Spectrometry Market to Cross $33.67 Billion Revenue by 2030

Spectrometry Market Overview

 “The Spectrometry Market Predictable at $14.67 Billion in 2022, is estimated to increase at a CAGR of 6.98% from $17.89 billion in 2023 to $33.67 Billion by 2030.”

Spectroscopy is the study of how light and radiation are absorbed and emitted by materials. It involves separating light into its individual wavelengths, similar to how a prism divides light into a rainbow of colors. Traditional spectroscopy used photographic plates and a prism. Modern spectroscopy projects scattered light onto charge-coupled devices (CCDs), similar to digital cameras, which allow for easy extraction of 2D spectra and transformation to 1D spectra, resulting in valuable data.

Recent additions to spectroscopy include studying interactions between particles like electrons, protons, and ions, as well as their interactions with other particles based on collision energy.

How Spectroscopy Is Used

Spectroscopy is a crucial field in various academic fields, supporting early quantum studies of radiation and atomic structure. It has practical applications like X-ray and MRI technology, measuring the composition and physical characteristics of far-off astral bodies through their spectra and wavelength. Radio-frequency spectroscopy is used to screen for doping in sports. The types of spectroscopy are determined by the type of radiative energy used and the nature of the interaction between energy and material.

Spectrometry is a technique used for spectroscopic investigation of sample materials, focusing on the interactions between light and matter. Mass spectrometry, a specific type of spectrometry, uses the mass-to-charge ratio to determine the masses in a chemical sample. This is achieved by ionizing particles with an electron shower, separating them into phases of deflection, and putting them through a magnetic field. The mass of each ion is then weighed to determine the sample's composition.

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Market Dynamics

Growth Drivers

Rising spectrometric research and development are expected to drive market expansion in untargeted metabolomics. Ultra-high-performance liquid chromatography-high resolution mass spectrometry (UHPLC-HRMS) is a widely used platform for this method. However, untargeted techniques have poor reproducibility and require laborious data processing. Targeted metabolomics based on Triple Quadrupole Mass Spectrometry (TQMS) offers high sensitivity, specificity, and quantification capabilities, making it a supplementary technique for known compounds.

Restraining Factors

The issue is characterized by a lack of proper lab safety and quality control measures.

The global spectrometry market is expected to be hindered by a lack of lab safety and quality control in developing nations. This is due to the need for careful preparation of samples before adding them to a mass spectrometer for analysis. Accuracy during chromatography relies on proper measuring equipment, and if quality control is not maintained, the mass spectrum may contain peaks that don't match the ions in the sample. Safety considerations are crucial when using a mass spectrometer.

Spectrometry Market Segment Analysis

Based on Technology

The global spectrometry market, categorized into molecular, mass, and atomic spectroscopy, is expected to be dominated by the mass spectrometry segment due to increasing research and development efforts.

Based on Application

The biopharmaceutical industry, academic and research institutions, and other industries are the segments of the worldwide spectrometry market. Due to rising spectrometry technique usage in biopharmaceutical businesses, the biopharmaceutical industries sector is predicted to dominate the market throughout the course of the projected period.

Competitive Landscape of the Spectrometry Market

• Thermo Fisher Scientific
• Bruker
• Shimadzu
• Waters Corporation
• Agilent Technologies
• PerkinElmer
• AB Sciex

Recent Developments in Spectrometry Market

On January 5, 2023, Bruker Corporation, a renowned American manufacturer of scientific instruments, announced the acquisition of ACQUIFER Imaging GmbH. Through this acquisition, Bruker added secure storage, network technology, and on-site processing for its fluorescence microscopy products as it acquired all this from ACQUIFER, which specializes in data management solutions for high-content microscopy.

On July 6, 2022, Shanghai Biotree Biomedical Technology Co. Ltd., a company founded in 2012 and focusing on the application of mass spectrometry, revealed that it had raised US$ 14.79 million in its Series A financing round. The company had plans to use these funds to expand its research base and production of detection reagents.

On August 22, 2020, MOBILion Systems, a start-up based in the United States, announced that it had raised US$ 35 million in a new venture capital funding round. The company focuses on improving the accuracy of mass spectrometry to detect more molecules and identify new biomarkers. The newly raised capital was intended to be used to build and expand the company’s commercial team ahead of its first product launch which came later.

Which Spectrometry Technology Generates the Most Revenue?

Mass spectrometry technology is gaining popularity due to its speedy delivery of test results. The global spectrometry market is divided into atomic, molecular, and mass segments. It is used in analytical labs to investigate biological and chemical properties of molecules, particularly in life sciences. Single mass spectrometers are used to describe and sequence proteins implicated in disease and identify diagnostic biomarkers for treatment. Advancements in mass spectroscopy technology have enabled quick dissemination of high-resolution test results, meeting the needs of life sciences applications.

MALDI-ToF mass spectrometry is a clinical diagnostic tool that uses advanced protein pattern recognition to identify diseases, with the market expected to grow due to technological advancements.

What Application Is Anticipated to Become the Major Market Contributor?

The article discusses the rapid deployment of spectrometry technology in pharmaceuticals, predicting that the pharmaceutical industry will lead the global spectrometry market due to increased use in pharmaceutical safety and reduced costs associated with drug discovery and testing operations. Spectrometry is used for identifying, purifying, and quantifying drugs, as well as determining chemical composition and disentangling constituent parts of solutions or mixtures.

The global mass spectrometry market is driven by rising government funding for life science research and higher R&D expenditures in the pharmaceutical industry, which is used for pharmacokinetic and pharmacodynamic studies to measure drugs for new uses.

Regional Insights

Largest Market -> North America

The article explores the factors that are attracting spectrometry providers to the United States.

The US is experiencing rapid growth in healthcare R&D spending, with the demand for spectroscopic equipment and other scientific equipment expected to increase due to the presence of prominent research institutes and high government funding. Other opportunities for mass spectrometry device suppliers include increasing emphasis on food safety, high demand for drug development, and expanding applications in verticals like forensics, petroleum, life sciences, and metabolomics over the next ten years.

The article discusses the expected sales of spectrometry devices in Europe.

Europe is expected to see a surge in the demand for spectrometry due to governments' emphasis on environmental preservation and growing awareness of climate change. The demand for both field and lab spectrometers is expected to rise due to green projects and increased healthcare costs. By 2033, the UK, Germany, France, and Italy are predicted to become profitable marketplaces in Europe, with the UK, Germany, France, and Italy expected to become key players in this market.

Segments Covered in the Spectrometry Market Report

By Technology:

• Atomic
• Molecular
• Mass

By Application:

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

By Region:

• North America
• Latin America
• Europe
• APAC
• MEA

Frequently Asked Questions

What is the expected growth rate of the Spectrometry market over the next 7 years?

“The Spectrometry Market Predictable at $14.67 Billion in 2022, is estimated to increase at a CAGR of 6.98% from $17.89 billion in 2023 to $33.67 Billion by 2030.”

Who are the major players in the Spectrometry market and what is their market share?

Thermo Fisher Scientific, Bruker, Shimadzu, Waters Corporation, Agilent Technologies, PerkinElmer, AB Sciex, are the top players in the market.

Which region accounted for the largest share in the market?

North America is the most prominent country in this market.