Laser-induced Breakdown Spectroscopy Market To Reach $434.67 Million By 2030

Laser-induced Breakdown Spectroscopy Market Growth & Trends

The global laser-induced breakdown spectroscopy market size was valued at USD 434.67 million in 2022, expected to to reach at a CAGR of 6.20% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is attributed to factors such as the increasing use of LIBS in the pharmaceutical industry, technological advancements & product innovation, and increasing R&D activities.

An increase in technological advancements is one of the major factors contributing to the laser-induced breakdown spectroscopy industry growth. LIBS mostly relies on laser technology, and advancements in lasers have significantly improved the performance and reliability of laser-induced breakdown spectroscopy systems. The development of compact, portable, and more powerful lasers has made these instruments more accessible, affordable, and user-friendly. The portability of devices enables on-site and in-field analysis, eliminating the need for sample transportation and reducing analysis time.

Furthermore, rising awareness and adoption of laser-induced breakdown spectroscopy in emerging economies have become significant driving factors for the laser-induced breakdown spectroscopy industry growth. These regions are experiencing rapid industrialization, infrastructure development, and increasing environmental concerns, creating a demand for advanced analytical tools like LIBS. The affordability and portability of LIBS systems have further accelerated its adoption in emerging economies, creating new opportunities, and expanding its presence globally.

The increasing application of LIBS in biomedical research and development activities has positively affected the laser-induced breakdown spectroscopy industry growth. The utilization of the LIBS technique allows for quantitative analysis of a wide range of samples, enabling the examination of the chemical composition of biological fluids and tissues. This technology proves effective in detecting both endogenous and exogenous metals present in biological tissues. In drug discovery, LIBS can be utilized to identify toxic elements and detect excessive or deficient minerals. Moreover, it finds applications in routine analysis within research laboratories focusing on nanotechnology. These diverse applications are expected to drive the adoption of laser-induced breakdown spectroscopy in R&D activities.

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Laser-induced Breakdown Spectroscopy Market Report Highlights

• Advancements in laser technology and instrumentation have made LIBS systems more affordable, compact, and easier to operate

• Based on product, the handheld segment captured the highest share in 2022. These are efficient, cost-effective devices that offer accessibility to a wide range of consumers

• Based on end-user, the pharmaceuticals and biotechnology companies segment dominated the market in 2022. The presence of significant key players working continuously towards the development of advanced technologies contributes to the segment’s growth

• North America dominated the laser-induced breakdown spectroscopy industry and accounted for the largest revenue share of 45.2% in 2022 owing to the continuous technological developments, presence of several key players, strong research and academic environment, and well-established regulatory framework

Laser-induced Breakdown Spectroscopy Market Segmentation

Grand View Research has segmented the global laser-induced breakdown spectroscopy market based on product, end-user, and region:

Laser-induced Breakdown Spectroscopy Product Outlook (Revenue, USD Million, 2018 - 2030)

• Handheld

• Desktop

Laser-induced Breakdown Spectroscopy End-user Outlook (Revenue, USD Million, 2018 - 2030)

• Academic and Research Institutes

• Pharmaceuticals and biotechnology companies

• Others

Laser-induced Breakdown Spectroscopy Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Thailand

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Laser-induced Breakdown Spectroscopy Market

• Thermo Fisher Scientific Inc.

• Hitachi High-Tech Analytical Science

• SciAps, Inc.

• Rigaku, Bruker Corporation

• TSI Incorporated

• Princeton Instruments

• Avantes

• B&W Tek

• Applied Spectra

• SECOPTA analytics GmbH