Spectrometry Market

Global Spectrometry Market Size (2023 to 2028)

The size of the global spectrometry market is anticipated to grow at a CAGR of 7.14% from 2023 to 2028 and be worth USD 21.9 billion by 2028 from USD 15.51 billion in 2023.

Global Spectrometry Market Share Insights:

• Based on type, the molecular spectrometry segment held the leading share of the global market in 2022.
• Based on application, the clinical diagnosis segment accounted for the major share of the global market in 2022.
• Based on end-user, the government and academic institutions segment led the market in 2022.
• Based on region, North America dominated the market in 2022.

Impact of COVID-19 on the global spectrometry market:

The COVID-19 pandemic had a mixed impact on the spectrometry market, where some industries saw an increase in demand, while others experienced a decline in demand for spectrometry instruments. Due to disruptions in the global supply chain, the demand for spectrometry instruments was reduced in industries such as the oil and gas industry. However, the demand for spectrometry instruments increased significantly in certain industries like healthcare & pharmaceuticals, and food & beverage. The demand in healthcare and pharmaceutical industries was driven by the increased use of mass spectrometry in identifying and distinguishing viral variants of COVID-19, vaccine development, the development of new drugs, and the increase in the production of pharmaceutical products. The shifting preference towards remote working and online education has led to an increase in the demand for portable handheld spectrometry instruments.

MARKET DRIVERS:

The growing demand for reliable and accurate spectroscopy tools for precise testing is driving the growth of the spectrometry market in various industries which leads to an increased investment in research and development.  Advancements in spectrometry technology, such as high-resolution mass spectrometry and portable spectrometry instruments, have led to increased accuracy, and ease of use, which contributes to the adoption of these instruments in various industries.

The growth of the pharmaceutical and biotechnology industries, which rely heavily on spectrometry instruments for drug testing and drug discovery, is a major driver for the demand of spectroscopy instruments. Governments worldwide are investing in research and development activities related to spectrometry, which is also driving the market's growth. The innovations in handhelds and portable devices have excellent image quality and can be used for sample analysis. Food quality control, environmental testing, and defence industries all use these portable and handheld spectrophotometers.

In addition, the increased demand for proteomics, metabolomics, genomics, and personalized therapies is driving opportunities in the spectroscopic analysis market. As a new tool for improved diagnosis, biomarker identification, and disease detection, spectrometry is setting a trend in both healthcare and medical research.

MARKET RESTRAINTS:

The high cost of spectrometry instruments and the availability of alternatives primarily hampers the growth of the spectrometry market. The cost of spectrometry equipment is relatively high, which makes it hard for small and medium-sized businesses and countries with low incomes to adopt them. Apart from the system cost, the cost of maintaining the system to industry standards is also very high. Therefore, the spectrometers are very expensive for small diagnostic clinics and laboratories to install and maintain.  The existence of alternative technology to test and analyse, like chromatography and spectroscopy, can compete with spectrometry tools making them less popular. In addition to that, the complex regulatory requirements for spectrometry instruments can create barriers to entry for new players and limit the growth of the market.

REPORT COVERAGE: 

This research report on global spectrometry market has been segmented and sub-segmented based on the following categories.

Global Spectrometry Market – By Type:

• Molecular Spectrometry
• Mass Spectrometry
• Atomic Spectrometry

Based on type, the molecular spectrometry segment is predicted to account for the major share of the global market during the forecast period owing to the large array of applications of this technique in the pharmaceutical & biotechnology industries including infrared spectrometry, FT-IR spectrometry, fluorescence spectrometry, ultraviolet-visible (US-Vis) spectrometry, and molecular spectrometry imaging systems. Another factor that drives the market of molecular spectrometry is the availability of technologically advanced products in the market.

On the other hand, the mass spectrometry segment is expected to grow with the highest CAGR in the coming years owing to the rapid technological advancements in mass spectrometry techniques which enable the quick delivery of high-resolution test results.

Global Spectrometry Market – By Application:

• Hospitals
• Clinical Diagnosis
• Food testing
• Environmental Testing

Based on application, the clinical diagnosis segment is expected to hold the leading share of the global market during the forecast period owing to the growing prevalence of complex diseases that require accurate and rapid diagnostic solutions and rapid adoption of precision medicine. Continuous technological advancements the enhance the sensitivity and specificity of spectrometry platforms further fuel the growth rate of the clinical diagnosis segment.

The environmental testing segment is anticipated to account for a substantial share of the worldwide market in the coming years. Factors such as environmental pollution levels, stringent regulatory requirements and rising focus on sustainable practices that encourage investments in advanced spectrometry technologies for environmental assessment drive the growth of the environment testing segment in the global market.

Global Spectrometry Market – By End-User:

• Government & Academic Institutions
• Pharmaceuticals
• Biotechnological Companies
• Others

Based on end-user, the government and academic institutions segment is expected to capture the leading share of the global market during the forecast period. An increased focus on research and development conducted by the government and academic institutions and the extensive use of spectrometry instruments in R&D propel the growth of the government and academic institutions segment.

Global Spectrometry Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American region is expected to dominate the spectrometry market throughout the forecast period owing to the presence of key players in the region, growing pharma and biotechnology industries and the presence of a well-established research infrastructure. However, the Asia-Pacific region is expected to witness the fastest growth rate over the forecast period due to the increase in the number of spectroscopic service providers and the growing research base for the development of new drugs.

KEY MARKET PLAYERS:

The global spectrometry market is highly competitive with the following key players operating in the market and focusing on product innovation, partnerships, and collaborations to gain a competitive edge. Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Braun Medical, Inc., Leco Corporation, Bruker Corporation, Perkin Elmer, Inc., Shimadzu Corporation, Waters Corporation, Kore Technology, Danaher Corporation are some of the promising companies in the global spectrometry market.

RECENT HAPPENINGS IN THE MARKET:

• In April 2023, a new review published in TrAC Trends in Analytical Chemistry, authored by Wei Hang from Xiamen University in China highlights the recent advances and prospects of high spatial resolution mass spectrometry imaging (MSI) techniques for spatial metabolomics, which is an emerging field of omics research that allows localizing small molecules in tissues and cells.
• In May 2023, a team of researchers from the Moffitt Cancer Center in Tampa, Florida, and the University of Oklahoma in Norman, Oklahoma, have developed a new mass spectrometry tool to quantify cell heterogeneity and subpopulations using single-cell metabolomics. The team combined the Single-probe single-cell Mass Spectrometry (SCMS) experimental technique with a bioinformatics software package, SinCHet-MS (Single Cell Heterogeneity for Mass Spectrometry), to characterize changes in tumour heterogeneity, quantify cell subpopulations, and prioritize the metabolite biomarkers of each subpopulation.