Spectrometry Market Size, Share & Trends Analysis Report By Type (Molecular Spectrometry, Mass Spectrometry, Atomic Spectrometry), By Product (Instrument, Consumables, Services), By Application (Pharmaceutical Analysis, Forensic Analysis, Proteomics, Metabolomics, Others), By End-Use (Government and Academic Institutions, Pharmaceutical and Biotechnology Companies, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global spectrometry market size was valued at USD 14.97 billion in 2021 and is predicted to reach USD 28.25 billion by 2030, increasing at a CAGR of 7.31% from 2022 to 2030. Spectrometry is a process that is used to examine and measure a certain spectrum and is often used in samples. Atomic spectrometry, mass spectrometry, and molecular spectrometry are all examples of spectrometry. Atomic spectroscopy is said to be the investigation of how atoms absorb and emit electromagnetic radiation. When using mass spectrometry, the mass-to-charge ratio is used to determine the mass of the chemical sample. Molecular spectrometry is a term used to describe the process of measuring the interactions between electromagnetic radiation and matter.

It is possible to employ spectrometry to determine the molecular or structural composition of a sample in physical as well as analytical chemistry. Each atom or molecule in the sample is examined, and its spectra are measured in this process. Electromagnetic radiation's contact with materials creates an electromagnetic spectrum that may be studied and analyzed in terms of wavelength or frequency. By ionizing and isolating a test sample, it is possible to detect specific substances, like chemical compounds, contaminants, pollutants, or impurities. Various molecular, mass, and atomic spectroscopy techniques can be used to investigate a sample, depending on its nature and requirements.

Market Dynamics

Global spectrometry market drivers

Continual innovation in spectrometry methodology in order to accelerate market growth

Technologies on the cutting edge are included in spectrometry procedures. The growth of the global spectrometry market may be attributed to the development of new handheld and portable devices that are necessary for spectrometry procedures. These machines have a higher imaging quality and can be utilized in the process of specimen examination. It reduces the money and energy that would otherwise be required to transport heavy and bulky samples to laboratories for the purpose of chemical analysis.

Handheld as well as portable spectrometry equipment is utilized in a variety of different fields, including drug testing and drug discovery, quality of food control, environmental testing, carbon dating, and the defense industry. It is anticipated that increased utilization of spectrometry technology in medical trials, protein identification, cellular analysis, proteomics, and toxicology will drive growth in the global spectrometer market.

Mass spectrometry in the pharmaceutical and biotechnology industries

The expanding use of mass spectrometry, particularly in the life sciences sector, which includes pharmaceutical production, biotechnology, and other fields; the rising requirement for new and enhanced instruments as well as equipment from end-users around the world; the growing emphasis on R&D in the healthcare industry, which has resulted in an upsurge in investments in research and development by key market players as well as regional governments; and the large proportion of contract research organizations are all factors that have contributed to this growth. The discipline of biological sciences makes extensive use of the sophisticated analytical method known as mass spectrometry. Utilizing electrons, the method can determine the quantities of recognized chemicals as well as identify and quantify any unknown compounds or components present in a given sample.

During the period covered by the forecast, it is anticipated that mass spectrometry will constitute a highly attractive subsegment in terms of revenue. F furthermore, atomic spectrometers are being employed in order to offer information about the elemental makeup of the materials that are being analyzed. It is predicated on the fact that the sample contains components that are known to emit particular wavelengths of light.

Global spectrometry market restraints

The expensiveness of spectrometers and the deficiency of skilled professionals

It is anticipated that the high level of capital investment necessary for the installation and maintenance of spectrometer devices will hinder the growth of the spectrometry market. The cost of a spectrometer can be too expensive for use in modest diagnostic clinics and laboratories. In addition, the price of instruments has gone up as a direct result of the growth of technology. As a direct consequence of this, the high price of a spectrometer has an effect on the purchasing decisions made by end users.

Because pharmaceutical companies need such a large quantity of these systems, their capital expenditures have significantly increased. Mass spectrometry is a very labor-intensive procedure that requires expert employees to operate the instruments. It is anticipated that a lack of qualified operators will stifle market expansion due to the fact that there will be a shortage of skilled operators.

Market key opportunities

Opportunities for expansion in developing countries

There are a variety of prospects for the expansion of the spectrometry market that can be found in developing nations like China and India. As a result of the greenfield projects that are being established in a variety of end-user sectors in both China and India, there has been a significant increase in the usage of single mass spectrometers as well as hybrid spectrometry instruments in both of these nations. It is anticipated that the robust biopharmaceutical industry present in these nations will make a significant contribution to the expansion of the spectrometry as well as chromatography markets. In order to make the most of this potential and collaborate with other industry participants operating in the Asian market, key industry leaders are in the process of constructing new production facilities, research and development centers, and innovation centers. This will open up new and lucrative opportunities in the market.

Regional Analysis

By region or geography, the global spectrometry market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America, and the Middle East and Africa (MEA). The spectrometry market was dominantly acquired by the North American region, which is expected to hold a revenue share of about 50% in 2021. Because of the large number of prominent firms, like Agilent Technologies, Thermo Fisher Scientific, and Waters Corporation, in the area, this can be credited. There is a strong research basis for new medication development in the Asia-Pacific region, which is projected to drive the market's quickest growth.

