Spectrometry Market: Current Analysis and Forecast (2021-2027)

Spectrometry is a technique for studying and measuring a specific spectrum and is usually used for the spectroscopic analysis of sample materials. These are of different types such as molecular, mass, and atomic spectroscopy techniques based on the sample that is to be tested.
With the surging prevalence of various rare diseases and rising investment in research & development of pharmaceutical & biotechnology companies, the spectrometry market is witnessing an uptick all over the globe. For instance, the Pharmaceutical Research and Manufacturers of America (PhRMA) trade group represents the leading biopharmaceutical research companies in the United States. In 2019, the research and development (R&D) expenditure of its member companies reached USD 83 billion worldwide, up from USD 79.6 billion in 2018. Furthermore, the growing focus on the launch of new drugs owing to the support by the government for research and investments and the need for pharmaceutical analysis is also propelling the growth of this market.
Furthermore, with the rapid advancement in technology and rising investment in R&D for introducing new and advanced devices, many industry players are focusing on expanding their product portfolio by launching new products in the market due to which the spectrometry market is expected to grow across the globe. For example, in November 2021, Thermo Fisher Scientific launched its new mass spectrometry (MS) instruments, workflows, and software. The company's Orbitrap Exploris MX mass detector allows biopharmaceutical laboratories to implement a multi-attribute method (MAM) and perform intact analysis of monoclonal antibodies, conduct oligonucleotide mass determination, and carry out peptide mapping.
Based on the type, the spectrometry market is segmented into molecular spectrometry, mass spectrometry, and atomic spectrometry. The molecular spectrometry segment occupied the major market share in 2020 and it is expected to grow with a substantial CAGR in the forecast period. However, the mass spectrometry segment is expected to grow with the lucrative CAGR in the coming years.
Based on product, the Spectrometry market is segmented into instruments, consumables, and services. The instruments segment generated revenue of USD XX million in 2020 and it is estimated that it will exhibit a significant CAGR during the forecast period.
Based on application, the market is fragmented into proteomics, metabolomics, pharmaceutical analysis, and others. The pharmaceutical analysis application segment grabbed XX% market share of the spectrometry market and gathered revenue of USD XX million in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027.
Based on the end-users, the market is fragmented into government & academic institutions, pharmaceutical & biotechnological companies, and others. The government & academic institutions captured XX% market share in 2020. The market of this segment is expected to reach USD XX million by 2027. However, the pharmaceutical & biotechnological companies segment is expected to grow at a considerable CAGR over the projected timeframe.
For a better understanding of the market adoption of the Spectrometry, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a significant share of the spectrometry industry in 2020 owing to the flourishing pharmaceutical & biotechnology industry and the presence of a well-established research infrastructure.
Some of the major players operating in the market are Thermo Fisher Scientific, PerkinElmer, Inc., Agilent Technologies, Waters Corporation, Shimadzu Corporation, Danaher Corporation, Leco Corporation, Bruker Corporation, Endress+hauser group, Kore Technology, among others. Several M&A's along with partnerships have been undertaken by these players to develop new and advanced spectrometry.