Spectrometry market was valued at $11.1 billion in 2021, and is estimated to reach $20.3 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.
Spectrometry is the measurement of spectra formed by materials when they interact with sample or emit electromagnetic radiation. It is the analysis of light-matter interactions as well as reactions and measurements of radiation intensity and wavelength. It is widely used in spectroscopic evaluation of sample materials to identify certain substances like chemical compounds, impurities, contaminants, or pollutants. Depending upon the sample and requirement it can be examined through various molecular mass and atomic spectroscopy techniques.
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Increase in trend of spectrometry analysis is owing to its increasing utilization for research activities in the pharma & biotech companies, for proteomics, metabolomics, genomics, and demand for personalized medicines. As a revolutionary technique for improved diagnostics, biomarker detection, and disease detection, it is leading the way in both health care and medical research. In addition, implementation of stringent guidelines by the United States Food and Drug Administration (USFDA) for monitoring harmful substances (metals like arsenic, lead, and mercury) in food as well as drinking water further contributes toward the utilization of these spectral analysis. Thus spectrometryโs clinical, toxicological, & forensic applications fuel its industrial growth during the forecast period, therefore contributing for spectrometry market growth.
Moreover, the automotive, textile, construction, industrial, medical, pharmaceutical, electronic, and consumer goods industries all employ petrochemical derivatives which enhances the spectral analysis of these materials to determine its characteristics. However, these instruments are expensive and incur high installation & high maintenance cost which is expected to hinder the market growth. Conversely, technological advancements are currently pushing market players for new product development and increase in cloud-based data essentials for analysis. Thus, this is a great spectrometry market trends for key players to invest in the forecast period especially in the developing economies.
By type, the market is segmented into molecular spectrometry, mass spectrometry, and atomic spectrometry. The molecular spectrometry segment generated maximum revenue in 2021, accounting $4,281.93 million of spectrometry market size, owing to its wide applications in life science industry and availability of numerous technologically advanced instruments. The mass spectrometry industry is expected to witness highest CAGR of 6.9% during the forecast period, owing to its rapid analysis with higher resolutions and launch of novel products with huge advancements such as by combination of the instruments with the chromatographic techniques.
Depending on end user, the market is classified into pharmaceutical & biotechnology companies, research & academic institutes, and others. The research & academic institutes segment dominated the market in 2021, with $5,023.17 million of spectrometry market size, owing to rise in R & D activities for drug discovery and toxicity testing. ย The others segment is expected to witness highest CAGR of 6.9% during the forecast period, owing to rise in awareness for food safety and environmental testingโs.
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North America accounted for a majority of the global spectrometry market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to technological advancements in spectrometry techniques, integration of advanced hardware and software processes in spectrometry devices, and presence of key & robust research infrastructure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in R&D activities, implementation of food safety regulations, establishment of facilities, and increase in investments projects for end userโs industries in the region.
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โขย ย By type, the molecular segment was the highest contributor to the market in 2021.
โขย ย By end user, the research & academic institutes segment was highest contributor in 2021, and is expected to continue this trend during the forecast period.
โขย ย By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
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