Transparency Market Research Report Added "Spectrometry Market" to its database.
Albany, NY -- (SBWIRE) -- 09/09/2016 -- The global spectrometry market is fairly consolidated owing to the presence of established players accounting for a majority of the market share. The key players in the market are Agilent Technologies Inc., Thermo Fisher Scientific Inc., Shimadzu Corporation, Perkin Elmer, Waters Corporation, Bruker, and Danaher Corporation. These players, collectively, accounted for nearly 89% of the overall market in 2013, finds Transparency Market research (TMR) in a new study. "High costs associated with research and development of breakthrough technology are keeping the threat of new entrants at a moderate level," states the author of the report. However, the competitive rivalry is high in the market owing to medium switching costs from one segment to another.
The global spectrometry market was valued at US$13.72 bn and is poised to reach at US$19.60 bn, expanding at a CAGR of 7.2% from 2014 to 2020. Geographically, North America was the leading market in 2015 in terms of value and is expected to maintain its dominance until the end of 2020, accounting for 37.5% of the overall market. However, due to improving economic conditions, Asia Pacific will grow at an impressive CAGR of 10% during the same period.
Technological Advancements to Boost Adoption of Spectrometry across Different Industries
Technological advancements in spectrometry techniques in terms of ionization and other processes are increasing its scope in new areas. For instance, considering the precision of spectrometry systems, the European Commission has started including mass spectrometry (MS) technology as a confirmatory method for identifying dioxins and furans in food. Such implementations are likely to fuel the growth of the global spectrometry market.
"Considering the speedy improvements and precision in MS technology, the adoption of spectrometers as antigens detectors has increased in clinical industries," says a TMR analyst. Other emerging clinical applications of spectrometry include disease markers, detection of inborn errors, tissue analysis, proteomics, toxicology, and tobacco exposure. This factor is likely to give a significant push to the global spectrometry market.
Unfavorable Economic Conditions to Adversely Affect Growth of Spectrometry Market
In the past few years, several countries have experienced uncertain economic conditions such as volatile financial and commodity markets, adverse changes in interest rates or tax rates, changes in capital spending patterns, and contraction in the availability of credit in the marketplace. Such unfavorable economic conditions are anticipated to dent the demand for spectrometers across various industries, thereby impeding the growth of the global spectrometry market. However, the improving economic conditions in countries of Asia Pacific and Latin America are likely to encourage the emerging as well as established companies to expand in these regions.
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Pharmaceuticals to Maintain Most Prominent Position in Terms of Application of Spectrometry
On the basis of technology, the atomic spectroscopy segment dominated the market by revenue in 2015. However, it is expected to lose its dominance to mass spectroscopy by 2019. The latter will account for a dominant share of 35.3% of the overall market by 2020 and will expand at a significant CAGR of 8.9% from 2014 to 2020. Based on application, pharmaceuticals was the leading segment by revenue in 2015. Due to increasing demand for Raman spectrometry in the pharmaceutical industry, the segment is estimated to maintain its leadership until the end of 2020, with a share of 32.6% of the overall market. However, biotechnology is expected to grow at a noteworthy CAGR of 8.6% from 2014 to 2020.
The information presented in this review is based on a Transparency Market Research report, titled, 'Spectrometry Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.'
The global spectrometry market is segmented as follows:
Spectrometry Market, by Technology
Gas Chromatography-Mass Spectrometry (GC-MS)
Single Quadrupole Liquid Chromatography-Mass Spectrometry (LC-MS)
Matrix-Assisted Laser Desorption/Ionization & Time of Flight Spectrometry
Triple-Quadrupole Liquid Chromatography-Mass Spectrometry
Quadrupole-Time of Flight Liquid Chromatography-Mass Spectrometry (Q-TOF LC/MS)
Inductively Coupled Plasma Mass Spectrometry (ICP-MS)
Ion Mobility Mass Spectrometry
Fourier Transform Ion Cyclotron Resonance - Mass Spectrometry (FTICR-MS)
Ion Trap Mass Spectrometry
Nuclear Magnetic Resonance Spectrometry (NMR)
Ultraviolet-Visible Spectrometry (UV-Visible)
Infrared Spectrometry (IR)
Atomic Absorption Spectrometry
X-Ray Diffraction Spectrometry
X-Ray Fluorescence Spectrometry
Inductively Coupled Plasma Atomic Emission Spectrometry
Spectrometry Market, by Application
Food and Beverages Testing
Spectrometry Market, by Geography
Rest of the World (RoW)
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