Spectroscopy Instruments Market | Contrive Datum Insights

The global Spectroscopy Instruments market size was estimated at USD 14.1 Billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030.

Technology-advanced Spectroscopy Instruments and consumables are expected to help this market grow, which will lead to more business opportunities. Spectrometers are in higher demand on the market because scientists are always coming up with new ways to use them. Important people are working on making products that are easy to use and give better results. These changes will help researchers come up with more accurate results. This, in turn, is expected to help growth over the next few years.

Spectrometry is quickly becoming one of the most important analytical tools. It is used in a wide range of ways. Some examples of these uses are drug development, proteomics, metabolomics, forensic analysis, and pharmaceutical analysis. In the last few years, this method has been used more often at different stages of the process of finding new drugs. For example, researchers from the University of Surrey used the MS technique to help and speed up the development of the COVID-19 vaccine.

Spectroscopy Instruments Market Dynamics

Spectroscopy techniques developed in the market with advanced technologies enhance the market of spectroscopy with an increased study of the sample with the interaction of magnetic radiation and increased results with enhanced accuracy and precision with increased structural information wide acceptance from various industries such as pharmaceutical industries, food and drug industries, chemical industries, oil and gas industries with increased demands from the laboratory. Spectroscopy techniques developed in the market with advanced technologies enhance the market of spectroscopy with an increased study of the sample with the interaction of magnetic radiation.

Spectroscopy continues to advance on a daily basis thanks to the numerous innovations and technological advancements introduced by the leading market players. Environmental pollution is getting worse on a daily basis, which has led to an increase in the demand for spectroscopy techniques. These techniques help to drive the market by allowing for a more accurate identification of trace levels in the samples that are being tested. Utilized in the determination of the water analysis and the treatment of water waste.

Growth Factors of the Spectroscopy Instruments Market

Testing the purpose is done through spectroscopy using methods that were developed in the spectroscopy market to accommodate the growing number of applications for spectroscopy. The market for spectroscopy can be helped to grow by increasing the amount of interaction between matter and electromagnetic radiation, with the wavelength and frequency being determined specifically for the purpose of testing, so that the results are more accurate and efficient.

The rapid upgrade of technology in spectroscopy has led to increased utilization in a variety of industries, including healthcare centers, the pharmaceutical industry, the food and agriculture industries, the chemical industry, and the oil and gas industry. This has been enabled by the rapid adoption of new technologies in spectroscopy. Consequently, this helps to accelerate the spectroscopy market, which will result in an increased market revenue share throughout the forecast period. Researchers who are putting a greater emphasis on the development of spectroscopy in order to improve the effectiveness of the technology that has already been created.

Developing more cutting-edge technology In spectroscopy, improved software techniques and increased network connectivity contribute to increased results, increased accuracy and precision in the results, and innovations that help push the market growth to a greater extent. The growth of the market for spectroscopy is helped by the key market players, who are also contributing to the growth of the market by introducing new developments and increasing their investment levels. During the period of the forecast, the market for spectroscopy will be helped along by governments from various regions increasing their funding for new developments in spectroscopy and improved testing in various industries.

On the basis of Type:

Type Insight

Because of the widespread application of this method in the life science industries as well as the commercial availability of technologically advanced products in this sector, molecular spectrometry was able to dominate the market and account for the largest revenue share of 37.6% in the year 2020. This was accomplished in the field of molecular spectroscopy, for example, the company PerkinElmer, Inc. provides a comprehensive selection of instruments, accessories, and consumables, as well as software and informatics. Under the category of molecular spectroscopy, this company provides services in the areas of infrared spectroscopy, fluorescence spectroscopy, ultraviolet-visible (UV-Vis) spectroscopy, as well as FT-IR microscopy and imaging systems.

Because of advancements in infrared spectroscopy systems that have increased productivity and decreased the overall cost of the process, molecular spectroscopy has become increasingly popular and is now an essential instrument in the biotechnology, pharmaceutical, and forensic industries. Near-infrared (NIR) spectroscopy is being used for the analysis of body fluids, differentiating between normal and cancerous tissues, and performing a variety of other bio-applications, according to a study that will be published in June 2020.