In 2021, North America held a commanding lead in the market and was responsible for the greatest revenue share, which was close to 50%. This can be due to the presence of a substantial number of prominent firms locally, like Thermo Fisher Scientific, Waters Corporation, Agilent Technologies, and others. In addition, the presence of a number of organizations and groups that are active in this sector and that take measures to generate and promote awareness about the new innovative spectrometry technologies and products is another positive aspect of this area.

Additionally, a surge in research and development activities being conducted by significant players for innovative diseases can be attributed to the area that makes up the majority of the world's market. Players in the industry like Agilent Technologies, Inc. are continually active in intensive research & development to produce new resins for the separation and purification of vaccines. At the moment, the organization is concentrating its efforts on the development of a COVID-19 vaccine and the separation of its components through the use of chromatography as well as mass spectrometry techniques. The characterization of potential vaccines is accomplished by the use of the MS method.

Because there is a robust research basis for the creation of novel drugs in the Asia-Pacific region, it is anticipated that this market will have the highest rate of growth of any market worldwide. It is anticipated that this will increase the number of instances of this technique being utilized in the region. As a result of a growth in the proportion of spectrometry service providers, Asian countries such as China and Japan, together with India, have made substantial contributions to the expansion of the industry.

Segmental Analysis

The global spectrometry market is divided into different segments according to the Type, Product, Application, End-use, and Region (Geography).

By Type, the Global Market is segmented into Molecular Spectrometry, Mass Spectrometry, and Atomic Spectrometry. Molecular spectrometry held more than 40% of the market's revenue share in 2021, owing to its widespread use in life science sectors and the commercial accessibility of advanced and innovative goods in this segment. PerkinElmer, Inc., for example, provides a wide range of equipment, accessories, consumables, as well as software and informatics for molecular spectroscopy, among other things. One of the reasons for its escalating success in the market is that infrared-based molecular spectroscopy systems have become more efficient and cost-effective in the biotechnology, pharmaceutical, as well as forensic industries.

The mass spectrometry (or MS) market is expected to expand at a healthy rate over the next few years.  In forensics, biotechnology, pharmacology, and clinical research, MS is a potent tool for the investigation of a wide spectrum of compounds. Mass spectrometry has made it possible to offer high-resolution test findings in a timely manner.

By Product, the Global Market is segmented into Instrument, Consumables, and Services. Nearly 75% of market share in the year 2021 was generated by instruments. In biotechnology, spectrometry has taken a substantial chunk of the market share. MS has helped researchers identify 27 biomarkers that can be used to forecast the severity of an individual's sickness and create appropriate treatment. The proteomics of adoptive cell treatments in cancer treatment, such as CAR-T, are also analyzed using MS, which is also employed in MS. Forecasts indicate that this will account for a significant portion of the segment's sales over this time period.

Businesses that provide spectrometry services are projected to benefit from an increase in demand for their products and services. It is expected that private sector competition will continue to drive the expansion of the services sector over this period.

By Application, the Global Market is segmented into Pharmaceutical Analysis, Forensic Analysis, Proteomics, Metabolomics, and Others. For pharmaceutical analysis category, which accounted for over 40% of the market's revenue in 2021, the CAGR is predicted to be fastest. As part of the pharmaceutical analysis, a number of procedures are used to determine a drug's composition or identify its components in solution or mixtures, as well as to purify and quantify the substance.

Devices for pharmaceutical analysis are available from a number of key vendors. Pharmaceutical companies are using spectrometer technology to measure medications in unique ways. It was found that using LC-MS technique, anti-COVID-19 medicine remdesivir's effectiveness in treating disease could be accurately quantified in human blood samples.

By End-use, the Global Market is segmented into Government & Academic Institutions, Pharmaceutical & Biotechnology Companies, and Others. As of 2021, roughly 45% of the market's income was generated by the government & academic institutions segment. There are a variety of government and academic institutions using spectrometry techniques and related items in their study. Because of this, the marketplace for spectrometry goods is likely to grow.

The expansion of the market is projected to be boosted by the existence of academic institutions and institutes. From 2022 to 2030, the end-use segment of pharmaceutical and biotechnology industries is predicted to increase at the quickest rate. The pharmaceutical & biotechnology industry's usage of spectrometry techniques, particularly mass spectrometry, is driving the segment's expansion. As a result, the demand for medication component analysis as well as biomolecule analysis is propelling the segment.

Recent Developments

• June 2022: An announcement has been made by PerkinElmer Inc., a worldwide leader committed to driving innovation for a healthier world, that it has collaborated with Novartis, the world's leading medicine organization, to strengthen new-born screening for sickle cell diseases (SCD) in the sub-Saharan African region.
• March 2022: Thermo Fisher Scientific, a global leader in scientific services, and Symphogen had officially confirmed the continuation of their agreement to provide biopharmaceutical discovery as well as development laboratories with cutting-edge tools and streamlined workflows for the effective identification of complicated therapeutic proteins.