Westford, USA, Nov. 26, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that Spectrometry Market size will attain the value of USD 30.29 Billion by 2031, with a CAGR of 7.2% during the forecast period (2024-2031). Increasing use of spectrometry techniques in the pharmaceutical and biotechnology industries for drug testing, drug discovery, protein testing, reagents, quality assurance, quality control and materials are major drivers for spectrometry market growth. The development of technologically advanced spectroscopy instruments and consumables is anticipated to provide growth avenues to this market.
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Browse in-depth TOC on “Spectrometry Market ”
- Pages – 211
- Tables – 89
- Figures – 71
Spectrometry Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 13.37 Billion |
| Estimated Value by 2031 | USD 30.29 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Atomic Spectrometry, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Advancements in Spectrometry Technologies |
| Key Market Opportunities | Rising Demand for Precision Medicine |
| Key Market Drivers | Increasing Demand in Pharmaceutical and Biotechnology Industries |
Spectrometry Market Segmental Analysis
Global Spectrometry Market is segmented by Type, Product, Application, End use, and region.
Based on Type, the market is segmented into Molecular Spectrometry, Mass Spectrometry and Atomic Spectrometry.
Based on Product, the market is segmented into Instrument, Consumables, Services.
Based on Application, the market is segmented into Proteomics, Metabolomics, Pharmaceutical Analysis, Forensic Analysis, Others.
Based on end use, the market is segmented into Government & Academic Institutions, Pharmaceutical & Biotechnology Companies, Others.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Molecular Spectrometry Segment to Dominate Due to Technological Advancements in Various Sectors
Molecular spectrometry earned the largest share and continues to dominate the spectrometry industry. Molecular analysts have taken over the entire world’s system of spectrometry, as they can do molecular structure analysis in a very precise way. It is the maximum flexible technological method as it can be utilized in diverse sectors like chemicals, health care and food production, creating a positive impact on growth of this economy.
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Pharmaceutical and Biotechnology Companies Segment is Growing Due to High Demand for Personalized Medication
Pharmaceutical and biotechnology companies are poised to be the fastest developing segment in the spectrometry market due to their growing reliance on spectrometry for drug development, quality control, and biomolecular analysis. The high demand for personalized medication, strict law requirements, and requirement for accurate molecular modifying are making them more famous.
North America is Dominating Due to Research Infrastructure Partnership
The spectrometry market is largely led by North America due to its research infrastructure partnership segments, technical investments and various chemicals for biotechnology industries. Also, stringiest directives and an increase focus on precision therapy plus monitoring of the ecosystem trigger a need for advanced spectrometry solutions. North America continues to command a large market share as it has major participants in this industry, as well as ground-breaking discoveries leading to spectrometry and other related sciences.
Drivers
- Advancements in Spectrometry Technologies
- Increasing Demand in Pharmaceutical and Biotechnology Industries
- Growing Applications in Environmental and Food Safety Testing
Restraints
- High Costs of Equipment
- Complexity of Operation
- Limited Skilled Workforce for Advanced Spectrometry Techniques
Prominent Players in Spectrometry Market
- Thermo Fisher Scientific
- Agilent Technologies
- PerkinElmer
- Waters Corporation
- Bruker Corporation
- Horiba Ltd.
- JEOL Ltd.
- Shimadzu Corporation
- Mettler-Toledo International Inc.
- ABB Ltd.
- Rigaku Corporation
- Malvern Panalytical
- Oxford Instruments plc
- SPEX SamplePrep
- StellarNet Inc.
- FLIR Systems, Inc.
- Endress+Hauser Group
- Biotage AB
- LECO Corporation
- MKS Instruments, Inc.
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Key Questions Answered in Spectrometry Market Report
- What are the key growth factors of the market?
- Which is the dominating region in the market?
- What are the key restraints of the market?
- What is the current size of the market?
This report provides the following insights:
Analysis of key drivers (advancements in spectrometry technologies, increasing demand in pharmaceutical and biotechnology industries, growing applications in environmental and food safety testing), restraints (high costs of equipment, complexity of operation), opportunities (rising demand for precision medicine) influencing the growth of Spectrometry Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Spectrometry Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Spectrometry Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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