Originally published on Technavio:Atomic Spectroscopy Market Analysis Technology, End-User, and Geographic Insights - Forecast 2023-2027
Snapshot, Table of Contents, and Methodology
The report begins with a snapshot overview, followed by a detailed table of contents and an explanation of the methodology used in the analysis. The Global Atomic Spectroscopy Market is projected to witness significant growth, with an estimated increase of USD 2,214.33 million at a CAGR of 7.02% between 2022 and 2027.
Market Dynamics
Government initiatives for environmental testing and product safety serve as major drivers for market growth. Additionally, research activities, clinical trials, and the growing utilization of portable spectroscopy systems contribute to market expansion. Companies in the competitive market continually upgrade their product portfolios with innovative solutions, driving growth further.
Market Size Forecast and Analysis
The report provides an in-depth analysis of drivers, trends, and challenges, along with historic market data from 2017 to 2021.
Market Segmentation by Technology, End-User, and Geography
Technology Analysis
The technology segment comprises atomic absorption, X-ray fluorescence, X-ray diffraction, and others.
Atomic Absorption
Atomic absorption, facilitating quantitative analysis through specific light wavelength absorption by atoms in a neutral state, witnesses steady growth driven by its use in various industries like biomonitoring, chemical, and food. The expansion of pharmaceutical and environmental testing industries further propels growth, with the market expected to grow at a rate of 5.48% between 2022 and 2027.
X-ray Fluorescence
X-ray fluorescence, a mature analytical tool for quality control, experiences growth due to advancements in biological sciences requiring constant integration into sub-components.
X-ray Diffraction
Utilized for determining crystallinity and structure of solid samples, X-ray diffraction sees growth opportunities through developments in variations of the technique.
Others Segment
This segment encompasses ICP-MS, ICP-OES, microwave-included plasma optical, glow discharge optical emission, and laser, with developments driving market growth.
End-User Analysis
Pharmaceutical and Biotechnology Testing
Utilized for elemental analysis in drug development and production, atomic spectroscopy supports pharmaceutical innovation, driving market growth.
Food and Beverage Testing
Efficient in detecting heavy metals, nutrients, toxins, and pesticides, atomic spectroscopy is widely adopted for regulatory compliance in the food and beverage industry.
Mandated regulatory norms drive demand for advanced systems like ICP-MS and ICP-OES to perform multiple analyses simultaneously, meeting compliance requirements.
Applications in petrochemical, semiconductor, mining, metal processing, and production industries contribute to market growth.
Regional Analysis
North America, mainly driven by the US, contributes significantly to global market growth, with numerous system manufacturers fueling expansion. Events, seminars, and workshops further increase end-user awareness and drive growth.
The report includes detailed analyses of market players, including Agilent Technologies Inc., PerkinElmer Inc., Bruker Corp., Rigaku Corp., and Thermo Fisher Scientific Inc., highlighting their strategies and innovations.
Key Drivers, Trends, Challenges, and Customer Landscape
Increased government funding for environmental testing and product safety, R&D investments by analytical instrument manufacturers, and high costs of advanced instruments and maintenance services influence market growth. The report covers key customer landscapes and analyzes drivers, trends, and challenges to help companies develop growth strategies.
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The market witnesses significant growth driven by increased investments in technological advancements for food safety and regulatory compliance. Expert interviews and analysis indicate promising future prospects for the atomic spectroscopy market.
The report forecasts market growth by revenue at global, regional, and country levels from 2017 to 2027, providing insights into the latest trends and growth opportunities.
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Technavio Research
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