Spectrometry Market Expand at a CAGR of 6.4% during 2021-2028, Reaching at USD 13.8 Bn – TMR Study

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Increasing applications of spectrometers in proteomics, tissue analysis, clinical research, disease markers, and toxicology is expected to boost the global spectrometry market. Mass spectrometry technology has significantly advanced as a result of its growing demand in biotechnology and pharmaceutical industries.

Wilmington, Delaware, United States, April 29, 2023 (GLOBE NEWSWIRE) — The global spectrometry market size was worth USD 7.1 Bn in 2020 and is estimated to surpass USD 13.8 Bn by 2028. The global market is likely to grow at a CAGR of 6.4% between 2021 and 2028.

The application areas of spectrometers are expanding across various sectors and include environmental testing, food and beverage production, and research activities.

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Technological advancements and different spectrometry methods drive market development. However, one of the primary factors that restrain the market is the high capital expenditure required for the setup and maintenance of spectrometer equipment as well as lack of skilled professionals to run these platforms effectively.

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When using spectrometry, a test sample is ionized and separated in order to identify certain substances, including pollutants, contaminants, impurities, or chemical compounds. Increase in usage of spectrometry across various end-use sectors, including food & beverage testing, environmental testing, industrial chemistry, biotechnology, and pharmaceuticals, is a major factor driving the global market.

Global Spectrometry Market: Growth Drivers

  • The mass spectrometry approach is likely to continue to gain popularity in the life sciences field, specifically in biotechnology and pharmaceutical manufacturing. Higher market demand is attributed to growth in demand for cutting-edge tools and equipment as well as a greater emphasis on R&D activities in the healthcare sector. Additionally, the demand for novel and sophisticated mass spectrometers is driven by the expansion of contract research organizations (CROs) across the globe.
  • Growing clinical usage of spectrometry instruments in the field of proteomics, toxicology testing, tissue analysis, and disease markers identification is expected to support market growth. Strict regulatory standards managing the collection and analysis of soil and water samples are also likely to drive business opportunities in the global market.

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Key Findings of Market Report

  • Based on technology, in 2020, the molecular spectrometry segment held a dominant revenue share of the total market. However, mass spectrometry, one of the potential technologies for analyzing a variety of chemical and biological materials, is expected to be a high revenue generating segment throughout the forecast period. Additionally, the need for pharmaceuticals and biotechnology products has increased, which has resulted in considerable advancements in mass spectrometry technology.

Global Spectrometry Market: Regional Landscape

  • In terms of region, North America holds a dominant position of the total spectrometry industry. Regional growth is attributed to consistent advancements in technology and product improvements. Governments provide funding to research institutions to encourage R&D efforts. Rise in number of research institutions, investments in R&D activities, and availability of funding are projected to drive business opportunities in the U.S market. In North America, the spectrometry technique is mostly used in the fields of military, aerospace, and space.

Global Spectrometry Market: Key Players

  • Agilent Technologies
  • Bruker Corporation
  • AB Sciex
  • Shimadzu Corporation
  • PerkinElmer, Inc.
  • Waters Corporation

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Global Spectrometry Market: Segmentation

Technology

  • Atomic Spectrometry
  • Molecular Spectrometry
  • Mass Spectrometry

Application

  • Pharmaceuticals
  • Biotechnology
  • Industrial Chemistry
  • Environmental Testing
  • Food & Beverage Testing

Regions

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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