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Novel spectrometry Market Report 2024 Latest Insights, Growth Rate, Future Trends And Forecast
Novel spectrometry Global Market Report 2024
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According to The Business Research Company's, The novel spectrometry market size has grown strongly in recent years. It will grow from $4.07 billion in 2023 to $4.39 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to the growth in demand for spectrometry solutions, the growing need for precise analytical tools, the rising number of global events for novel spectrometers, and the growing need for precise analytical tools.
The novel spectrometry market size is expected to see strong growth in the next few years. It will grow to $6.00 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to a growing focus on drug discovery and development in the pharmaceutical industry, an increasing use of spectrometry in the food and beverage industry, and an increasing emphasis on miniaturization and portability. Major trends in the forecast period include the development of multi-dimensional spectrometry techniques, the integration of AI with spectrometry for data analysis, advancements in mass spectrometry technology, personalized medicine and genomics, and innovative novel spectrometry platforms.
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Market Drivers and Trends:
Increasing demand for personalized medicine is expected to propel the growth of the novel spectrometry market going forward. Personalized medicine refers to a medical approach that tailors treatments and healthcare strategies to individual patients based on their unique genetic, environmental, and lifestyle factors. Demand for personalized medicine is rising due to advancements in genomics, which allow for more precise treatments and improved patient outcomes, as tailored therapies lead to more effective and targeted interventions. Novel spectrometry drives demand for personalized medicine by enabling precise biomarker analysis and tailored treatment plans, improving the accuracy and effectiveness of individualized therapies. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the U.S. Food and Drug Administration (FDA) approved 16 new personalized treatments for rare diseases in 2023, a significant increase from the 6 approvals granted in 2022. Therefore, increasing demand for personalized medicine is driving the growth of the novel spectrometry market.
Major companies operating in the novel spectrometry market are focusing on developing technologically advanced spectroscopy solutions, such as novel triple-quadrupole mass spectrometers, to enhance analytical capabilities and improve sensitivity and accuracy in complex sample analysis. Novel triple-quadrupole mass spectrometers refer to advanced versions of triple-quadrupole mass spectrometers, which are designed to provide enhanced performance for quantitative and qualitative analysis. For instance, in June 2023, Bruker Corporation, a US-based manufacturer of scientific instruments, introduced the EVOQ DART-TQ+, a novel triple-quadrupole mass spectrometer designed for chromatography-free mass spectrometry, aimed at applied market segments such as food and beverage, forensic toxicology, industrial, and environmental analysis. The system integrates a fully integrated direct analysis in real time (DART) ionization technique source, allowing for simplified and efficient routine analysis without the need for complex gas or liquid chromatography while also addressing the demand for cost-effective and environmentally sustainable workflows.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc., Danaher Corporation, Agilent Technologies Inc., Teledyne Photon Instruments, PerkinElmer Inc., LECO Corporation, Endress+Hauser Group, Shimadzu Corporation, Waters Corporation, Bruker Corporation, Horiba Ltd., FLIR Systems Inc., Sciex, JEOL Ltd., Oxford Instruments plc, Rigaku Corporation, Peak Scientific Instruments Ltd., Nanalysis Corp., Scion Instruments, Hiden Analytical Ltd., Labman Automation Ltd., Advion Inc., Exciton Inc., SRI Instruments
Novel spectrometry Market 2024 Key Insights:
• The novel spectrometry market size is expected to see strong growth in the next few years. It will grow to $6.00 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• ising Demand For Personalized Medicine Fuels Growth In The Novel Spectrometry Market
• Advancing Chromatography-Free Analysis With Novel Triple-Quadrupole Mass Spectrometry
• North America was the largest region in the novel spectrometry market in 2023
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