Spectrometry Market

Spectrometry Market Outlook (2023 to 2033)

The global spectrometry market size accounts for a valuation of US$ 18.75 billion in 2023 and is forecasted to climb to US$ 37.55 billion by the end of 2033. As per this detailed Fact.MR research analysis, worldwide demand for spectrometry is predicted to rise at 7.1% CAGR over the next ten years.

Spectrometry is a technique for determining compounds and elements that involves detecting the radiations released by an object or substance within a particular electromagnetic spectrum when the object is excited by another source externally. Spectrometry technology plays a vital role in proteomic analysis and other applications in several industry verticals.

Growing investments in R&D activities, advancements in spectrometry technologies and techniques, expanding scope of application, and stringent mandates to regulate food safety are some influential factors that could change the trajectory of spectrometry market growth in terms of revenue share as well as volume share across the forecast period.

The race to stay relevant in the rapidly advancing spectrometry landscape is becoming fiercer and spectrometry providers are adopting different strategies to support their business growth. Spectrometry companies are focusing on mergers, collaborations, and acquisitions to diversify their product portfolio and boost revenue generation capacity.

• In January 2023, Bruker Corporation, a renowned American manufacturer of scientific instruments, announced the acquisition of ACQUIFER Imaging GmbH. Through this acquisition, Bruker added secure storage, network technology, and on-site processing for its fluorescence microscopy products as it acquired all this from ACQUIFER, which specializes in data management solutions for high-content microscopy.

Demand for Ion mobility spectrometry is predicted to increase due to rising demand for medication composition and bimolecular analysis from the life sciences and biotechnology sectors over the forecast period. Mass spectrometry devices are also anticipated to witness a boom in sales over the coming years as the scope of application of mass spectrometry widens.

On the contrary, lack of safety and quality control standards for lab equipment and the high costs of spectroscopy systems and services are anticipated to be major constraints for market development throughout the forecast and beyond. The dearth of skilled professionals to operate advanced spectroscopy devices is another aspect that could hurt spectroscopy demand through 2033.

Report Attributes	Details
Spectrometry Market Size (2023)	US$ 18.75 Billion
Projected Market Value (2033F)	US$ 37.55 Billion
Global Market Growth Rate (2023 to 2033)	7.1% CAGR
Leading Technology	Mass Spectrometry
North America Market Share (2023)	45%
Key Companies Profiled	Thermo Fisher Scientific Bruker Shimadzu Waters Corporation Agilent Technologies PerkinElmer AB Sciex

Can Start-ups Forge a New Legacy in the Spectrometry Realm?

“Innovation Allowing New Spectrometry Companies to Break Barriers”

New spectrometry companies are focusing on expanding their business by investing in the R&D of products that allow the use of spectrometry in different applications across several industry verticals. Capital raise and innovation are slated to top the agenda charts of upcoming spectrometry product manufacturers and distributors in the future.

• In July 2022, Shanghai Biotree Biomedical Technology Co. Ltd., a company founded in 2012 and focusing on the application of mass spectrometry, revealed that it had raised US$ 14.79 million in its Series A financing round. The company had plans to use these funds to expand its research base and production of detection reagents.
• In August 2020, MOBILion Systems, a start-up based in the United States, announced that it had raised US$ 35 million in a new venture capital funding round. The company focuses on improving the accuracy of mass spectrometry to detect more molecules and identify new biomarkers. The newly raised capital was intended to be used to build and expand the company’s commercial team ahead of its first product launch which came later.
• Nautilus, a biotechnology start-up founded in 2016 and based in Seattle, United States, is working on bringing new mass spectrometers to the healthcare industry to improve deep analysis of all the proteins circulating in the human body.

Start-ups can benefit by learning more about aspects such as local supply, pricing trends, product standards, safety regulations, and new developments that have been discussed extensively in this spectrometry industry study by skilled analysts at Fact.MR, a market research and competitive intelligence provider.

Country-wise Insights

Why Should Spectrometry Companies Focus on Investing in Asian Countries?

“Surging Use of Spectrometry in Different Applications in the Region”

Increasing urbanization in Asian countries has led to a surging demand for advanced technologies in different industry verticals, which is projected to influentially augment demand for spectrometry over the coming years. China, India, and Japan are estimated to be the most opportune markets in the Asia Pacific region throughout the forecast period owing to rising R&D activities and supportive government initiatives.

