The global Spectrometry Market is expected to be highly fragmented and competitive due to the emergence of various small global and regional vendors. In coming few years, the competition seems to be intensifying among these vendors, owing to the advancements in the technology, along with strategies regarding mergers and acquaintances.
According to Transparency Market Research (TMR), the global spectrometry market is expanding at a CAGR of 7.2% during the forecast period from 2014 to 2020. In 2013, the market was valued around worth US$12,212.9 mn. This figure is expected to reach around US$19,608.7 mn by the end of 2020. On the basis of techniques, the spectrometry market is segmented into molecular spectrometry, atomic spectrometry, and mass spectrometry.
Some of the key players in the global spectrometry market are Bruker, Agilent Technologies, Thermo Fisher Scientific, Danaher, and Waters. Apart from these, some more important players in the market are AMETEK Process Instruments, Alpha Omega, DANI Instruments, Bio-Rad Laboratories, Evans Analytical Group, FLIR, Extrel, Hitachi High-Technologies, JEOL, Ion Science, LECO, Rigaku, PerkinElmer, and Shimadzu.
Among these, molecular spectrometry segment led the market, with maximum contribution in the development of the market. On the basis of geography, North America region is anticipated to dominate the market, with developed nations such as Canada and the US, which have high spending capacity on R&D activities, large number of research centers, and supportive funding environment in contrast with other regions.
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Advancement in spectrometry methods has been a noteworthy contributing factor for the development and demand in recent years. Portable and handheld gadgets with improved imaging quality have contributed towards on location analysis of tests which decreases the efforts to carry bulky and heavy samples to research centers for analysis. Portable and handheld spectrometry gadgets have discovered important application in food inspection, defense sector, drug identification, and environmental application.
The global spectrometry gadgets market by application is sub-segmented into biotechnology, pharmaceuticals, industrial science, food and beverages, environmental testing, and others. Rising clinical utilization of spectrometry gadget in disease marker, tissue analysis, proteomics and toxicology, is notably contributing towards development and growth of global spectrometry market. Stringent government regulations as for inspection of soil and water tests is likewise contributing towards growth of spectrometry gadgets globally. Biotechnology market by 2020 is expected to be the highest developing application segment with 18.4% CAGR. Increasing Utilization in Environment Testing to Fuel Market Development.
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The main end-use of spectrometry are the industrial and pharmaceutical and segments, both of which are foreseen to witness rapid development during the forecast period. In the pharmaceutical sector, biotechnology and biopharmaceutical are the main user of spectrometry. In addition, spectrometry additionally has broad applications in environmental testing. Resultantly, the fast development of the end-use enterprises of spectrometry will drive the development prospects for the overall spectrometry market in the coming years.