magnetic resonance (NMR) spectroscopy is considered to be an effective method to assess crystalline and amorphous materials in the sample. The manufacturing of generic drugs is anticipated to surge the requirement for NMR spectroscopy in the market. The growth of NMR spectroscopy is supported by universities, product developers, and service providers of pharmaceutical companies.
Europe dominated the regional market with a share of 38.8% in 2022. This major share can be attributed to an increasing number of funders in biomedical research, the strong presence of universities with advanced research facilities, and the escalating usage of technological developments through strategic initiatives in the region. The Asia Pacific is projected to be the fastest-growing region with 5.4% CAGR during 2023-2030 due to substantial developments by India and Japan in the technological integration of the NMR spectroscopy technique.

Near-Infrared Spectroscopy Market Insights

In near-infrared spectroscopy market, the FT-NIR spectrometers segment dominated the global industry and accounted for the maximum share of more than 79% in 2021. Fourier Transform-based spectrometers were developed to overcome the limitations of dispersive NIR instrumentation. The product utilizes minimal time per sample for the analysis and measures every infrared frequency concurrently, instead of individually. Such product characteristics give a competitive advantage for analyzing NIR spectra of pharmaceuticals, polymers, and chemicals.

Dispersive near-infrared spectroscopy segment is anticipated to witness considerable growth over the forecast period owing to the increasing frequency of usage in the agriculture segment. The product has been predominantly used for grain and grain product measurement and employed monochromators to extract spectral information.

In-line UV-vis Spectroscopy Market Insights

The global in-line UV-vis spectroscopy market size was valued at USD 1.05 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 6.50% from 2022 to 2030. Expanding applications of in-line spectroscopy and technological advancements driving product adoption in spectroscopy coupled with the active participation of government and regulatory authorities are some of the major factors boosting the industrygrowth. For instance,the Multiannual National Control Plan (MNKP) and the National Monitoring Plan (BÜP) are among the few nationwide control programs for inspecting food products. Such plans are expected to drive the use of in-line UV-vis spectroscopic methods.

North America dominated the global industry in 2022 and accounted for the largest share of more than 41.10% of the overall revenue. The region is expected to continue dominating the global industrythroughout the forecast period. Asia Pacific region is expected to register the fastestgrowth rate during the forecast years. The rapidly growing painting and pharmaceutical industry in Asian countries, such as China and India, is expected to boost the consumption of the product in this regional market.

Go through the table of content of Spectrometry Industry Data Book to get a better understanding of the Coverage & Scope of the study.

Spectrometry Industry Data Book Competitive Landscape

Competitive rivalry in the spectrometry industry is moderate to high due to the presence of a large number of both well-established players and small- to mid-sized manufacturers and distributors in the market space.

Key players operating in the spectrometry industry are –
• Danaher Corporation
• Thermo Fisher Scientific, Inc.
• PerkinElmer, Inc.
• Agilent Technologies, Inc.
• Waters Corporation
• Shimadzu Corporation
• Bruker Corporation
• JEOL Ltd