The global Spectrometry market size is expected to surpass around US$ 30.5 billion by 2030 and is anticipated to grow at a CAGR of 10.2% during forecast period 2021 to 2030.
The global Spectrometry market size is expected to surpass around US$ 30.5 billion by 2030 and is anticipated to grow at a CAGR of 10.2% during forecast period 2021 to 2030.
The market is expected to show potential growth in the coming future owing to the introduction of healthcare services using MALDI-TOF mass spectrometry (MS) by key players operating in the market. For instance, in November 2020, Shimadzu Corporation launched the Amyloid MS service for the early diagnosis of amyloid-positive patients in the U.S. The analysis of blood is performed using a combination of MALDI-TOF MS (IP-MS) and immunoprecipitation.
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Furthermore, spectrometers are widely used in drug discovery and research and development to study Drug Metabolism and Pharmacokinetics (DMPK) profiles and to study Absorption, Distribution, Metabolism, Excretion, and Toxicity (ADMET) properties of new molecular entities. Hence, the application of spectrometry in drug development is anticipated to show potential growth during the forecast period.
Report Highlights
Molecular spectrometry dominated the market and accounted for the largest revenue share of 44.6% in 2020 owing to the wide application of this technique in life science industries and the commercial availability of technologically advanced products in this segment. For instance, PerkinElmer, Inc. offers an extensive range of instruments, accessories, consumables, and software and informatics in molecular spectroscopy. The company offers infrared spectroscopy, fluorescence spectroscopy, ultraviolet-visible (UV-Vis) spectroscopy, and FT-IR microscopy and imaging systems under molecular spectroscopy.
Molecular spectroscopy has gained popularity and is an important tool in biotechnology, pharmaceutical, and forensic industries, due to innovation in infrared spectroscopy systems that increase efficiency and reduce the overall process cost. According to a June 2020 study, near-infrared (NIR) spectroscopy is been employed for analysis of body fluids, differentiate between normal and cancerous tissues, and various other bio-applications.
The (MS) segment is anticipated to grow at a lucrative rate throughout the forecast period.MS is a powerful tool commonly used for the analysis of a wide range of molecules in forensic, biotechnology, pharmaceuticals, and clinical research. The advancements in the mass spectroscopy process have enabled the rapid delivery of test results with high resolution.
The instrument segment dominated the market and accounted for the largest revenue share of 78.2% in 2020. The large share of the segment is attributed to the expanded application of spectrometry in biotechnology. Recently researchers identified 27 biomarkers with the help of MS to predict the severity of illness and to design therapy. Additionally, MS is also used for proteomic analysis for the characterization of adoptive cell therapies in cancer treatment such as CAR-T cell therapy. This is expected to contribute to a large share of the segment during the forecast period.
The increasing demand for spectrometers in various life science fields is expected to create a lucrative opportunity for the services provided by the companies in spectrometry. Furthermore, the continuous competitive environment amongst the private players is anticipated to fuel the growth of the services segment during the forecast period. Many prominent players such as Charles River Laboratories offer a wide variety of analytical services using the MS technique.
The pharmaceutical analysis application segment dominated the market and accounted for the largest revenue share of 35.5% in 2020 and is expected to witness the fastest CAGR over the forecast period. The pharmaceutical analysis consists of a series of processes for determination, identification, purification, and quantification of a substance, determination of the structure of chemical compounds, or separation of the components of a solution or mixture.
Some key players offer special instruments for pharmaceutical analysis application. For instance, Agilent Technologies, Inc. provides Raman pharmaceutical analysis systems - TRS100 quantitative pharmaceutical analysis system. The TRS100 system allows simple and fast whole content uniformity and polymorph screening for pharmaceutical finished-product testing and formulation development such as capsule, tablet, or other dosage forms.
The government and academic institutions segment dominated the spectrometry market and accounted for the largest revenue share of 48.5% in 2020. Spectrometry techniques and associated products are being widely used in various research studies that are being conducted by government and academic institutes. Thus, an increasing number of research studies is expected to drive the market for spectrometry products.
Similarly, various academic institutes have dedicated MS research centers. For instance, Vanderbilt University, Tennesse, U.S. has the Mass Spectrometry Research Center (MSRC) that aims to offer expertise, instrumentation, and methodology to the students. The presence of such academic centers and institutes is expected to augment the market growth in the near future.
North America dominated the market and accounted for the largest revenue share of 50.7% 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. Additionally, the presence of several organizations and associations operating in this region that take initiatives to create and spread awareness about new advanced spectrometry products and technology.
Additionally, an increase in R&D activities by prominent players for novel diseases is attributed to the major share of the region. Players such as Agilent Technologies, Inc., are continuously involved in extensive research and development to develop new resin for the isolation and purification of vaccines. Currently, the company is working on COVID-19 vaccine development and separation by using chromatography and mass spectrometry methods. MS technique is used for the characterization of vaccine candidates.
Key Players
- Thermo Fisher Scientific, Inc.
- PerkinElmer, Inc.
- Agilent Technologies
- Waters Corporation
- Shimadzu Corporation
- Bruker Corporation
- JEOL Ltd.
- FLIR Systems, Inc.
- Endress+Hauser Group
- MKS Instruments, Inc.
Market Segmentation
- Type Outlook
- Molecular Spectrometry
- Visible and Ultraviolet Spectroscopy
- Infrared Spectroscopy
- Nuclear Magnetic Resonance (NMR) Spectroscopy
- Others
- Mass Spectrometry (MS)
- MALDI-TOF
- Triple Quadrupole
- Quadrupole-Trap
- Hybrid Linear Ion Trap Orbitrap
- Quadrupole-Orbitrap
- Atomic Spectrometry
- Atomic Absorption Spectroscopy (AAS)
- Atomic Emission Spectroscopy (AES)
- Atomic Fluorescence Spectroscopy (AFS)
- X-ray Fluorescence (XRF)
- Inorganic Mass Spectroscopy
- Molecular Spectrometry
- Product Outlook
- Instrument
- Consumables
- Services
- Application Outlook
- Proteomics
- Metabolomics
- Pharmaceutical Analysis
- Forensic Analysis
- Others
- End-use Outlook
- Government & Academic Institutions
- Pharmaceutical & Biotechnology Companies
- Others
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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