Spectrometry Market Share, Growth, Insights, Industry Analysis, Trends and Forecasts Report 2030

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.

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.

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There are also continuing efforts to develop low-cost chip-scale spectrometers that can be used in consumer electronics such as smartphones. For instance, Samsung prepared to incorporate its smartphone-integrated IR spectrometers for CO2 monitoring and skin moisture detection in Galaxy S11 after patenting them. TrinamiX and Viavi Solutions announced a partnership effort to develop a near-infrared spectrometer module for consumer electronics in 2020. All of these instances predict quick future development of chip-scale spectrometers, particularly for consumer and biomedical applications. Furthermore, High-end spectrometers may also contain a set of optical filters or a filter wheel to broaden their wavelength range and permit a higher dynamic range of light across their whole wavelength range. Applications for spectroradiometers include measuring LEDs, evaluating CFLs, and measuring displays (televisions and monitors). Field spectroradiometers are now used in traffic lights, daylight measurements, and architectural models. Additionally, utilizing optical emission spectroscopy and materials including pure and alloyed metals, are currently being investigated, which is contributing to revenue growth of the market.

Despite being reasonably durable equipment, optical emissions spectrometers do require routine maintenance, which comes at a significant expense in addition to high cost of initial installation. Even with routine maintenance, wear and tear mean that spectrometers occasionally need troubleshooting to function as intended. Despite being based on straightforward concepts; spectrophotometry necessitates numerous safety measures to prevent error-prone erroneous detection. All of these variables could affect the measured outcome, which are major factors hindering growth of the market.

Some major companies 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.

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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. Similar to proteins, polysaccharides utilized in glycosylation are huge, complex biomolecules that can benefit from size and structure determination by high-resolution MS. MS is used by pharmacology labs and manufacturers to characterize and evaluate crucial quality characteristics for glycosylated biotherapeutics. These are the major factors driving revenue growth of the segment.

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. Mass spectroscopy is an area where new methods and equipment are frequently developed. Due to its high sensitivity, quickness, adaptability, and selectivity, mass spectroscopy has now established itself as an essential tool in the discovery of all types of pharmaceuticals.

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. There are 10 separate academic institutions and research centers, together with three commercial partners, that make up the European Network of Fourier Transform Ion Cyclotron Resonance Mass Spectrometry Centres, which are driving revenue growth of the market in this region.

On 6 June 2022, Agilent Technologies Inc. launched quadrupole mass spectrometers for LC/MS and GC/MS that will be on display at the 70th ASMS Conference on Mass Spectrometry and Allied Topics. Agilent 7000E GC/TQ, 7010C GC/TQ, 6475 triple quadrupole LC/MS system, 5977C GC/MSD, and other recent developments in mass spectrometry span over 50 years of Agilent's history. The new LC/TQ and GC/TQ solutions have instrument intelligence built-in to streamline lab procedures. Customers may overcome significant performance hurdles with hydrogen carrier gas with the help of new GC/SQ and GC/TQ devices with HydroInert source.

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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Regional Outlook (Revenue, USD Billion; 2019-2030)

North America

U.S.

Canada

Mexico

Europe

Germany

France

UK

Italy

Spain

Benelux

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

UAE

South Africa

Turkey

Rest of Middle East & Africa

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Key Questions Answered in the Report:

What is the growth rate of the Spectrometry market? What is the anticipated market valuation of Spectrometry industry by 2030?

What are the key growth driving and restraining factors of the Spectrometry market?

Who are the prominent players operating in the market? What are the key strategies adopted by these companies?

What are the key opportunities and growth prospects of the Spectrometry industry over the forecast period?

Which region is expected to show significant growth in the coming years?

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