Spectrometry Market Size, Share & Trends Analysis Report By Type, By Product, By Application (Pharmaceutical Analysis, Forensic Analysis, Proteomics, Metabolomics), By End-use, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global spectrometry market size was estimated at USD 14.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.2% from 2021 to 2028. The development of technologically advanced spectroscopy instruments and consumables is anticipated to provide growth avenues to this market. Continuous evolution in spectrometry techniques has enhanced the use of spectrometers in the market. Key players are developing products that are easy to use and provide better outcomes which would help researchers to provide better results. This in turn is anticipated to aid growth over the forecast period.

Spectrometry technology has emerged as one of the key technologies used in various analytical applications such as drug development procedures, proteomics, metabolomics, forensic analysis, and pharmaceutical analysis. The adoption of this technique across various stages of drug discovery processes has increased in recent years. For instance, researchers from the University of Surrey applied the MS technique to assist and accelerate the COVID-19 vaccine development.

Additionally, the development of new advanced technology for novel applications is expected to drive the market over the forecast period. For instance, a June 2020 study published that the MALDI MS imaging technique can be used to analyze quantitative, physical, or physiologic properties of tissues. Therefore, the technique can be used for cancer proteomics research, diagnosis, prognosis, and treatment of various cancers.

Type Insights

Molecular spectrometry dominated the market and accounted for the largest revenue share of 37.6% in 2020 owing to the wide application of this technique in life science industries and the commercial availability of technologically advanced products in this segment. For instance, PerkinElmer, Inc. offers an extensive range of instruments, accessories, consumables, and software and informatics in molecular spectroscopy. The company offers infrared spectroscopy, fluorescence spectroscopy, ultraviolet-visible (UV-Vis) spectroscopy, and FT-IR microscopy and imaging systems under molecular spectroscopy.

Molecular spectroscopy has gained popularity and is an important tool in biotechnology, pharmaceutical, and forensic industries, due to innovation in infrared spectroscopy systems that increase efficiency and reduce the overall process cost. According to a June 2020 study, near-infrared (NIR) spectroscopy is been employed for analysis of body fluids, differentiate between normal and cancerous tissues, and various other bio-applications.

The Mass Spectrometry (MS) segment is anticipated to grow at a lucrative rate throughout the forecast period.MS is a powerful tool commonly used for the analysis of a wide range of molecules in forensic, biotechnology, pharmaceuticals, and clinical research. The advancements in the mass spectroscopy process have enabled the rapid delivery of test results with high resolution.

For instance, in December 2020, Thermo Fisher launched Neoma multi-collector ICP-MS; an Inductively Coupled Plasma MS (ICP-MS) instrument. This product is expected to help researchers perform reliable, and highly accurate isotope ratio analysis for multiple research applications.

Product Insights

The instrument segment dominated the market and accounted for the largest revenue share of 71.2% in 2020. The large share of the segment is attributed to the expanded application of spectrometry in biotechnology. Recently researchers identified 27 biomarkers with the help of MS to predict the severity of illness and to design therapy. Additionally, MS is also used for proteomic analysis for the characterization of adoptive cell therapies in cancer treatment such as CAR-T cell therapy. This is expected to contribute to a large share of the segment during the forecast period.

The increasing demand for spectrometers in various life science fields is expected to create a lucrative opportunity for the services provided by the companies in spectrometry. Furthermore, the continuous competitive environment amongst the private players is anticipated to fuel the growth of the services segment during the forecast period. Many prominent players such as Charles River Laboratories offer a wide variety of analytical services using the MS technique.

Application Insights

The pharmaceutical analysis application segment dominated the market and accounted for the largest revenue share of 35.5% in 2020 and is expected to witness the fastest CAGR over the forecast period. The pharmaceutical analysis consists of a series of processes for determination, identification, purification, and quantification of a substance, determination of the structure of chemical compounds, or separation of the components of a solution or mixture.

Some key players offer special instruments for pharmaceutical analysis application. For instance, Agilent Technologies, Inc. provides Raman pharmaceutical analysis systems - TRS100 quantitative pharmaceutical analysis system. The TRS100 system allows simple and fast whole content uniformity and polymorph screening for pharmaceutical finished-product testing and formulation development such as capsule, tablet, or other dosage forms.

