Spectrometry Market Size, Share, and Trends 2024 to 2034

Spectrometry Market Size and Companies

The global spectrometry market size was evaluated at USD 17.47 billion in 2022 and it is expected to be worth around USD 37.48 billion by 2032, poised to grow at a CAGR of 7.93% during the forecast period 2023 to 2032.

Key Takeaways:

• North America generated more than 49% of revenue share in 2022.
• Asia Pacific is expected to witness the fastest growth during the forecast period.
• By Application, the pharmaceutical analysis segment is projected to hold the largest share of the market during the forecast period.
• By Application, the proteomics segment is anticipated to show noticeable growth.
• By Type, the mass spectrometry segment is expected to continue its dominance during the forecast period.
• By Type, the molecular spectrometry segment is expected to show steady growth.
• By End-use, the Government and Academic Institutions segment holds the largest market share, 
• By End-use, the pharmaceutical & biotechnology companies segment is projected to grow at a significant rate during the forecast period.
• By Product, the instrument segment is expected to grow robustly during the forecast period.
• By Product, the services segment is expected to grow at a significant CAGR.

Spectrometry Market Overview: 

Spectrometry deals with the measurement of a specific spectrum. Spectrometry is a popularly known measurement method for the interaction between matter and light. The spectrometry market encompasses various types of spectrometers, including mass spectrometers, atomic absorption spectrometers, nuclear magnetic resonance spectrometers, infrared spectrometers, UV-visible spectrometers, and Raman spectrometers, among others. These instruments find applications in diverse industries such as pharmaceuticals, biotechnology, environmental monitoring, food and beverage, oil and gas, and academic research.

Growth Factors:

The growth of the spectrometry market is driven by the wide adoption of mass spectrometry across various industries, an increase in government funding for several research programs, increasing in R&D investment by pharmaceuticals & biotechnological companies, increasing adoption of mass spectrometer devices, and growing concerns over food safety across the globe. Due to the rapid rise in pollution, the government is taking several initiatives to monitor pollution and environmental testing, which is projected to spur the demand for mass spectrometry. The prominent market players in the market are constantly working towards the advancement of their existing products and launching innovative mass spectrometer devices to deliver the needs of the market.

For instance, in June 2023, Thermo Fisher Scientific announced the launch of the Thermo Orbitrap Astral mass spectrometer. This new spectrometer aims to offer high sensitivity and deep proteome coverage. This allows researchers to uncover proteins and promote scientific discoveries. Spectrometry is gaining popularity in several industries owing to the strict government standards and rising demand for quality maintenance.

Spectrometry Market Scope

Spectrometry Market Dynamics:

Driver:

Rapid growth of the pharmaceutical and biotechnological industries

The exponential growth of the pharmaceutical and biotechnological industries is anticipated to drive the growth of the market. Mass spectrometry is an analytical tool with multiple applications in the pharmaceutical and biotechnological industry. The rising investments in areas such as biopharmaceuticals and customized medicine are expected to fuel research in the pharmaceutical and biotechnology industries. Starting from the initial stages of drug discovery to late-stage development and clinical trials, mass spectrometry plays a crucial role and is essential to pharmaceutical & biotechnological companies.

The increasing demand for new and advanced instruments from the pharmaceutical and biotechnological industries is projected to spur the demand for mass spectrometry. The use of mass spectrometry in proteomics, metabolomics, genomics, and personalized therapies is driving the growth of the spectrometry market. In Pharmaceutical and biotechnological companies, some important uses of spectrometry include drug testing, protein testing, raw materials testing, drug discovery, quality assurance of products, and quality control of products. Mass Spectrometry is widely used in research & development activities in pharmaceutical and biotechnological industries owing to its potential to rapidly and accurately quantify and identify molecules.

Restraint:

High cost of the instruments

The high cost associated with the spectrometry instruments is projected to limit the adoption of spectrometry. The cost of spectrometry can be too expensive for use in diagnostic clinics and laboratories due to advancements in technology. Technological advancement has increased the cost, which also resulted in the slow adoption of spectrometry instruments in emerging economies. In addition, the high maintenance cost of these devices is likely to limit the expansion of the global spectrometry market during the forecast period.

Opportunity:

Increasing use of mass spectrometry in various applications

The rising use of mass spectrometry in various applications such as proteomics, metabolomics, environmental analysis, pharmaceutical analysis, forensic analysis, and others is expected to offer significant opportunities for market expansion during the forecast period. Clinical applications of mass spectrometry include clinical tests, clinical drug development, drug therapy monitoring, disease screening, phase 0 studies, analysis of peptides used for diagnostic testing, and identify infectious agents for specific therapies. The rapid expansion of nano and micro spectrometers is likely to positively influence market growth.

Type Insights:

The mass spectrometry segment held the largest share in 2022, with the growing technological advancements across the globe; the mass spectrometry segment is projected to maintain its dominance in the spectrometry market. Mass spectrometry is widely adopted for various applications across several industries. Some specific applications of mass spectrometry include food contamination detection, drug testing and discovery, isotope ratio determination, pesticide residue analysis, protein identification, carbon dating, and others. The use of mass spectrometry in clinical labs to examine small sample volumes across a wide range of healthcare applications, from toxicology to customized medicine.

