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Global Spectroscopy Equipment and Accessories Market Analysis by Share, Size and Trends Forecast to 2024

By: Issuewire
Merkle and Sears

Global demand for Spectroscopy Equipment and Accessories will total US$ XX Billion in 2018.

Suwanee, Nov 14, 2019 (Issuewire.com) - Spectroscopy, primarily in the electromagnetic spectrum, is a fundamental exploratory tool in the fields of physics, chemistry, and astronomy, allowing the composition, physical structure and electronic structure of matter to be investigated at the atomic scale, molecular scale, macro scale, and over astronomical distances. Important applications arise from biomedical spectroscopy in the areas of tissue analysis and medical imaging. Spectroscopic data are often represented by an emission spectrum, a plot of the response of interest as a function of wavelength or frequency.

The ability of spectroscopy to quantify the complex structure of proteins on a large scale, providing quality results and the capability of integration with other technologies for protein quantification makes it an indispensable tool in proteomics. On the other hand, the protein fractionation segment is expected to grow at the highest CAGR. This growth is attributed to the benefits of effectively separating thousands of proteins in a complex structure and high resolution. The need for the analysis of complex mixtures comprising proteins is increasing in proteomics research; this serves to drive the market demand for protein fractionation systems.

A spectrometer is a measuring device that collects light waves. It uses these light waves to determine the material that emitted the energy or to create a frequency spectrum. Astronomers make the most frequent use of spectrometers to determine the makeup of stars or other celestial bodies. When objects are hot enough, they emit visible light at a given point or points on the electromagnetic spectrum. Spectrometers split the incoming light wave into its component colors. Using this, they can determine what material created the light.

Based on end-user, the spectroscopy equipment and supplies market is sub-segmented into pharmaceuticals, agriculture & food, oil & gas, chemicals & polymer, and others. The high spending on the research & development of pharmaceutical products and continuous innovations in the spectroscopy equipment market are some of the major factors promoting the growth of the pharmaceutical sub-segment. However, the oil & gas sub-segment is also expected to grow at a relatively higher CAGR during the forecast period in the global Spectroscopy Equipment and Accessories market. 

The Booming Pharmaceutical Industry on a Global Platform

  • The booming pharmaceutical industry on a global platform owing to the rising aging population and increase in chronic diseases coupled with growing awareness and concern among people about health is expected to drive the global market of spectroscopy. Moreover, the expansion of environmental and life science applications further contributes to the global Spectroscopy Equipment and Accessories significantly.

Concentrated Application Anticipated in Molecular Spectroscopy

  • With expansions into biological, medical, and sensing applications, molecular spectroscopy has built upon existing instrumentations, translating into superior technical innovations in the form of Raman, fluorescence, and infrared spectroscopy.

The key factors driving the growth of this market include the growth of the pharmaceutical and biotechnology industry and technological advancements in molecular spectroscopy are driving the growth of the global molecular spectroscopy market during the forecast period. The growing use of molecular spectroscopy in emerging markets and the rising potential for the application of terahertz spectroscopy in healthcare are the key areas of opportunity in this market.

The growth in the number of new oil and gas fields is one of the major factors driving the growth of this application. Environmental Testing: Mass spectrometry has wide applications in pesticide screening, soil contamination assessment, qualitative and quantitative identification of elements in environmental samples, and testing of drinking water. Mass spectrometry can also be used in pollution monitoring and trace elemental analysis of heavy metal leaching. The growing environmental pollution levels, as well as the rising environmental awareness, are the major factors driving the growth of this application. However, the main limitation of a PES instrument is the resolution.

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The Spectroscopy Equipment & Accessories market is segmented on the basis of its Product Type, End-User, Applications, Landside and Region. Molecular spectroscopy is as wide in conjunction with liquid and gas chromatography instruments, a good spectroscopy system can be used to explore DNA and RNA as well as proteins of various shapes and sizes. It can be used to measure the growth of bacterial cultures and to analyze enzyme kinetics. The right technique will let nail down the conformation of a protein the wrong one will leave baffled as to why data results aren't what expected.

UV spectroscopy is used to detect the presence or absence of the chromosphere in the compound. This is technique is not useful for the detection of the chromosphere in complex compounds. The absence of a band at a particular band can be seen as evidence for the absence of a particular group.

Mass spectrometry is a rapidly growing market worldwide supported by the rising use of the technology in the food safety, pharmaceuticals and proteomics industries. Several new products have been launched in this space, reflecting the rapid rate of technological innovation in areas such as Q-TOF, LC/MS and triple quadrupole. Cutting edge new generation mass spectrometry devices with better quantitative and qualitative capabilities, efficiency and productivity, are finding use in newer applications, thus benefitting market growth.

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North America accounted for the maximum spectroscopy equipment and accessories market share and will retain its market dominance during the next few years as well. Factors such as increasing investments in R&D and the high demand for sophisticated and high-performance test and measurement equipment will drive the growth of the spectroscopy industry in this region. The spectroscopy equipment and supplies market in North America is expected to dominate the global spectroscopy equipment and supplies market owing to the high spending on research & development by various countries in the region. North America spearheaded the global arena, generating the highest revenue.

The region will continue to be at the forefront of the market. High usage of spectroscopy in the pharmaceutical sector, growing funding for environmental testing in the US, growing food safety concerns in the US, and government initiatives to improve lab infrastructure and propel fundamental scientific research in Canada will drive market growth during the next few years.

Europe is expected to capture a substantial market share in the global spectroscopy equipment and accessories market owing to major technological advancements in the pharmaceutical industry and the presence of a large number of research laboratories in the region. Moreover, the spectroscopy equipment and supplies market in Latin America and Middle East & Africa is also expected to grow at a high owing to an increase in government spending as well as the number of research activities.

Asia Pacific is expected to be the most promising region in the near future. The significant growth of the market in the Asia Pacific can be attributed to the region's robust manufacturing hub and advancements in R&D. Usage of spectroscopic techniques for producing, refining, and distributing oil & gas in countries in the region is resulting in greater adoption of spectroscopy devices and techniques.

China remained strong as usual, but Europe and other most other Asian countries were strong in laser materials processing revenues as well. China, India and other Asia-Pacific nations represent the current and future growth for spectroscopy instrumentation. Sales in China were strong across the board for mass spectrometers, liquid chromatography, gas chromatographs, and environmental measurement equipment. The firm says it plans to invest in advanced health care and to employ artificial intelligence and the internet of things technologies to be more competitive.

Some of the major players in the Global Spectroscopy Equipment and Accessories market are Agilent Technologies, Inc., Bruker Corporation, Hitachi High-technologies Corporation, JEOL Ltd., Shimadzu Corporation, Perkinelmer Inc., Metrohm AG, Thermo Fisher Scientific Inc., Thermo Fisher Scientific Inc., and Waters Corporation.

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