According to a new market report published by Transparency Market Research "Spectrometry Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020", the global spectrometry market was valued at USD 12,212.9 million in 2013 and is estimated to reach USD 19,608.7 million by 2020 at a CAGR of 7.2% from 2014 to 2020.

Albany, NY -- (SBWire) -- 11/29/2017 --Spectrometry is a scientific technique employed to access properties of light within specific electromagnetic spectrum to identify variety of materials. In the past few decades spectrometry techniques have been resilient enough in providing scientists an informative tool to cater to vast array of applications in various industries. Overall competition in spectrometry market is intense with large conglomerates competing for considerably small application areas and end user segments.

Multinational companies account for majority of the revenue share in overall market. The spectrometry market caters to several end user segments such as life sciences, petrochemical, food and safety, forensics among several others. Advanced spectrometry devices allow simultaneous analysis of low concentration analytes in blood samples without any need for sample preparation and other conventional processing techniques such as centrifugation and reagent preparation.

The global spectrometry market can be studied from two perspectives: by technologies and by application areas. The global spectrometry market by technology can be further broken down into atomic spectrometry, mass spectrometry and molecular spectrometry. The atomic spectrometry segment encompasses atomic absorption spectrometry, X-ray diffraction spectrometry, X-ray fluorescence spectrometry, inductively coupled plasma-atomic emission spectrometer, elemental analyzers and other atomic spectrometers. Atomic spectrometers generally provide information about elemental composition of samples based on the emission of lights that are characteristic of elements present in the sample. The molecular spectrometry market includes nuclear magnetic resonance spectrometry, ultraviolet visible spectrometry, infrared spectrometry, color measurement, near-infrared spectrometry and Raman spectrometry. By 2020, nuclear magnetic resonance (NMR) spectrometry is likely to lead the market in terms of revenues which is estimated to reach approximately USD 1.7 billion worldwide.

Sales in molecular spectrometry are majorly contributed by infrared, near-infrared and Raman spectrometry owing to increasing demand for devices in academic and research institutes, security and defense sector especially in economically developed countries. The mass spectrometry segment include variety of products such as gas chromatography-mass spectrometry(GC-MS), liquid chromatography-mass spectrometry (LC-MS), matrix-assisted laser desorption/ionization-time of flight spectrometry (MALDI-TOF), triple-quadrupole liquid chromatography-mass spectrometry, quadrupole-time of flight liquid chromatography-mass spectrometry (Q-TOF LC/MS), inductively coupled plasma mass spectrometry and others.

Innovation in spectrometry techniques has been a major contributing factor for the growth and demand in past couple of years. Handheld and portable instruments with superior imaging quality have effectively contributed towards onsite analysis of samples which reduces the efforts of carrying heavy and bulky samples to laboratories for analysis. Handheld and portable spectrometry devices have found indispensible application in drug identification, food inspection, environmental application and defense sector.

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The global spectrometry devices market by application is sub-categorized into pharmaceuticals, biotechnology, industrial chemistry, environmental testing, food and beverages among others. Increasing clinical application of spectrometry device in tissue analysis, toxicology, proteomics and disease marker is effectively contributing towards growth and uptake of global spectrometry market. Stringent regulatory scenario with respect to monitoring of soil and water samples is also contributing towards growth and procurement of spectrometry devices globally. Biotechnology market by 2020 is expected to be the fastest growing application area with a CAGR of 18.4%.

Geographically, the spectrometry market is segmented into four prominent geographies: North America, Europe, Asia-Pacific and Rest of the World. Although market for spectrometry devices in developed economic countries such as the United States and Europe in terms of technological advancements has attained a saturation level yet widening of application areas such as space and aeronautics and defense would continue to contribute towards market growth in these regions.

Moreover, funds allocation from government organizations and companies for conducting research and development activities at various universities and private research center level are other prominent drivers for the growth of spectrometer devices. Companies like Thermo Fisher Scientific and Waters Corporation in order to promote academic research by young scientists in mass spectrometry sponsor 2 research awards worth USD 35,000 each to academic scientists. Such activity not only promotes the overall spectrometry market but also encourages research studies to explore and develop novel techniques and application areas pertaining to mass spectrometry development.

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Apart from this AB SCIEX, an analytical tool manufacturer conducts Young Investigators Grant and Partnerships Award Program to provide special grants to budding researchers and scientists which can be used towards the purchase of selected AB SCIEX MS or LC/MS systems. Asia-Pacific and rest of the World market are among the fastest growing market by 2020 owing to inclination of investment by key players towards these markets primarily due to presence of large untapped customer base and increasing research activities in countries like India, China and other South East Asian countries.

Some of the key players in the global spectrometry market include Thermo Fisher Scientific, Inc., Perkin Elmer, Inc., Agilent Technologies, Inc., Bruker Corporation, Waters Corporation, Shimadzu Corporation, AB Sciex and others.

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