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Atomic Spectroscopy: Precision Tools for a High-Tech World
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According to The Business Research Company's, The atomic spectroscopy market size has grown strongly in recent years. It will grow from $7.38 billion in 2023 to $7.94 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to environmental regulations, pharmaceutical industry growth, metals and mining exploration, food safety and quality control, increased laboratory automation.
The atomic spectroscopy market size is expected to see strong growth in the next few years. It will grow to $10.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to emerging markets adoption, nanotechnology applications, advancements in elemental imaging, increased exploration in oil and gas industry, precision agriculture applications. Major trends in the forecast period include focus on drug safety and biotechnology, technological advancements, remote sensing and telemetry integration, multi-elemental analysis platforms, collaborative industry partnerships.
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Market Drivers and Trends:
The rising development of new drugs is expected to propel the growth of the atomic spectroscopy market going forward. Novel drugs are pharmaceutical substances not previously approved or marketed for therapeutic use. Atomic spectroscopy is used in drug development to determine the elements' composition. For instance, according to the US Food and Drug Administration, a US-based health regulatory authority approved 37 novel drugs which was 68% in US. Therefore, the rising development of new drugs is driving the growth of the atomic spectroscopy market.
Product innovation is a key trend gaining popularity in the atomic spectroscopy market. Major companies operating in the atomic spectroscopy market are developing innovative products to sustain their position in qe`the market. For instance, in June 2022, Shimadzu Scientific Instruments Inc., a US-based biotechnology company, launched AA-7800 Series atomic absorption spectrophotometers, offering high sensitivity, stability, and advanced safety features. These spectrophotometers enable safe and efficient flame analysis, with built-in safety mechanisms and double-beam optics ensuring reliable data acquisition. The series boasts the industry's most miniature dual atomizer system, allowing for an easy upgrade from a flame system. Equipped with a three-dimensional optical system and high-speed digital filter, the AA-7800 provides excellent performance, data stability, and sensitivity. The spectrophotometers also feature automated gas flowrate optimization and user-friendly Wizard software for efficient parameter setting. Optional connection kits enable compliance with regulatory requirements.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc., Merck KGaA, GBC Scientific Equipment Pty Ltd., Avantor Inc., Lumex Instruments, Agilent Technologies Inc., AMETEK Inc., Hitachi High-Technologies Corporation, Buck Scientific Instruments LLC, Shimadzu Corporation, PerkinElmer Inc., Bruker Corporation, JEOL Ltd., Rigaku Corporation, Ocean Optics Inc., PG Instruments Limited, Analytik Jena AG, Teledyne Leeman Labs, SAFAS Corporation, A KRUSS Optronic GmbH, Aurora Biomed Inc., Beijing Titan Instruments Co. Ltd., Beijing Beifen-Ruili Analytical Instrument (Group) Co. Ltd., Wuxi Jiebo Instrument Technology Co. Ltd., Varian Inc.
Atomic Spectroscopy Market 2024 Key Insights:
• The atomic spectroscopy market size is expected to see strong growth in the next few years. It will grow to $10.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Surge In New Drug Development Drives Growth Of The Atomic Spectroscopy Market
• Shimadzu Aa-7800 Series Sets The Bar In Atomic Spectroscopy Innovation
• North America was the largest region in the atomic spectroscopy market in 2023
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