Spectrometry Market: Recent Industry Developments and Growth Strategies Adopted by Players with Revenue Insights
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Increasing adoption of spectrometry instruments in industries such as pharmaceutical & biotechnology, food & beverages, environmental testing & drug development
VANCOUVER, B.C., CANADA, April 10, 2023 /EINPresswire.com/ -- The global spectrometry market size reached USD 11.04 Billion in 2021 and is expected to register a revenue CAGR of 5.9% during the forecast period, according to latest analysis by Emergen Research. Increasing adoption of spectrometry instruments in industries, such as pharmaceutical and biotechnology, food & beverages, environmental testing, and drug development, as well as rapid technological advancements in the field of spectrometry methods is the major factor driving spectrometry market growth.
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Numerous commercial and industrial areas use spectrometers when precise lighting properties are required to meet product specifications or statutory requirements for health and safety. Previously, spectrometers were used primarily in laboratories, testing, and metrology, but now quickly making their way into the general market for applications in food safety and healthcare monitoring. The market for micro-and nano-spectrometers is growing quickly, which suggests that introduction of miniature spectrometers is mostly to blame for this trend. Today's high-performance spectrometers are frequently large, pricey machines with moving parts and big dispersive components.
Over the past few decades, significant progress has been made in reducing the size of spectrometers while maintaining required performance to meet demands of various application scenarios where portability, cost, robustness, and power consumption are crucially important metrics, such as wearable or portable sensing devices for healthcare, food safety monitoring, smartphone-based spectrometers, drone-based remote sensing, and space exploration. To create high-yield manufacturable on-chip spectrometers for "clinic on the wrist" health monitoring, Rockley Photonics, for instance, wrote a whitepaper. There are also continuing efforts to develop low-cost chip-scale spectrometers that can be used in consumer electronics such as smartphones.
Due to movement restrictions and lockdowns due to the current COVID-19 pandemic, the growth of the Spectrometry industry is expected to be negatively affected. In addition to the impact of the COVID-19 pandemic on numerous global markets, the Spectrometry industry is expected to feel the effect as well. The slowdown in economic growth and dynamic changes in demand will further affect industry growth. The report covers the impact analysis of the COVID-19 pandemic on the overall Spectrometry industry.
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Some Key Highlights From the Report
The Mass Spectrometry (MS) segment accounted for largest revenue share in 2021. MS is a potent analytical technique for identifying biomolecules and following chemical events and molecular alterations because it allows scientists to pinpoint molecular changes down to isotopes of individual atoms. High-resolution capabilities of MS are used in industrial pharmaceutical manufacture for quality control and toxicological objectives. Additionally, it is utilized to monitor potentially harmful derivatives and track anticipated drug metabolites during clinical trials. MS is frequently used in proteomics to monitor enzymatic changes to proteins, such as glycosylation and phosphorylation, which can change how a biopharmaceutical chemical works and have negative effects.
The pharmaceutical & biotechnology industry disease segment accounted for largest revenue share in 2021. Spectrophotometric analysis is utilized in the pharmaceutical industry for various purposes and choosing the right tools is essential for accurate and high-quality results. Ultraviolet (UV) spectrophotometry is the best approach for identifying and contrasting organic compounds. Spectrophotometers are essential for producing accurate drug formulations and qualitative analysis at every stage of pharmaceutical research, from identification of active ingredients through protein analysis. In the pharmaceutical business, mass spectroscopy has developed into a powerful tool for various tasks, particularly in drug development.
The Europe market accounted for a significant revenue share in 2021. This is attributed to increasing government projects for pollution control and environmental testing, rising expenditures on pharmaceutical research & development activities, and increasing government regulations on drug safety, all of which are significantly driving demand spectrometry and fueling market revenue growth in this region. For instance, in 2017, Department of Chemistry at the University of Eastern Finland in Joensuu secured a significant research funding from the EU for creation of sophisticated FT-ICR mass spectrometry.
Emergen Research has segmented the global spectrometry market based on type, end-use and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
Atomic Spectroscopy
Mass Spectroscopy
Molecular Spectroscopy
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Pharmaceutical & Biotechnology Industry
Research and Academic Institutions
Industrial Chemistry
Environmental Testing
Food & Beverage Testing
Others
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Competitive Terrain:
The Global Spectrometry Market is highly consolidated due to the presence of a large number of companies across this industry. The report discusses the current market standing of these companies, their past performances, demand and supply graph, production and consumption patterns, sales network, distribution channels, and growth opportunities in the market at length. The report scrutinizes the strategic approach of key market players towards expanding their product offerings and fortifying their market foothold.
Some major companies profiled in the global market report include Bruker Corporation, shimadzu corporation, Perkin Elmer, Inc., Agilent Technologies, Danaher Corporation, Thermo Fisher Scientific, Inc., Waters Corporation, Endress+Hauser Group, Leco Corporation, and Kore Technology.
Regional Analysis:
This section of the report offers valuable insights into the geographical segmentation of the Spectrometry market, alongside estimating the current and future market valuations based on the demand-supply dynamics and pricing structure of the leading regional segments. Furthermore, the growth prospects of each segment and sub-segment have been meticulously described in the report.
The report classifies the global Spectrometry market into various regions, including:
North America (U.S., Canada)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Middle East & Africa (Saudi Arabia, the U.A.E., South Africa, Rest of MEA)
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Radical Highlights of the Spectrometry Market Report:
Comprehensive overview of the Spectrometry market along with analysis of the changing dynamics of the market
Growth Assessment of various market segments throughout the forecast period
Regional and global analysis of the market players, including their market share and global position
Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
Impact of the technological developments and R&D advancements on the Spectrometry market
Information about profit-making strategies and developmental strategies of major companies and manufacturers
Insightful information for the new entrants willing to enter the market
Details and insights about business expansion strategies, product launches, and other collaborations
The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
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