Spectrometry Market Future Scope Analysis Report 2021-2028

Spectrometry Market Outlook 2028

The global spectrometry market was valued at US$ 7.1 Bn in 2020

It is estimated to expand at a CAGR of 4%from 2021 to 2028

The global spectrometry market is expected to cross the value of US$ 13.8 Bn by the end of 2028

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Adoption in Various End-use Industries Drives Market Growth

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 global spectrometry market is significantly driven by the rising applications of in various end-use industries such as pharmaceuticals, biotechnology, industrial chemistry, environmental testing, and food & beverage testing, etc. The test sample can be analyzed based on the three basic types of spectrometry techniques such as 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. In physical and analytical chemistry, spectrometry technique is used to identify, distinguish, determine or quantify the structural or molecular composition of the sample. It investigates and measures the spectra produced by each type of atom or molecule present in the sample.

Increase in Use of Mass Spectrometry in Pharmaceutical & Biotechnology Applications

The growing usage of the mass spectrometry technique, especially in the life sciences industry, including pharmaceutical manufacturing, biotechnology, and other disciplines; rising demand for new and advanced instruments and equipment from end-users across the world; increasing focus on research and development in the healthcare industry leading to rise in investments in R&D by major market players and regional governments; and growing number of contract research organizations (CROs) are some of the factors driving the demand for new and advanced mass spectrometers. Mass spectrometry is a powerful analytical technique in the field of life sciences. The technique is used to identify unknown compounds and components in a given sample and quantify known compounds by using electrons.

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Mass spectrometry is projected to be a highly lucrative segment in terms of revenue during the forecast period. In addition, atomic spectrometers are also being used to provide information about elemental composition of samples. It is based on the emission of lights that are characteristic of elements present in the sample.

Technological Advancement in Spectrometry Technique to Boost Market Growth

Advanced technologies are being used in the spectrometry techniques. The global spectrometry market is majorly driven by the advancement in the handheld and portable instruments required for spectrometry procedures. These devices are with improved imaging quality in order to use in the sample analysis. It reduces the efforts of transporting heavy and bulky samples to laboratories for analysis of chemical samples. These handheld and portable spectrometry devices are used in drug discovery and identification, checking the quality of food, environmental testing, and in defense industries. Increasing applications of spectrometry devices in clinical research, tissue analysis, toxicology, proteomics, and disease marker boosts the growth of the global spectrometry market.

North America to Dominate Global Spectrometry Market

North America is expected to account for a major share of the global spectrometry market during the forecast period, owing to technological advancements in the region. The U.S. spectrometry market is expected to generate lucrative opportunities due to the presence of a large number of research institutes, increasing spending on research & development activities, and availability of funds, etc. Space & aeronautics and defense are major applications of the spectrometry technique in the North America region. Governments are offering funds to the research organizations in order to promote R&D activities.

The Asia Pacific spectrometry market is expected to grow at a rapid pace during the forecast period. This is due to the rising R&D activities in the Asia Pacific countries such as India, China, Japan, Indonesia, Malaysia, and Thailand. The significant presence of market players in the Asia Pacific spectrometry market is creating value-grab opportunities to increase revenue.

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Spectrometry Market: Overview

Spectrometry is a technique that utilizes the interaction of mass and energy to ionize and separate a test sample in order to detect specific chemicals such as chemical compounds, impurities, contaminants, or pollutants
The three major categories of spectrometry technique are atomic spectrometry, mass spectrometry, and molecular spectrometry. These techniques can be classified into subcategories based on their specific characteristics such as the source used to separate the samples, the energy source used, and the kind of analysis used.

Innovation in Spectrometry Techniques: Key Driver

Advancement in spectrometry techniques has been a major factor driving demand in the past couple of years

Handheld and portable tools with improved imaging quality have significantly aided in onsite sample analysis, alleviating the burden of transporting heavy and bulky samples to laboratories for examination. Handheld and portable spectrometry equipment have become indispensable in the identification of drugs, food inspection, environmental monitoring, and defense industries. Spectrometry has applications in the pharmaceuticals, biotechnology, industrial chemistry, environmental testing, and food & beverage industries.

Rise in clinical use of spectrometry devices in tissue analysis, toxicology, proteomics, and disease marker boosts the growth of the global spectrometry market. Stringent regulatory environment governing the monitoring of soil and water samples contributes to the global expansion and procurement of spectrometry devices.

Mass Spectrometry to Emerge as Lucrative Segment

In terms of technique, the global spectrometry market has been classified into atomic spectrometry, mass spectrometry, and molecular spectrometry. The molecular spectrometry segment accounted for the major share of the global market in terms of revenue in 2020. However, mass spectrometry is projected to be a highly lucrative segment in terms of revenue during the forecast period.

Mass spectrometry is one of the most powerful tools used for the analyses of a range of chemical and biological samples. Moreover, increase in demand in the pharmaceutical and biotechnology industries has led to significant advances in mass spectrometry technology. Advancements in mass spectroscopy technology increase speed and resolution factors. The discovery of new tools and software have the potential to boost usage of mass spectroscopy across drug development, proteomics, pharmaceuticals, food safety testing, and other fields.

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North America to Dominate Spectrometry Market

North America dominated the global spectrometry market in 2020. The U.S. accounted for major share of the market in the region owing to large number of research institutes, higher spending on research & development activities, and favorable funding environment compared to other regions.
Canada held small share of the spectrometry market in North America in 2020. However, adoption of spectrometry instruments has increased in the country due to rise in awareness about food safety, pollution control, and increase in research related activities.

The market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period owing to a shift of research & development related activities to countries such as China, India, Thailand, Indonesia, Japan, and Malaysia. For instance, in 2014, Waters Corporation signed a joint agreement with the Chinese Pharmacopeia Commission to establish an open laboratory. Increase in investment in research & development activities, especially in countries such as China, India and Malaysia and rise in government funding to projects are the other drivers of the spectrometry market in Asia Pacific.
The market in Rest of the World is at a nascent stage and is expected to grow in countries such as Brazil and South Africa

Major Players

Key players operating in the global spectrometry market include
Thermo Fisher Scientific
Bruker
Shimadzu
Waters Corporation
Agilent Technologies
PerkinElmer
AB Sciex

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