Novel Spectrometry Platforms Market Projected to Reach USD 24.92 Billion by 2031 Driven by Drug Development and Biomedical Research

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Novel Spectrometry Platforms Market By Type of Spectrometers (Atomic Absorption Spectrometer,Mass Spectrometer, Near Infrared Spectrometer,Nuclear Magnetic Resonance Spectrometer, Raman Spectrometer, and X-Ray Fluorescence Spectrometer), End-user (Agriculture / Pesticide Testing, Environmental Analysis, Food Biotechnology, Forensic Analysis, Pharmaceutical Analysis, and other end users))- Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the global novel spectrometry platforms market is valued at USD 13.47 Billion in 2023, and it is expected to reach USD 24.92 Billion by the year 2031, with a CAGR of 8.4% during the forecast period of 2024-2031.

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Spectrometry leverages the interaction of light with matter to analyze various properties of a sample, enabling detailed assessments of its composition and structure. A solid understanding of electromagnetic radiation and its interaction with matter is essential to interpret different spectral outputs, which in turn supports the selection and application of specific spectrometric techniques. These techniques are instrumental in addressing complex biological questions, such as evaluating muscle metabolism. Furthermore, emerging spectrometric methods allow for the monitoring of dissolved oxygen in aquatic environments and play a critical role in optimizing drug structures to enhance therapeutic efficacy.

The selection of an appropriate spectroscopic technique is dependent on the specific application and the nature of the data required. Spectrometry delivers accurate insights into intermolecular bonding and molecular changes occurring during biochemical processes, including those within the mitochondrial electron transport chain. Even in contaminated samples, spectrometry enables efficient qualitative and quantitative biomolecular analyses. In pharmaceutical development, spectrometric analysis is integral for drug identification, purity assessment, crystalline structure determination, characterization of active pharmaceutical ingredient (API) and excipient interactions, and intellectual property validation such as antibiotic patents.

The global market for novel spectrometry technologies is expected to grow significantly during the forecast period, driven by the introduction of new pharmaceuticals and increasing industry investment in product quality improvement. Spectrometry service providers are also investing in the integration of advanced features, which is further supporting market growth. Expanding applications beyond the healthcare sector and increasing investments in biomedical research and the development of affordable generic drugs are additional factors propelling the market forward.

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While conventional spectrometers face limitations such as insufficient automation, which affects reproducibility and sensitivity, novel spectrometric platforms have emerged as advanced alternatives capable of addressing these challenges. However, market expansion may be constrained by high equipment costs and limited awareness regarding the availability and capabilities of spectrometric services.

North America is anticipated to maintain a leading position in the novel spectrometry platforms market, supported by increasing research and development funding, ongoing technological advancements, and a substantial pipeline of treatments for chronic diseases-all of which are enhancing regional infrastructure and market growth potential.

Significant market players are Agilent Technologies Inc., Bruker, Danaher Corporation, JEOL Ltd., Kore Technology Ltd., Metrohm AG, LECO Corporation, PerkinElmer Inc., Rigaku Corporation, Shimadzu Corporation, Thermo Fisher Scientific Inc., Waters Corporation, Endress+Hauser Group, MKS Instruments, Inc., FLIR Systems, Inc., SCIEX, Analytik Jena, Rigaku Corporation, DANI Instruments, Advion, Inc., AMETEK Process Instruments, Extrel CMS, LLC, MassTech Inc., Hiden Analytical, and other prominent players

Key developments in the market
• In June 2022, Waters Corporation introduced new tools, software, and improvements to existing products to help with drug discovery and development. The products include the new XevoTM G3 quadrupole time-of-flight (QTof) mass spectrometer, CONFIRM Sequence, a new oligonucleotide sequencing confirmation app for the waters connectTM software platform, and an electrospray ionisation source for the high-resolution WatersTM SELECT SERIESTM Multi-Reflecting Time of Flight (MRT) mass spectrometer.
• In Feb 2022, Agilent Technologies Inc. has acquired the artificial intelligence (AI) system created by Virtual Control and plans to implement the ACIES software into its market-leading gas chromatography and mass spectrometry (GS/MS) platforms in order to boost the efficiency, throughput, and precision of the high-throughput laboratories its services throughout the world. Agilent's purchase of the technology has extensive potential for expansion into other significant sectors, particularly in the areas of food testing and agriculture, environmental, and applied materials.
• In Nov 2021, Thermo Fisher Scientific, Inc., has launched cutting-edge mass spectrometry equipment, procedures, and programmes. With the Orbitrap Exploris MX mass detector from Thermo Scientific, biopharmaceutical labs may simply adopt multi-attribute method (MAM) and conduct intact analysis of monoclonal antibodies, oligonucleotide mass determination, and peptide mapping.
• In July 2021, A strategic relationship has been formed between SCIEX and Genedata, to create innovative software solutions for the biopharmaceutical mass spectrometry market. This smart software and hardware integration will enable biopharma companies to characterize increasingly complicated molecules with higher certainty and speed, ultimately allowing them to hasten the discovery of innovative drugs.
• In Jan 2021, Avacta and Bruker have signed an agreement to work together to test the clinical usefulness of the high throughput bead assisted mass spectrometry (BAMSTM) test for SARS-CoV-2 infection that was made with Adeptrix.

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Market Segmentation:
Global Novel Spectrometry Platforms Market, by Type of Spectrometers, 2022-2030 (Value US$ Mn)
• Atomic Absorption Spectrometer
• Mass Spectrometer
• Near Infrared Spectrometer
• Nuclear Magnetic Resonance Spectrometer
• Raman Spectrometer
• X-Ray Fluorescence Spectrometer
Global Novel Spectrometry Platforms Market, by End User Industry, 2022-2030 (Value US$ Mn)
• Agriculture / Pesticide Testing
• Environmental Analysis
• Food Biotechnology
• Forensic Analysis
• Pharmaceutical Analysis
• other end users
Global Novel Spectrometry Platforms Market, by Region, 2022-2030 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Novel Spectrometry Platforms Market, by Country, 2022-2030 (Value US$ Mn)
• U.S.
• Canada
Europe Novel Spectrometry Platforms Market, by Country, 2022-2030 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Novel Spectrometry Platforms Market, by Country, 2022-2030 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Novel Spectrometry Platforms Market, by Country, 2022-2030 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Novel Spectrometry Platforms Market, by Country, 2022-2030 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa

Why should buy this report:
• To receive a comprehensive analysis of the prospects for the global novel spectrometry platforms market
• To receive an industry overview and future trends of the novel spectrometry platforms market
• To analyze the novel spectrometry platforms market drivers and challenges
• To get information on the novel spectrometry platforms market size (Value US$ Mn) forecast to 2030
• To get information on investments, mergers & acquisitions in the novel spectrometry platforms industry

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