Application Insights

In 2020, the pharmaceutical analysis application sector dominated the market and accounted for the largest revenue share of 35.5%. Furthermore, this sector is anticipated to experience the highest CAGR over the course of the forecast period. A series of processes for determining, identifying, purifying, and quantifying a substance, determining the structure of chemical compounds, or separating the components of a solution or mixture make up the pharmaceutical analysis. These processes may be performed in order.

Certain major players in the industry provide specialized instruments for use in pharmaceutical analysis. As one illustration, Agilent Technologies, Inc. offers a Raman pharmaceutical analysis system known as the TRS100 quantitative pharmaceutical analysis system. In pharmaceutical finished-product testing and formulation development, the TRS100 system enables simple and rapid whole content uniformity and polymorph screening. Examples of pharmaceutical finished products include capsules, tablets, and other dosage forms.

Spectrometry technology is increasingly being utilized in the pharmaceutical industry for the purpose of quantifying drugs for use in innovative applications. For example, the technology known as liquid chromatography-mass spectrometry (LC-MS) was used to determine the effectiveness of the anti-COVID-19 drug remdesivir in treating disease and to quantify the drug in patients.

Regional Insights

In 2020, North America dominated the market. It made up 46.7% of all revenue, which was the most of any region. This is because a lot of important companies in the industry, like Thermo Fisher Scientific, Agilent Technologies, Waters Corporation, and others, are based in the area. Another good thing about this area is that there are a number of organizations and associations that are active in this area and work to create and spread information about new advanced spectrometry products and technology.

Major players in the market are also doing more research and development on new diseases. This can be traced back to the region that makes up the majority of the market. Agilent Technologies, Inc. and other companies in the field are always doing a lot of research and development to come up with new resins for isolating and purifying vaccines. At the moment, the company is putting most of its efforts into making a COVID-19 vaccine and using chromatography and mass spectrometry to separate its parts. The MS technique is used to figure out what kind of vaccines might work.

Scope Analysis

Competitive Analysis:

Thermo Fisher Scientific, Inc., PerkinElmer, Inc., Agilent Technologies, Waters Corporation, Shimadzu Corporation, Broker  Corporation, JEOL Ltd., FLIR Systems, Inc., Endress+Hauser Group, MKS Instruments, Inc.

Recent Development

In Dec 2022: Growth of technologically developed spectroscopy

The growth of technologically developed Spectroscopy Instruments and consumables is predicted to deliver growth avenues to this market. Continuous evolution in spectrometry techniques has improved the use of spectrometers in the market.

In Dec 2016: Development in clinical and translational research

International Phenomenon Center Network collaborated with Broker’s leverage of the NMR system and increased development in clinical and translational research.

In Jan 2016: Development of biosciences and genetic analysis

Thermo Fisher Scientific acquisition of Affymetrix, Inc. With the increased capability of the company in the development of biosciences   analysis and genetic analysis.

In 2015: Perkin Elmer partnered with Johnson & Johnson Innovation

Perkin Elmer partnered with Johnson & Johnson innovation with increased analytical instruments and enhance services in the laboratory for J&J's life science incubator.

Market Segmentation

Type Outlook

• Molecular Spectrometry
  • Visible and Ultraviolet Spectroscopy
  • Infrared Spectroscopy
  • Nuclear Magnetic Resonance (NMR) Spectroscopy
  • Others
• Mass Spectrometry (MS)
  • MALDI-TOF
  • Triple Quadruple
  • Quadruple-Trap
  • Hybrid Linear Ion Trap Orbit rap
  • Quadruple -Orbit rap
• Atomic Spectrometry
  • Atomic Absorption Spectroscopy (AAS)
  • Atomic Emission Spectroscopy (AES)
  • Atomic Fluorescence Spectroscopy (AFS)
  • X-ray Fluorescence (XRF)
  • Inorganic Mass Spectroscopy

Product Outlook

• Instrument
• Consumables
• Services

Application Outlook

• Proteomics
• Metabolomics
• Pharmaceutical Analysis
• Forensic Analysis
• Others

End-use Outlook

• Government & Academic Institutions
• Pharmaceutical & Biotechnology Companies
• Others

• Thermo Fisher Scientific, Inc.
• PerkinElmer, Inc.
• Agilent Technologies
• Waters Corporation
• Shimadzu Corporation
• Broker Corporation
• JEOL Ltd.
• FLIR Systems, Inc.
• Endress+Hauser Group
• MKS Instruments, Inc