Spectrometry Market Size to Surge at the CAGR of 6.4% form 2021 to 2028, Technological Advancement in Spectrometry Technique to Boost Market Growth
Wilmington, Delaware, United States: According to the report, the global spectrometry market was valued at US$ 7.1 Bn in 2020 and is projected to expand at a CAGR of 6.4% from 2021 to 2028. Spectrometry is a technique that ionizes and separates a test sample in order to detect specific chemicals such as chemical compounds, impurities, contaminants, or pollutants. The three basic types of spectrometry process based on how the test sample is analyzed are atomic spectrometry, mass spectrometry, and molecular spectrometry. These approaches are further subdivided based on their specific characteristics, such as the source used to separate the samples, the energy source employed, and the type of analysis used.
Innovation in Spectrometry Techniques: Key Driver
The advancement in spectrometry techniques has been a significant factor in the growth and demand in the past couple of years. Handheld and portable instruments with superior imaging quality have contributed to on-site analysis of samples, alleviating the burden of transporting heavy and bulky samples to laboratories for analysis.
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In term of application, the global spectrometry market has been segmented into pharmaceuticals, biotechnology, industrial chemistry, environmental testing, and food & beverage. Increase in clinical applications of spectrometry device in tissue analysis, toxicology, proteomics, and disease marker contributes to the growth of the global spectrometry market. Stringent regulatory scenario with respect to monitoring of soil and water samples is also contributing towards growth and procurement of spectrometry devices globally.
Atomic Spectrometry Segment to Dominate Spectrometry Market
The atomic spectrometry segment encompasses atomic absorption spectrometry, X-ray diffraction spectrometry, X-ray fluorescence spectrometry, inductively coupled plasma-atomic emission spectrometry, elemental analyzers, and other atomic spectrometers. Atomic spectrometers generally provide information about elemental composition of samples based on the emission of lights that are characteristic of elements present in the sample. The molecular spectrometry segment includes nuclear magnetic resonance spectrometry, ultraviolet visible spectrometry, infrared spectrometry, color measurement, near-infrared spectrometry, and Raman spectrometry.
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Nuclear magnetic resonance (NMR) spectrometry is likely to lead the global market in terms of revenue, which is estimated to reach around US$ 1.7 Bn, by 2028. Infrared, near-infrared, and Raman spectrometry account for majority of sales of molecular spectrometry owing to increase in demand for devices in academic & research institutes and security & defense sector, especially in developed countries.
The mass spectrometry segment includes products such as gas chromatography-mass spectrometry (GC-MS), liquid chromatography-mass spectrometry (LC-MS), matrix-assisted laser desorption/ionization-time of flight spectrometry (MALDI-TOF), triple-quadrupole liquid chromatography-mass spectrometry, quadrupole-time of flight liquid chromatography-mass spectrometry (Q-TOF LC/MS), inductively coupled plasma mass spectrometry, and others.
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North America to Lead Global Spectrometry Market
The global spectrometry market has been segmented into North America, Europe, Asia Pacific and Rest of the World. The spectrometry market in developed countries such as the U.S. and Europe is saturated in terms of technological advancements. However, increase in applications in space & aeronautics and defense is expected to fuel the growth of the market in these regions during the forecast period.
Moreover, funds allocation by government organizations and companies for conducting research & development activities at various universities and private research center level are the other drivers of the spectrometry market.
Thermo Fisher Scientific and Waters Corporation sponsored two research awards worth US$ 35,000 each to young academic scientists in order to promote academic research in mass spectrometry. This not only promotes the overall spectrometry market, but also encourages research studies to explore and develop novel techniques and application areas pertaining to mass spectrometry development.
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AB SCIEX, an analytical tool manufacturer, conducted Young Investigators Grant and Partnerships Award Program to provide special grants to budding researchers and scientists that can be used toward the purchase of select AB SCIEX MS or LC/MS systems.
Asia Pacific and Rest of the World are likely to be the fastest growing markets during the forecast period, owing to increase in investment by key players in these markets primarily due to presence of large untapped customer base and increase in research activities in countries such as India, China, and other countries in South East Asia.
Key players operating in the global spectrometry market include Thermo Fisher Scientific, Inc., Perkin Elmer, Inc., Agilent Technologies, Inc., Bruker Corporation, Waters Corporation, Shimadzu Corporation, and AB Sciex.
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