Spectrometry Market Poised for Growth: Projected to Achieve a 6.4% CAGR, Reaching USD 13.8 Billion by 2028

The global spectrometry market size was worth USD 7.1 Bn in 2020 and is estimated to surpass USD 13.8 Bn by 2028. The global market is likely to grow at a CAGR of 6.4% between 2021 and 2028.

The application areas of spectrometers are expanding across various sectors and include environmental testing, food and beverage production, and research activities.

Technological advancements and different spectrometry methods drive market development. However, one of the primary factors that restrain the market is the high capital expenditure required for the setup and maintenance of spectrometer equipment as well as lack of skilled professionals to run these platforms effectively.

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When using spectrometry, a test sample is ionized and separated in order to identify certain substances, including pollutants, contaminants, impurities, or chemical compounds. Increase in usage of spectrometry across various end-use sectors, including food & beverage testing, environmental testing, industrial chemistry, biotechnology, and pharmaceuticals, is a major factor driving the global market.

Global Spectrometry Market: Growth Drivers

• The mass spectrometry approach is likely to continue to gain popularity in the life sciences field, specifically in biotechnology and pharmaceutical manufacturing. Higher market demand is attributed to growth in demand for cutting-edge tools and equipment as well as a greater emphasis on R&D activities in the healthcare sector. Additionally, the demand for novel and sophisticated mass spectrometers is driven by the expansion of contract research organizations (CROs) across the globe.
  
  
• Growing clinical usage of spectrometry instruments in the field of proteomics, toxicology testing, tissue analysis, and disease markers identification is expected to support market growth. Strict regulatory standards managing the collection and analysis of soil and water samples are also likely to drive business opportunities in the global market.

Key Findings of Market Report

• Based on technology, in 2020, the molecular spectrometry segment held a dominant revenue share of the total market. However, mass spectrometry, one of the potential technologies for analyzing a variety of chemical and biological materials, is expected to be a high revenue generating segment throughout the forecast period. Additionally, the need for pharmaceuticals and biotechnology products has increased, which has resulted in considerable advancements in mass spectrometry technology.

Global Spectrometry Market: Key Players

• Agilent Technologies
• Bruker Corporation
• AB Sciex
• Shimadzu Corporation
• PerkinElmer, Inc.
• Waters Corporation

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Global Spectrometry Market: Segmentation

Technology

• Atomic Spectrometry
• Molecular Spectrometry
• Mass Spectrometry

Application

• Pharmaceuticals
• Biotechnology
• Industrial Chemistry
• Environmental Testing
• Food & Beverage Testing

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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