Rockville, July 26, 2023 (GLOBE NEWSWIRE) -- According to the latest study by Fact.MR, a provider of market research and competitive intelligence, as of 2023, worldwide demand for spectroscopy stands at a market valuation of US$ 18.75 billion. This elaborated research analysis predicts the Spectrometry Market to rise at a high-value 7.1% CAGR over the next ten years. Pharmaceutical and biotechnology companies are projected to be the leading end users of spectrometry services and spectrometry devices in the future.
By measuring the radiations emitted by an object or substance within a specific electromagnetic spectrum when the object is activated by an external source, the technique of spectrometry can be used to identify compounds and elements. In numerous business verticals, proteome analysis and other applications heavily rely on spectrometry technology.
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Growing scope of application of mass spectrometry is a key prospect that spectrometry companies should focus on to keep their business afloat going forward. Increasing investments in R&D, advancements in technology, and a rapid hike in demand for scientific and analytical instruments around the world are other factors favoring spectrometry market development.
- In June 2022, Waters Corporation, a leading provider of analytical lab instruments, announced the launch of its new instruments. The line-up included a Xevo™ G3 quadrupole time-of-flight (QTof) mass spectrometer, which is a high-performance benchtop mass spectrometer.
Key Takeaways from Market Study
- The global spectrometry market has reached a valuation of US$ 18.75 billion in 2023.
- Worldwide demand for spectrometry is projected to increase at a CAGR of 7.1% from 2023 to 2033.
- The spectrometry market is anticipated to attain a revenue of US$ 37.55 billion by 2033.
- Surging investments in R&D activities, growing availability of novel mass spectrometers, frequent launch of innovative spectrometry products, and implementation of stringent mandates for food safety are key prospects driving market growth.
- Dearth of skilled professionals and high costs of spectrometry systems are estimated to be major restraints for market development in the future.
- North America is projected to account for a leading market share throughout the forecast period.
- Mass spectrometry is forecasted to spearhead global revenue generation over the next ten years.
"Continual innovation in spectrometry is projected to keep acting as a curse and a boon to market players as it keeps them pushing to innovate but also limits their growth potential to a certain extent," says a Fact.MR analyst
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Winning Strategy
New spectrometry companies should solely focus on creating innovative products and focus on raising new capital to fund their business and R&D efforts as this is a very capital-intensive market. Meanwhile, established spectrometry providers are seen focusing on hastening their product launches to stay relevant in this fast-paced market rife with competition and technological advances.
Key Companies Profiled
- Thermo Fisher Scientific
- Bruker
- Shimadzu
- Waters Corporation
- Agilent Technologies
- PerkinElmer
- AB Sciex
Competitive Landscape
To increase their business and income creation potential, top-tier spectrometry service and product suppliers are concentrating on accelerating the release of novel items.
- In June 2022, Bruker Corporation, a United States-based manufacturer of scientific instruments, announced the launch of its new spectrometer systems. The new XFlash 7 detector series was launched for Bruker's QUANTAXTM energy dispersive X-ray spectrometer (EDS) systems designed for academic and industrial research purposes.
- In July 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.
- In August 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.
- Nautilus, a biotechnology start-up founded in 2016 and based in Seattle, United States, is working on bringing new mass spectrometers to the healthcare industry to improve deep analysis of all the proteins circulating in the human body.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global spectrometry market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on technology (atomic, molecular, mass) and application (pharmaceuticals, biotechnology, industrial chemistry, environmental testing, food & beverage testing), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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