Spectrometry Market: Current Analysis and Forecast (2021-2027)

Global Spectrometry Market is anticipated to grow with an elevated CAGR of around 7% over the forecast period (2021-2027). Spectrometry is a technique for studying and measuring a specific spectrum and is usually used for the spectroscopic analysis of sample materials. These are of different types such as molecular, mass, and atomic spectroscopy techniques based on the sample that is to be tested.

The surging prevalence of various rare diseases and rising investment in research & development of pharmaceutical & biotechnology companies, the spectrometry market is witnessing an uptick all over the globe. For instance, the Pharmaceutical Research and Manufacturers of America (PhRMA) trade group represents the leading biopharmaceutical research companies in the United States. In 2019, the research and development (R&D) expenditure of its member companies reached USD 83 billion worldwide, up from USD 79.6 billion in 2018. Furthermore, the growing focus on the launch of new drugs owing to the support by the government for research and investments and the need for pharmaceutical analysis is also propelling the growth of this market.

Furthermore, with the rapid advancement in technology and rising investment in R&D for introducing new and advanced devices, many industry players are focusing on expanding their product portfolio by launching new products in the market due to which the spectrometry market is expected to grow across the globe. For example, in November 2021, Thermo Fisher Scientific launched its new mass spectrometry (MS) instruments, workflows, and software. The company's Orbitrap Exploris MX mass detector allows biopharmaceutical laboratories to implement a multi-attribute method (MAM) and perform intact analysis of monoclonal antibodies, conduct oligonucleotide mass determination, and carry out peptide mapping.

Thermo Fisher Scientific, PerkinElmer, Inc., Agilent Technologies, Waters Corporation, Shimadzu Corporation, Danaher Corporation, Leco Corporation, Bruker Corporation, Endress+hauser group, Kore Technology, are some of the prominent players operating in the spectrometry market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with spectrometry.

Insights Presented in the Report

"Amongst Product, instruments segment holds the major share"

Based on product, the spectrometry market is segmented into instruments, consumables, and services. The instrument segment accounted for the largest market share in 2020 and it is estimated that it will exhibit a significant CAGR during the forecast period owing to the expanded application of spectrometry in the field of biotechnology. Furthermore, the rising cancer prevalence and growing adoption of the mass spectrometry for proteomic analysis for the characterization of adoptive cell therapies in cancer treatment such as CAR-T cell therapy are some of the prominent reasons that will positively impact the growth of this segment in the forthcoming years.

"Amongst Type, molecular spectrometry segment holds the major share"

Based on the type, the spectrometry market is segmented into molecular spectrometry, mass spectrometry, and atomic spectrometry. The molecular spectrometry segment occupied a substantial share of the spectrometry market in 2020 and it is expected to grow considerably in the upcoming years to the wide array of applications of this technique in the pharmaceutical & biotechnology industries and the commercial availability of technologically advanced products in the market. However, the mass spectrometry segment is expected to grow with a significant CAGR in the coming years owing to the technological advancements in the mass spectroscopy technique enabling the rapid delivery of test results with high resolutions.

"Amongst Application, pharmaceutical analysis segment holds the major share"

Based on application, the market is fragmented into proteomics, metabolomics, pharmaceutical analysis, and others. In 2020, the pharmaceutical analysis application segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period as spectrometry techniques have a wide range of applications in the pharmaceutical industries. For example, Liquid chromatography-mass spectrometry (LC-MS) technology was used to quantify anti-COVID-19 drug remdesivir in patients and to determine its efficacy to treat disease.

"Amongst End-Users, government & academic institutions segment holds the major share"

Based on end-users, the market is fragmented into government & academic institutions, pharmaceutical & biotechnological companies, and others. In 2020, the government & academic institutions segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The growth of this segment is attributed to the growing focus on research & development and the wide usage of spectrometry techniques in various research studies conducted by government & academic institutions. However, the pharmaceutical & biotechnological companies segment is anticipated to grow with a lucrative CAGR during the projected timeframe.

"North America represents one of the largest markets of spectrometry market"

For a better understanding of the market dynamics of the spectrometry market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a significant share of the spectrometry industry in 2020 owing to the flourishing pharmaceutical & biotechnology industry and the presence of a well-established research infrastructure.

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Deep dive regional level analysis of the industry

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