Global Spectrometry Market, By Product Type (Atomic Spectroscopy, (Atomic Absorption Spectroscopy, X- Ray Diffraction, Implantable, X-Ray Fluorescence, Inductively Coupled Plasma, Ark Spark, Elemental Analyzers, and ICP-MS), Mass Spectroscopy, (TANDEM LC/MS, Liquid Chromatography, Gas Chromatography, MALDI – TOF, Fourier Transform, and Single Quadrupole) and Molecular Spectroscopy (NMR, UV Visualization, Infrared, Color Measurement, and Near Infrared)), By End User (Biopharmaceutical industries, Research and Academic Institutes, and Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 23.3 billion in 2023 and is expected to exhibit a CAGR of 7.9 % during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The strategies by key market players like product launch is expected to drive the global spectrometry market growth over the forecast period. For instance, on June 05, 2023 Agilent Technologies Inc., U.S. based company announced two new liquid chromatography mass spectrometry (LCMS) systems, the Agilent 6495D LC/TQ and the Agilent Revident LC/Q-TOF. To facilitate Revident LC/Q-TOF state-of-the-art performance, Agilent is also announcing new Agilent MassHunter Explorer Profiling software and new Agilent ChemVista library management software. The systems are ideal for demanding and challenging targeted analytics applications that require the highest level of analytical sensitivity.
Global Spectrometry Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others faced problems regarding the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global spectrometry market due to the increasing need for spectrometry techniques. For instance, an article published by National Center for Biotechnology Information (NCBI) on May 11, 2021 explained the importance for mass spectrometric analysis is the number of virus copies per isolate, usually estimated by RNA quantification. Virus counts vary widely from 104 to 1,011 copies per sample or standard volume. However, these values are only approximate and depend on the time since the first infection and on the measures taken to recover the virus. However, upper respiratory swab samples usually contain the highest viral load and are the primary source for further mass spectrometry analysis.
Global Spectrometry Market: Key Developments
On June 21, 2023, Thermo Fisher Scientific Inc., one of the player operating in the market, acquired MarqMetrix, a developer of Raman-based spectroscopy solutions for in-line measurement. MarqMetrix provided innovative and fit-for-purpose in-line Process Analytical Technology (PAT), offering customers a simplified method to make precise and accurate measurements throughout the manufacturing process for a wide range of applications including biopharma and pharmaceuticals, oil and gas, and chemicals and polymers.
For instance, on June 5, 2023 Bruker Corporation, a U.S.-based manufacturer of scientific instruments for molecular and materials research, introduced the unique EVOQ DART-TQ Triple Quadruple (TQ) mass spectrometer, a high-performance workhorse that enables easy routine analysis, from simplified setup and method development to data analysis and report generation to improve efficiency and productivity. The first and only fully integrated Direct Analysis in Real-time (DART) ionization source, EVOQ DART-TQ eliminates complex and time-consuming gas or liquid chromatography in many routine workflows.
Browse 25 Market Data Tables and 29 Figures spread through 160 Pages and in-depth TOC on Global Spectrometry Market, By Product Type (Atomic Spectroscopy, (Atomic Absorption Spectroscopy, X- Ray Diffraction, Implantable, X-Ray Fluorescence, Inductively Coupled Plasma, Ark Spark, Elemental Analyzers, and ICP-MS), Mass Spectroscopy, (TANDEM LC/MS, Liquid Chromatography, Gas Chromatography, MALDI – TOF, Fourier Transform, and Single Quadrupole) and Molecular Spectroscopy (NMR, UV Visualization, Infrared, Color Measurement, and Near Infrared)), By End User (Biopharmaceutical industries, Research and Academic Institutes, and Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
https://www.coherentmarketinsights.com/market-insight/spectrometry-market-3885
Key Takeaways of the Global Spectrometry Market:
- The global spectrometry market is expected to exhibit a CAGR of 7.9% during the forecast period. Funding raised by key market players is expected to accelerate its research and development activities.
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global spectrometry market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
- Among product type, the mass spectrometry segment is expected to dominate the global spectrometry market over the forecast period, owing to the launch of new products and technologies in the market
- Among region, North America is expected to be the dominant region in the global spectrometry market owing to the increasing launches of newer devices in the region
- The major players operating in the global spectrometry market include ThermoFisher Scientific Inc, Adeptrix Corp, Analytik Jena AG, Bio-Rad Laboratories, Inc, Bruker Corporation, Danaher Corporation, PerkinElmer, Inc, Siemens Healthcare, Waters Corporation, Agilent Technologies, Inc., Shimadzu Corporation, and Advion, Inc.