In pharmaceutical industries, spectrometry technology is being used to quantify drugs for novel applications. For instance, Liquid chromatography-mass spectrometry (LC-MS) technology was used to quantify anti-COVID-19 drug remdesivir in patients and to determine its efficacy to treat disease.

End-use Insights

The government and academic institutions segment dominated the spectrometry market and accounted for the largest revenue share of 44.5% in 2020. Spectrometry techniques and associated products are being widely used in various research studies that are being conducted by government and academic institutes. Thus, an increasing number of research studies is expected to drive the market for spectrometry products.

Similarly, various academic institutes have dedicated MS research centers. For instance, Vanderbilt University, Tennesse, U.S. has the Mass Spectrometry Research Center (MSRC) that aims to offer expertise, instrumentation, and methodology to the students. The presence of such academic centers and institutes is expected to augment the market growth in the near future.

The pharmaceutical and biotechnology companies’ end-use segment is expected to register the fastest growth rate from 2021 to 2028. The use of spectrometry techniques especially mass spectrometry in the pharmaceutical and biotechnology industry for drug discovery and development propels the segment growth. Thus, the growing demand for drug component analysis and biomolecule analysis is driving the segment.

Regional Insights

North America dominated the market and accounted for the largest revenue share of 46.7% in 2020. This can be attributed to the local presence of a significant number of key players, such as Thermo Fisher Scientific, Agilent Technologies, Waters Corporation, and others. Additionally, the presence of several organizations and associations operating in this region that take initiatives to create and spread awareness about new advanced spectrometry products and technology.

Additionally, an increase in R&D activities by prominent players for novel diseases is attributed to the major share of the region. Players such as Agilent Technologies, Inc., are continuously involved in extensive research and development to develop new resins for the isolation and purification of vaccines. Currently, the company is working on COVID-19 vaccine development and separation by using chromatography and mass spectrometry methods. MS technique is used for the characterization of vaccine candidates.

In the Asia Pacific, the market is expected to witness the fastest growth rate in the market owing to the presence of a strong research base for new drug development. This is expected to boost the adoption of this technique in the region. Asian countries such as China, Japan, and India have significantly contributed to the market growth due to the rise in the number of spectrometry service providers.

Key Companies & Market Share Insights

Thermo Fisher Scientific, Inc. and Agilent Technologies are the two major players in this market. The extensive range of product and service portfolios offered by Agilent Technologies has led to an increase in the company's revenue for spectrometry. Also, the company’s wide distribution network has significantly enhanced its market share.

Furthermore, market leaders follow organic growth strategies to reinforce their market presence. In December 2020, Agilent Technologies Inc. launched a new 7850 ICP-MS mass spectrometry instrument. The new ICP-MS instrument has a new smart software feature that will increase the ability of the ICP-MS laboratory. Some of the prominent players in the spectrometry market include:

• 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.

Spectrometry Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global spectrometry market report on the basis of type, product, application, end-use, and region:

• Type Outlook (Revenue, USD Million, 2017 - 2028)

  • Molecular Spectrometry

    • Visible and Ultraviolet Spectroscopy

    • Infrared Spectroscopy

    • Nuclear Magnetic Resonance (NMR) Spectroscopy

    • Others

  • Mass Spectrometry (MS)

    • MALDI-TOF

    • Triple Quadrupole

    • Quadrupole-Trap

    • Hybrid Linear Ion Trap Orbitrap

    • Quadrupole-Orbitrap

  • Atomic Spectrometry

    • Atomic Absorption Spectroscopy (AAS)

    • Atomic Emission Spectroscopy (AES)

    • Atomic Fluorescence Spectroscopy (AFS)

    • X-ray Fluorescence (XRF)

    • Inorganic Mass Spectroscopy

• Product Outlook (Revenue, USD Million, 2017 - 2028)

  • Instrument

  • Consumables

  • Services

• Application Outlook (Revenue, USD Million, 2017 - 2028)

  • Proteomics

  • Metabolomics

  • Pharmaceutical Analysis

  • Forensic Analysis

  • Others

• End-use Outlook (Revenue, USD Million, 2017 - 2028)

  • Government & Academic Institutions

  • Pharmaceutical & Biotechnology Companies

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • France

    • U.K.

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa (MEA)

    • South Africa

    • UAE