Growing focus on health and fitness coupled with a surging senescent population in the aforementioned countries has led to sizable investments in healthcare infrastructure development, which is predicted to bolster demand for mass spectrometry as well as other scientific services going forward. Pharmaceuticals, agriculture, and food & beverages are anticipated to be key industry sectors to watch out for in the majority of Asian countries.

What’s Attracting Spectrometry Providers to the United States?

“Rapidly Increasing Investments in Medical R&D”

Spending on healthcare research and development in the United States has been increasing rapidly in recent years and is projected to follow a similar trend throughout the forecast period. The presence of renowned research institutes and the high availability of government funding to support R&D activities are also projected to bolster demand for spectroscopy equipment and other scientific equipment required for research going forward.

Growing focus on food safety, high demand for drug development, and rising scope of application of spectrometry in verticals such as forensics, petroleum, life sciences, metabolomics, etc. are other prospects that could create new opportunities for mass spectrometry device providers in the country over the next ten years. Moreover, the presence of key spectrometry companies in the United States is also slated to uplift market growth scope in the long run.

How Will Spectrometry Device Sales Fare in Europe?

“Sustainability and Green Initiatives to Spearhead Demand for Spectrometry”

Extensive deployment of spectrometry systems in Europe is projected to be seen for environmental testing applications owing to the high focus on environment conservation of governments in this region. Growing awareness regarding climate change and an increasing number of green projects utilizing environmental testing and monitoring systems are also projected to uplift the demand for field spectrometers and lab spectrometers alike in the future.

Surging prevalence of chronic disorders and rising healthcare expenditure could also boost the demand for portable mass spectrometers, gamma ray spectrometers, portable spectrometers, etc. through 2033. The United Kingdom, Germany, France, and Italy are estimated to emerge as moneymaking markets in the European region over the next ten years.

Category-wise Insights

Which Spectrometry Technology Accounts for Higher Revenue Generation?

“Mass Spectrometry Technology Gaining Traction Owing to Rapid Delivery of Test Results”

The global spectrometry market based on technology is segmented into mass, molecular, and atomic.

In analytical laboratories, mass spectrometry is a common technique that helps in the investigation of biological and chemical aspects of molecules. Single mass spectrometers are largely used in the life science field to characterize and sequence proteins. It recognizes diagnostic biomarkers for treatment and finds and quantifies critical proteins implicated in disease and altered phenotypes.

The quick distribution of high-resolution test findings has been made possible thanks to innovations in the mass spectroscopy method. Mass spectrometry technology has improved as a result of the demands of life sciences applications.

MALDI-ToF mass spectrometry is a clinical diagnostic platform that uses a cutting-edge approach to protein pattern recognition to diagnose illnesses. As a result, the market is likely to increase over the forecast period, owing to rising technological improvements.

Which Application is Expected to Emerge as Key Market Contributor?

“Rapid Deployment of Spectrometry Technology in Pharmaceuticals to Quantify Drugs for Novel Application”

Pharmaceutical application is expected to dominate the global spectrometry market over the forecast period. This is because spectrometry is being used more frequently in medication safety. Spectrometry also lowers the expenses of drug testing and drug discovery operations.

A sequence of methods for determining, identifying, purifying, and quantifying a drug, determining the structure of chemical compounds, or separating the components of a solution or combination make up pharmaceutical analysis.

Spectrometry technology is utilized for pharmacokinetic and pharmacodynamic analysis in the pharmaceutical industry to quantify medicines for new applications. Some of the primary drivers of the global mass spectrometry market in recent years have been rising government funding in life science research and increased R&D spending in the pharmaceutical industry.

Competitive Landscape

Top-tier spectrometry service and product providers are focusing on hastening the launch of novel products to improve their business and revenue generation potential.

• In June 2022, Bruker Corporation, a United States-based manufacturer of scientific instruments, announced the launch of its new spectrometer systems. The new XFlash 7 detector series was launched for Bruker’s QUANTAXTM energy dispersive X-ray spectrometer (EDS) systems designed for academic and industrial research purposes.

Key Segments of Spectrometry Industry Research

• By Treatment :

  • Atomic
  • Molecular
  • Mass

• By Application :

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

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA