Spectrometry Market Size to Reach US$ 13.8 Billion by 2028, Transparency Market Research, Inc.

Posted on 2024-03-20 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-20 — /EPR Network/ — Transparency Market Research Inc. –

The global spectrometry market reached a value of US$ 7.1 billion in 2020 and is anticipated to grow at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. By the end of 2028, it is forecasted to exceed US$ 13.8 billion.

Analysts observe a rising adoption of spectrometry instruments across industries like food & beverages, environmental testing, and research. This is fueled by stringent regulatory guidelines governing soil and water sample monitoring. Technological advancements in spectrometry procedures further propel market growth. However, challenges such as high capital investment for device installation and maintenance, along with a shortage of skilled operators, may impede market expansion.

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Spectrometry is a method employing the interaction of mass and energy to ionize and divide a sample for the detection of particular chemicals like chemical compounds, impurities, contaminants, or pollutants. It encompasses three primary categories: atomic spectrometry, mass spectrometry, and molecular spectrometry. These categories can be further divided into subcategories based on distinct characteristics such as the sample separation source, energy source, and analysis type employed.

Major Players:

Bruker,Shimadzu,Waters Corporation,Agilent Technologies,PerkinElmer,AB Sciex

Market Segmentation:

Technology
- Atomic Spectrometry
- Molecular Spectrometry
- Mass Spectrometry

Application
- Pharmaceuticals
- Biotechnology
- Industrial Chemistry
- Environmental Testing
- Food & Beverage Testing

Innovation in Spectrometry Techniques: Key Driver

In recent years, advancements in spectrometry techniques have been pivotal in driving demand. The emergence of handheld and portable tools with enhanced imaging quality has revolutionized onsite sample analysis, eliminating the need to transport heavy samples to laboratories. These portable spectrometry devices have become essential across various sectors including drug identification, food inspection, environmental monitoring, and defense.

Spectrometry finds extensive applications in pharmaceuticals, biotechnology, industrial chemistry, environmental testing, and the food & beverage industries. The increasing clinical utilization of spectrometry devices for tissue analysis, toxicology, proteomics, and disease markers further fuels market growth.

Additionally, the stringent regulatory environment governing soil and water sample monitoring plays a significant role in expanding the global spectrometry market and driving the procurement of spectrometry devices worldwide.

Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

Mass Spectrometry to Emerge as Lucrative Segment

The global spectrometry market is categorized into atomic spectrometry, mass spectrometry, and molecular spectrometry based on technique. In 2020, the molecular spectrometry segment dominated the market in terms of revenue. However, mass spectrometry is anticipated to become a highly lucrative segment during the forecast period.

Mass spectrometry stands out as a powerful tool for analyzing a wide array of chemical and biological samples. The pharmaceutical and biotechnology industries’ increasing demand has spurred significant advancements in mass spectrometry technology. These advancements enhance speed and resolution, making mass spectrometry even more effective.

Moreover, the discovery of new tools and software holds promise for expanding the application of mass spectroscopy across various sectors including drug development, proteomics, pharmaceuticals, food safety testing, and beyond.

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Market Trends:

Miniaturization: Development of compact and portable spectrometers for on-field and point-of-care applications.
Integration of AI and ML: Incorporating artificial intelligence and machine learning algorithms for data analysis and interpretation, enhancing accuracy and efficiency.
Hyphenation Techniques: Combining spectrometry with chromatography and other analytical techniques for comprehensive analysis.

Future Outlook: The spectrometry market is poised for significant growth in the coming years, driven by advancements in technology, expanding applications, and increasing awareness about the benefits of spectrometry across industries. The market is likely to witness further innovations, such as the development of advanced spectral imaging techniques and enhanced data processing algorithms.

Key Market Study Points:

Analyzing market dynamics and growth prospects across different segments and regions.
Assessing the impact of technological advancements on market growth.
Evaluating key market drivers, challenges, and opportunities.
Monitoring competitive developments and strategic initiatives of major market players.
Identifying emerging trends and their implications on the spectrometry market.

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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