On the other hand, Molecular Spectrometry is growing at a significant CAGR. Molecular Spectrometry is a crucial tool used in the pharmaceutical, biotechnology, and forensic sector owing to the advancement in infrared spectroscopy, which offers high efficiency and decreases the process cost.

Application Insights:

The pharmaceutical analysis segment holds the largest share of the spectrometry market. Pharmaceutical analysis includes a set of processes used for identifying, purifying, and quantifying a substance, as well as determining the structure of a compound, or isolating components of a mixture. Clinical mass spectrometry is widely used to diagnose metabolism deficiencies and to examine whether enzymes or biomarkers are present and for toxicology testing. The applications of mass spectrometry in pharmaceutical analysis include drug discovery, preclinical development, metabolite screening, and distribution, absorption, metabolism, and elimination (ADME) studies.

Product Insights:

The instrument segment of the market held the largest share in 2022; the segment will show a significant increase during the projected timeframe owing to the several applications of spectrometry in biotechnology. The rising demand for spectrometers in the life science sector is projected to offer significant opportunities for the services provided by the key players in spectrometry.

End-User Insights:

The government and academic institutions' end-user segment is the leading segment of the market; the rising research studies in developing countries are anticipated to grow the demand for spectrometry products during the forecast period. The government and academic institutions extensively use spectrometry techniques and associated products in their various research studies. On the other hand, the pharmaceutical & biotechnology companies are expected to witness steady growth during the forecast period owing to the rising R&D investments in pharmaceutical & biotechnology companies, such companies are the key end users of mass spectrometry products for several crucial processes such as drug development, ensuring safety, and others.

Regional Insights:

North America accounted for the largest share of the spectrometry market in 2022; the region is anticipated to continue its growth during the forecast period. The growth of the North American spectrometry market is attributed to the increasing awareness of new advanced spectroscopic products and techniques, favorable government funding for research studies, and sophisticated healthcare infrastructure. More factors such as increasing food safety, wide adoption of mass spectrometer instruments in the life sciences, metabolomics, forensics, and petroleum sector and increasing spending by pharmaceutical players on R&D activities also propel the market’s growth in the region. The presence of major key market players in the region such as Danaher Corporation, PerkinElmer, Inc., Agilent Technologies, Bruker Corporation, Waters Corporation, Thermo Fisher Scientific, Inc., and others, is another factor to propel the growth of the spectrometry market during the forecast period.

Asia Pacific is the fastest-growing region for the spectrometry market. Asia Pacific has seen increasing use of spectroscopy particularly in the areas of food testing processes, agriculture, pharmaceutical, environmental testing, and others. Developing countries in the region such as China and India have created significant growth opportunities for the expansion of the spectrometry market. For instance, Due to the greenfield projects being set up in various end users’ industries, these two countries have generated considerable demand for single mass spectrometers and hybrid spectrometry instruments.

Recent Developments:

• In June 2022, Waters Corporation introduced high-resolution Mass Spectrometry products and software to speed up the drug development process. This new launch includes the new Xevo G3 quadrupole time-of-flight (QTof) mass spectrometer, New CONFIRM Sequence app on the waters_connect software platform, Coupling UPLC to Waters MRT SELECT SERIES Research Mass Spectrometer with Electrospray ionization source for Fast Molecular Characterization.
• In June 2022, Bruker Corporation announced the launch of XFlash 7 detector series for its X-ray spectrometer system, QUANTAXTM energy dispersive system. The spectrometer system allows the chemical analysis of material samples with high speed and sensitivity. The XFlash 7 will be used in academic and industrial research which is expected to offer improved analytical performance in a cost-effective way.
• In March 2022, Thermo Fisher Scientific acquired Max Analytical Technologies. The Max Analytical Technologies has created a Fourier-transform infrared spectroscopy-baesd solutions for source testing, ambient air monitoring and process monitoring. Such systems have a wide role in industrial process monitoring, environmental health and safety applications and semiconductor manufacturing.

Spectrometry Market Companies

The global spectrometry market is fragmented with multiple small-scale and large-scale players, few prominent companies in the global spectrometry market are:

• Thermo Fisher Scientific, Inc.
• PerkinElmer, Inc.
• Agilent Technologies
• Waters Corporation
• Shimadzu Corporation
• Bruker Corporation
• JEOL Ltd.
• FLIR Systems, Inc.
• Endress+Hauser Group
• MKS Instruments, Inc.
• Danaher Corporation
• LECO Corporation
• Kore Technology Ltd.
• AB Sciex, Inc.
• Analytik Jena AG
• Advion
• MassTech

Segments Covered in the Report:

By Type

• Molecular Spectrometry
• Mass Spectrometry (MS)
• Atomic Spectrometry

By Product

• Instrument
• Consumables
• Services

By Application

• Proteomics
• Metabolomics
• Pharmaceutical Analysis
• Forensic Analysis
• Others

By End-Use

• Government & Academic Institutions
• Pharmaceutical & Biotechnology Companies
• Environmental Testing Industry
• Food & Beverage Testing Industry
• Petrochemical Industry
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa