Spectrometry Market

Spectrometry Market Overview

The novel spectrometry market (instruments) is estimated to be worth $4.6 billion in 2022 and is expected to grow at compounded annual growth rate (CAGR) of 8% during the forecast period, with mass spectrometry market holding the largest market share. Over time, spectroscopy has emerged as an important analytical tool for accurate and rapid analysis of compounds. It finds applications in research activities in food, biotechnology, pharmaceutical and environmental industry. Spectroscopic instruments provide information on electronic and optical properties, chemical composition and crystallinity of compounds. There are several types of spectrometers, such as mass spectrometer, atomic absorption spectrometer, nuclear magnetic resonance (NMR), Raman spectrometer, and X-Ray fluorescence (XRF), which can be used for various qualitative and quantitative analyses. Amongst various spectrometry platforms, mass spectrometry is the most popular technique owing to its high quantitative accuracy, which can be further combined with liquid chromatography (LC/MS) and gas chromatography (GC/MS) for better resolution. Having said that, there are several challenges associated with these conventional spectrometers, such as lack of automation, resulting in lesser reproducibility and sensitivity of the systems. Novel spectrometers, having demonstrated the potential to address a number of challenges associated with conventional spectrometers, have emerged as an appropriate solution. It is also worth highlighting that several advancements, such as miniaturization, portability to increase performance and throughput of the process, have been made in the instrumentation of novel spectrometers.

Around 30 companies are actively engaged in the manufacturing of novel spectrometry platforms that can be used for various analytical applications, quality control, structural biology, forensic investigations, material testing, and agriculture analysis. Further, various advanced technologies, such as new laser based system, have been introduced in the spectrometers to detect particular combination of compounds. Additionally, the field has witnessed several innovations in the data process, evolution in guidelines for processing of the instruments that are compliant with the regulatory standards, mainly based on data accuracy, speed of bioanalytical method and speed of the analysis. Moreover, in the last few years, stakeholders have undertaken several initiatives to augment their intellectual portfolio by filing 3000+ patents for latest technologies and products with advanced features. The growing popularity of novel spectrometry platforms is also evident from 60+ global events that have been organized in spectrometry market, since 2016. Given the rising interest of stakeholders towards technological advancements and growing adoption of novel spectrometers for various applications, we believe that the overall market for novel spectrometry platforms is anticipated to witness substantial market growth during the forecast period.

Key Companies in Spectrometry Market

Examples of key companies engaged in novel spectrometry market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Bruker, JEOL, Metrohm, PerkinElmer, Shimadzu, Thermo Fisher Scientific and Waters. This market report includes an easily searchable excel database of all the companies providing spectrometry instruments, worldwide.

Recent Developments in Spectrometry Market:

Several recent developments have taken place in the field of spectrometry market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.

• In June 2023, Bruker launched Novel EVOQ™ DART-TQ+ for Chromatography-Free Mass Spectrometry with an aim to improve mass spectroscopy workflows for food/beverage, forensic/toxicology, industrial and environmental analysis. 
• In June 2023, Thermo Fisher Scientific launched Thermo Scientific™ Orbitrap™ Astral™ mass spectrometer in order to strengthen their biological discovery.

Scope of the Report

The ‘Novel Spectrometry Market, 2022-2035: Distribution by Type of Spectrometers (Atomic Absorption Spectrometer, Mass Spectrometer, Near Infrared Spectrometer, Nuclear Magnetic Resonance Spectrometer, Raman Spectrometer and X-Ray Fluorescence Spectrometer), Company Size (Small, Mid-Sized and Large), End User Industry (Agriculture / Pesticide Testing, Environmental Analysis, Food Biotechnology, Forensic Analysis, Pharmaceutical Analysis and other end users), Key Geographical Regions (North America, Europe, Asia-Pacific, Latin America and Middle East and North Africa (MENA)): Industry Trends and Global Forecasts, 2022-2035’ market report features an extensive study on the current market landscape, market size, market share, market forecast, market outlook and future opportunities for the spectrometery market. The market research report presents an in-depth analysis, highlighting the capabilities of various stakeholders engaged in spectrometry market, across different geographies. In addition to other elements, the market report includes:

• A detailed assessment of the current market landscape of novel spectrometry platforms, featuring information on the type of spectrometer, software platform, type of technology used, type of detector, weight of spectrometer and type of end user industry. In addition, the chapter includes analysis of novel spectrometry manufacturers, along with information on their year of establishment, company size, location of headquarters and leading players (in terms of number of products being offered).
• Elaborate profiles of the players offering novel spectrometry platforms (shortlisted on the basis of the year of experience of the company). Each profile features a brief overview of the company, financial information (if available), details on its product portfolio, and a section on recent developments and an informed future outlook.
• An analysis of over 700 peer-reviewed scientific articles related to novel spectrometry, published since 2018, based on several parameters, such as year of publication, type of article, emerging focus areas, most popular journals, most popular publishers and most popular copyright holders.
• A detailed analysis of global events attended by the participants, based on several relevant parameters, such as year of event, event platform, type of event, location of event, emerging focus areas, active organizers (in terms of number of events) and designation of participants. The chapter also highlights the geographical mapping of upcoming events.
• An insightful analysis of the patents filed / granted for novel spectrometry platforms, since 2018, taking into consideration various relevant parameters, such as type of patent, publication year, geographical location, CPC symbols, emerging focus areas, type of organization, leading players (in terms of number of patents granted / filed in the given time period) and patent characteristics. In addition, the chapter includes a detailed patent benchmarking and an insightful valuation analysis.
• An analysis of various developments / recent trends related to novel spectrometry, offering insights on partnerships and collaborations and recent initiatives being undertaken related to novel spectrometry platforms.
• A discussion on affiliated trends, key drivers and challenges, under a SWOT framework, featuring a Harvey ball analysis, highlighting the relative impact of each SWOT parameter on the overall novel spectrometry market.

The key objective of spectrometry market report is to provide a detailed market analysis in order to estimate the existing market size, market value, statistics and future opportunity for spectrometry market during the forecast period. We have provided informed estimates on the likely evolution of the market in the short to mid-term and long term, for the forecast period 2022-2035. Our year-wise projections of the current and future opportunity have further been segmented based on relevant parameters, such as type of spectrometers (atomic absorption spectrometer, mass spectrometer, near infrared spectrometer, nuclear magnetic resonance spectrometer, Raman spectrometer and X-ray fluorescence spectrometer), company size (small, mid-sized and large), end-user industry (agriculture / pesticide testing, environmental analysis, food biotechnology, forensic analysis, pharmaceutical analysis and other end users), and key geographical regions (North America, Europe, Asia-Pacific, Latin America and MENA). In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the anticipated industry’s growth.

The opinions and insights presented in the market report were also influenced by discussions held with senior stakeholders in the industry. The market research report features detailed transcripts of interviews held with the following individuals:

• Nick Jones (Global Application and Development Director, LECO)
• Nicole Zhang (Product Manager, Shimadzu)
• Chris Henry (Senior Scientist, Waters)

All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market report are in USD, unless otherwise specified.

Frequently Asked Questions

Question 1: What is a spectrometer?

Answer: Spectrometers are analytical devices utilized for detecting and analyzing electromagnetic radiation. These devices are primarily used for diagnostic purposes in healthcare.

Question 2: How big is the novel spectrometry market (instruments)?

Answer: The novel spectrometry market size for instruments is estimated to be worth $4.6 billion in 2022.

Question 3: What is the projected market growth of the novel spectrometry market (instruments)?

Answer: The novel spectrometry market for instruments is expected to grow at compounded annual growth rate (CAGR) of 8% during the forecast period 2022 - 2035.

Question 4: Who are the leading players in the novel spectrometry market?

Answer: Examples of key companies engaged in novel spectrometry market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Bruker, JEOL, Metrohm, PerkinElmer, Shimadzu, Thermo Fisher Scientific and Waters.

Question 5: How many patents related to novel spectrometer platforms have been filed in recent years?

Answer: Since 2018, stakeholders have undertaken several initiatives to augment their intellectual portfolio by filing more than 3,000 patents for novel spectrometry platforms.

Question 6: Which region is the hub for companies providing novel spectrometers in the spectrometry market?

Answer: North America presently harbors the majority of the companies providing novel spectrometers, with over 60% of the companies being established in this region.

Question 7: Which type of spectrometry platform is primarily offered by players engaged in the novel spectrometry market?

Answer: Owing to its wider applicability, majority (43%) of the companies offer mass spectrometers as the most popular type of spectrometer platforms.