IQ4I Research & Consultancy published a new report on “Spectrometry Global Market – Forecast To 2022”

With latest advancement in analytical instrumentation from the array of researchers and manufacturers the use of spectrometry has become a popular technology for wide assortment of analytical and bio-analytical techniques for the analysis in genomics, proteomics, metabolomics and lipidomics etc. The global spectrometry market is expected to grow at mid range single digit CAGR to reach $20,075 million by 2022.

Increase in usage of hand-held and portable spectrometer devices, high rate influx of innovative products, increasing demand from emerging countries and fund allotment from government organizations/companies are likely to propel the spectrometry market. However, complex regulatory guidelines, huge capital investments and shortage of skilled technicians are hampering the growth of the market. Unfavourable economic conditions are mainly leading to reduced product sales which are the major threat for the spectrometry industry.

In medical research and clinical diagnostics the use of spectroscopy facilitates non-invasive and safe analysis of soft tissues. Now-a-days, researchers are developing highly promising smart and miniaturized spectrometers that would help in real-time analysis using variety of environmental samples which accelerates the market growth.

Miniaturization is now a trend where higher throughput is observed in small instrument and is available commercially. For instance, Microsaic company manufactures miniaturized mass detector for real-time online reaction data and customers are able to increase the use of spectrometers in labs by benefiting from cost savings. Patent are filed regularly which is a measurement of research activity being carried out by the industry players. AB Sciex, Agilent Technologies, BioMerieux, Bruker Corporation, Horiba, Perkin Elmer, Shimadzu Corporation, Thermo Fisher Scientific and Waters Corporation are some of the major companies filed patents for atomic, mass and molecular spectrometry. Shimadzu corporation has filed 57 patents for spectrometry from 2011 till present where in 2016, 8 patents have been filed.

Spectrometry market is mainly classified into technology, application, end-users and geography. The global spectrometry market by technology is further divided into atomic spectrometry, mass spectrometry and molecular spectrometry. Among these, molecular spectrometry accounts for largest revenue and mass spectrometry is fastest growing segment with 8.9% CAGR.

The atomic spectrometry market is further divided into atomic absorption spectrometry (AAS), X-ray diffraction spectrometry (XRD), X-ray fluorescence spectrometry (XRF), X-ray photoelectron (XPS), inductively coupled plasma-atomic emission spectrometer (ICP-AES) elemental analyzers and others which includes arc/spark optical emission spectrometry and glow discharge optical emission spectrometry (GD-OES) where others segment holds with a largest revenue with a CAGR of 4.6% and inductively coupled plasma-atomic emission spectrometer is the fastest growing segment.

The mass spectrometry includes gas chromatography-mass spectrometry (GC-MS), liquid chromatography-mass spectrometry (LC-MS), inductively coupled plasma mass spectrometry (ICP-MS), magnetic sector mass spectrometry (MSMS), Fourier transform mass spectrometry (FTMS) and others. LC-MS accounted for the largest revenue, while ICP-MS segment is the fastest growing segment, and is expected to reach $770 million by 2022.

Molecular spectrometry is classified into nuclear magnetic resonance spectrometry (NMR), ultraviolet visible spectrometry (UV-Vis), infrared spectrometry (IR), color measurement near infrared spectrometry (NIR) and Raman spectrometry. The nuclear magnetic resonance is sub-segmented into continuous wave, fourier transform and solid state NMR. The ultraviolet visible spectrometry is further classified into single beam, double beam and array based UV-visible spectrometry. Infrared segment includes near infrared (NIR), mid infrared (MIR) and far infrared spectrometry (FIR). Color measurement includes luminescence which is further sub-segmented into fluorescence spectrometry. Raman spectrometry is further classified into fourier transform, surface enhancing and micro Raman spectrometry.

The spectrometry application market includes agriculture, food and beverage, biotechnology, pharmaceuticals, environmental testing, chemical industry, semiconductors /electronics/nanotechnology and others which include forensic, geology, petrochemical industry, defence industry, cosmetics, marine emission control (MEC), material science, oil and gas, automotive, archaeology.

In applications, pharmaceuticals segment holds the largest share of 32.9% and semiconductors, electronics and nanotechnology is the fastest growing segment with high single digit CAGR from 2015 to 2022. Geographical wise, North America is the largest market followed by Europe, Asia and Rest of the World. The Asia Pacific region is the fastest growing region with a double digit CAGR from 2015 to 2022 suggesting an array of opportunities for growth and likely to be getting into the eyes of new investors in the spectrometry market.

The spectrometry global market is a highly fragmented market and all the existing players in this market are involved in developing new and advanced products to maintain their market shares. Some of the key players of the spectrometry market are AB Sciex (U.S.), Agilent Technologies Inc (U.S.), Analytik Jena AG (Germany), Biomerieux (France), Bruker Corporation (U.S.), Horiba (Japan), Perkin Elmer (U.S.), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc (U.S.), and Waters Corporation (U.S.).

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This release was published on openPR.