Spectrometry Market

Spectrometry Market Growth Outlook (2021-2028)

The global spectrometry market is projected to increase from a valuation of US$ 7.1 Billion in 2020 to US$ 13.8 Billion by 2028, expanding at a CAGR of 6.4% during the forecast period,

Demand for mass spectrometry is set to increase faster at a CAGR of 7.4% over the forecast period, owing to rising demand from the pharmaceutical and biotechnology sectors.

Report Attributes	Details
Spectrometry Market Size (2020)	US$ 7.1 Billion
Projected Year Value (2028)	US$ 13.8 Billion
Global Market Growth Rate (2021-2028)	6.4% CAGR
North America Market Share (2020)	46.7%
Key Companies Profiled	Thermo Fisher Scientific Bruker Shimadzu Waters Corporation Agilent Technologies PerkinElmer AB Sciex

Demand Analysis of Spectrometry from 2017-2020 Vs Market Outlook for 2021-2028

“Rising Adoption of Spectrometry in Various End-use Industries”

As per Fact.MR, a market research and competitive intelligence provider, the global market for spectrometry was valued at US$ 7.1 Bn in 2020.

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.

Pharmaceuticals, food & beverage testing, biotechnology, environmental testing, as well as the astronomical and defense sectors, are just a few of the important domains where applied spectrometry equipment is used.

Demand for Ion mobility spectrometry is predicted to increase due to rising demand for medication composition and bimolecular analysis from life sciences and biotechnology over the forecast period.

Key players are working on products that are simple to use and produce better results, allowing researchers to produce better results. Rising adoption of spectroscopy instruments & spectroscopy consumables and continuous advancements in spectrometry techniques are driving the market growth.

Over, the market for spectrometry solutions is projected to register a CAGR of 6.4% over the forecast period (2021-2028).

What are the Reasons for the Rapid Growth of the Spectrometry Market?

“Continuous Innovation in Spectrometry Technique to Augment Market Growth”

Spectrometry techniques make use of cutting-edge technology. The innovation in handheld and portable instruments necessary for spectrometry processes is driving the worldwide spectrometry market. These devices have better imaging quality and can be used in sample analysis. It saves the time and effort required to carry heavy and bulky samples to laboratories for chemical examination.

Drug testing and drug discovery, food quality control, carbon dating, environmental testing, and defense industries all use these handheld and portable spectrometry equipment. The global spectrometer market is expected to increase because of the increasing use of spectrometry equipment in clinical research, protein identification, tissue analysis, proteomics, and toxicology.

Why is Demand for Spectrometry Solutions Expected to Be Dented to Some Extent?

“High Cost of Spectrometers & Lack of Skilled Professionals Hampering Market Growth”

High capital investment required to install and maintain spectrometer devices is projected to limit the spectrometry market growth. For tiny diagnostic clinics and laboratories, spectrometers are prohibitively expensive. Furthermore, technical advancements have resulted in increased instrument costs. As a result, end users' purchase decisions are influenced by the high cost of a spectrometer.

Pharmaceutical businesses require a large number of these systems, which greatly raises the capital cost. Because mass spectrometry is a labor-intensive process that necessitates professional personnel to operate the instruments, a scarcity of skilled operators is predicted to stymie market expansion.

Which Regional Spectrometry Market is Set to Lead the Way?

“Increasing Use of Spectroscopy Instruments in Food & Beverage Industry in North America”

In 2020, North America dominated the market, with a 46.7% revenue share and is estimated to hold the highest share of the global spectrometry market over the forecast period, due to technological advancements.

The market in North America is growing due to the existence of key players, as well as, rising activities by several organizations to create and spread awareness about new advanced spectrometry products and techniques.

Increasing use of spectroscopy instruments in the food and beverage industry, as well as increased R&D activities in the field of biotechnology, are driving market growth in the region.

Country-wise Insights

Why is the U.S. an Emerging Market for Spectrometry Instrument Suppliers?

“Significant Number of Research Institutes Boosting Market Value”

In the United States, the spectrometry technique is used extensively in space and aeronautics, as well as the military.

Due to the presence of a significant number of research institutes, increased spending on research and development activities for novel diseases, and the availability of funds, the spectrometry market in the United States is likely to provide profitable prospects. 

What is the Spectrometry Market Outlook for China?

“Prominent Presence of Spectrometry Service Providers in the Country”

The market in China is predicted to grow at the fastest rate owing to the availability of a robust research base for new medication development. This is likely to increase the adoption of the technology in the country.

Furthermore, a rise in the number of spectrometry service providers, as well as several conferences and exhibitions by manufacturers to promote spectrometry technology, are all contributing to the spectrometer market expansion.

Category-wise Insights

Which Spectrometry Technology Accounts for Highest Revenue Generation?

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

The mass spectrometry segment is projected to expand at a CAGR of 7.4% over the forecast period. 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 of 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 Will Emerge as Key Market Contributor?

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

Pharmaceuticals 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.

COVID-19 impact on Spectrometry Demand

The COVID-19 pandemic impacted negatively on the spectrometry industry as a whole, affecting every major scientific, medical, and technical area. The unexpected COVID-19 pandemic had a severe impact on the spectrometry industry. However, spectrometer use is projected to be limited due to supply chain interruptions in the petrochemical industry and regulatory laxity in pollution monitoring.

Adoption of spectrometry is driven by government regulations and the rising demand for quality maintenance in various industries. Rising investments in the development of spectrometry technology, as well as initiatives by key market players to strengthen distribution channels, are expected to generate profitable opportunities in the spectrometry industry over the coming years.

Competitive Landscape

Key players in the spectrometry industry are focusing on offering improved solutions to maintain growth. Companies have a diverse and technologically advanced product portfolio as well as a wide global presence.

For instance,

• In December 2020, Agilent Technologies Inc. launched a new 7850 ICP-MS mass spectrometry equipment. The new ICP-MS instrument contains a clever software feature that will improve ICP-MS laboratory's capabilities.

Key Segments Covered in Spectrometry Industry Research

• By Technology:

  • Atomic 
  • Molecular 
  • Mass 

• By Application:

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

• By Region:

  • North America 
  • Europe 
  • Asia Pacific 
  • Latin America 
  • MEA