X-Ray Photoelectron Spectroscopy (XPS) Market to Stand at US$749.8 mn by 2023, Driven by High Demand from Healthcare Industry

According to a new market report published by Transparency Market Research “X-Ray Photoelectron Spectroscopy Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” the global x-ray photoelectron spectroscopy (XPS) market was valued at US$ 443.5 Mn in 2014 and is expected to reach US$ 749.8 Mn by 2023, growing at a CAGR of 5.8% during the forecast period from 2015 to 2023.

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Rigorous research and development activities conducted across various industries such as healthcare, semiconductors and electronics, automotive and aerospace industries have rendered encouraging growth opportunities for several analytic techniques. The global XPS market by application has been categorized on the basis of analysis areas and its application across various industries. Analysis segment is further categorized into forensic, contamination, elemental analysis, electronic density estimation and others. Factors such as increasing use of several analytic technologies such as spectroscopy followed by focus on research activities across various industries such as healthcare, automotive, aerospace, semiconductors and electronics and others favor the uptake and acceptance of XPS market. In addition, consistent technological advances followed by improved analysis will further boost the market growth. On the other hand, increasing competition from other spectroscopy techniques with enhanced efficiency and reliability might hamper the market growth.

Increasing use of XPS technology in medical and pharmaceutical research for determination of drug safety and efficiency in conjunction with increasing support from respective nation’s government to promote awareness about these technology platforms ensure lucrative growth opportunity for the X-ray photoelectron spectroscopy market. Application of XPS technology in healthcare industry is anticipated to record highest growth rate during the forecast period from 2015 to 2023. This is majorly attributed to the presence of stringent mandates in the field of medical research for testing effectiveness of the investigative drug molecules to ensure the safety and quality standards. In addition, XPS enables the analysis of several biomaterials, biomedical implants, and investigation of several cellular components of microbial cells.

Elemental analysis segment accounted for the largest analysis segment in XPS market owing to the capability of this technique to analyze almost all the elements in the periodic table except hydrogen and helium and application of analyzed elements in diverse application areas. Furthermore this segment is anticipated to exhibit highest growth rate during the forecast period from 2015 to 2023. Contamination analysis segment accounts for the second largest segment in XPS market followed by elemental analysis as this technique enables the effective analysis of both organic and inorganic contaminants thereby ensuring the effective performance of the material in investigation.

Use of XPS in forensic analysis is known for years, however, the limitations such as need for larger sample at the crime site followed by longer analysis time rendered a slow growth pace of XPS in forensic investigations. With the increasing efficiency and short turnaround times for investigations will boost the growth of this market throughout the forecast period. For instance, according to a research paper published in Science Daily (2013), the researchers had identified a novel forensic technique for determination and differentiation of cloth fibers collected at the crime site. Forensic analysis segment acquired third largest market share of global XPS market. Electronic density estimation, empirical formula detection and corrosion evaluation accounted for smaller market shares owing to the limited use of XPS in these analyses as compared to other analyses.

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Companies such as Kratos Analytical Ltd. (Shimadzu), Thermo Fisher Scientific, Ulvac PHI, Japan Electron Optics Lab (JEOL) Ltd., and Evans Analytical Group (EAG) constitute some of the key players in the global x-ray photoelectron spectroscopy market. The global XPS market is influenced by the presence of large regional players and predominant in developed economies as compared to other developing economies. However, these companies are focusing on expansion in emerging economies especially in countries like India, China and Australia.

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This release was published on openPR.