Spectrometry Market

Market Overview:

The global spectrometry market size reached US$ 15.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 25.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.76% during 2024-2032. The rising utilization of spectrometry in the pharmaceutical industry, the widespread adoption of spectrometry in clinical applications, and the recent development of ultraportable smartphone-based spectrometers represent some of the key factors driving the market.

Spectrometry refers to an analytical technique used for measuring the interaction between light and matter. It includes various molecular, atomic, and mass spectrometry techniques, such as triple quadrupole, x-ray fluorescence, infrared (IR), nuclear magnetic resonance (NMR), and inorganic mass spectroscopies. It is widely used in academic research, forensics, biotechnology, drug development, environmental testing, chemical analysis, astronomy, food safety evaluation, and carbon dating. Spectrometry is a cost-effective, sensitive, reliable, easy-to-use, and highly specific analytical technique that requires a small sample size and provides a variety of quantitative and qualitative data. It also identifies unknown components in a sample and can be used for wide-ranging materials, such as solids, liquids, and gases. As a result, spectrometry finds extensive applications across the food and beverage (F&B), pharmaceutical, research, energy, and chemical industries.

Spectrometry Market Trends:

The rising utilization of spectrometry in the pharmaceutical industry to analyze the composition of drugs and pharmaceutical formulations, detect impurities in samples, ensure homogeneity of active ingredients, and screen manufactured products, such as tablets, capsules, vaccines, and other dosages, are among the key factors driving the market growth. In addition to this, extensive research and development (R&D) activities for novel drugs, therapeutics, and vaccines is providing an impetus to market growth. Furthermore, the widespread adoption of spectrometry in clinical applications as a noninvasive tool to study human tissues and other samples is favoring the market growth. Spectrometry also aids in the diagnosis, prognosis, and treatment of cancer, which in turn is acting as another growth-inducing factor. Additionally, the recent development of smartphone-based spectrometers that are highly portable, cost-effective, and energy efficient and can support various standalone operations, such as determining the ripeness of fruits, identifying defects, and analyzing wastewater samples, is positively influencing the market growth. Apart from this, the integration of artificial neural networks (ANN) in spectrometry to automate chemical analysis, identify individual components in a sample, and optimize the performance of spectrometers is propelling the market growth. Moreover, the rising demand for spectrometry in the F&B industry to ensure the optimum quality of edible products and test the presence of pesticides, adulterants, and allergens is creating a positive outlook for the market. Other factors, including significant growth in the healthcare industry, and rising utilization of spectrometry in academic research, geology, and space science, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global spectrometry market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on type, product, application, and end user.

Type Insights:

•  Molecular Spectrometry
  • Visible and Ultraviolet Spectroscopy
  • Infrared Spectroscopy
  • Nuclear Magnetic Resonance (NMR) Spectroscopy
  • Others
• Mass Spectrometry (MS)
  • MALDI-TOF
  • Triple Quadrupole
  • Quadrupole-Trap
  • Hybrid Linear Ion Trap Orbitrap
  • Quadrupole-Orbitrap
• Atomic Spectrometry
  • Atomic Absorption Spectroscopy (AAS)
  • Atomic Emission Spectroscopy (AES)
  • Atomic Fluorescence Spectroscopy (AFS)
  • X-ray Fluorescence (XRF)
  • Inorganic Mass Spectroscopy
     

The report has provided a detailed breakup and analysis of the spectrometry market based on the type. This includes molecular spectrometry (visible and ultraviolet spectroscopy, infrared spectroscopy, nuclear magnetic resonance (NMR) spectroscopy, others), mass spectrometry (MS) (MALDI-TOF, triple quadrupole, quadrupole-trap, hybrid linear ion trap orbitrap, quadrupole-orbitrap), and atomic spectrometry (atomic absorption spectroscopy (AAS), atomic emission spectroscopy (AES), atomic fluorescence spectroscopy (AFS), x-ray fluorescence (XRF), inorganic mass spectroscopy). According to the report, molecular spectrometry represented the largest segment.

Product Insights:

• Instrument
• Consumables
• Services
   

A detailed breakup and analysis of the spectrometry market based on the product has also been provided in the report. This includes instrument, consumables, and services. According to the report, instruments accounted for the largest market share.

Application Insights:

• Proteomics
• Metabolomics
• Pharmaceutical Analysis
• Forensic Analysis
• Others
   

A detailed breakup and analysis of the spectrometry market based on the application has also been provided in the report. This includes proteomics, metabolomics, pharmaceutical analysis, forensic analysis, and others. According to the report, pharmaceutical analysis accounted for the largest market share.

End User Insights:

• Government and Academic Institutions
• Pharmaceutical and Biotechnology Companies
• Others
   

A detailed breakup and analysis of the spectrometry market based on the end user has also been provided in the report. This includes government and academic institutions, pharmaceutical and biotechnology companies, and others. According to the report, government and academic institutions accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for spectrometry. Some of the factors driving the North America spectrometry market included significant growth in the pharmaceutical industry, rapid technological advancements, and extensive research and development (R&D) activities.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global spectrometry market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Agilent Technologies Inc, AMETEK Inc, Bruker Corporation, Bruker Corporation, JEOL Ltd., Kore Technology (Beijing SDL Technology Co Ltd), Leco Corporation, MKS Instruments Inc., Shimadzu Corporation, Shimadzu Corporation, Waters Corporation, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global spectrometry market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global spectrometry market?
• What is the impact of each driver, restraint, and opportunity on the global spectrometry market?
• What are the key regional markets?
• Which countries represent the most attractive spectrometry market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the spectrometry market?
• What is the breakup of the market based on the product?
• Which is the most attractive product in the spectrometry market?
• What is the breakup of the market based on application?
• Which is the most attractive application in the spectrometry market?
• What is the breakup of the market based on end user?
• Which is the most attractive end user in the spectrometry market?
• What is the competitive structure of the global spectrometry market?
• Who are the key players/companies in the global spectrometry market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the spectrometry market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global spectrometry market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the spectrometry industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.