Strong investments in Life Sciences drive market for spectroscopy equipment
Global market for Spectroscopy Equipment and Accessories is projected to reach US$19.5 billion by 2020, driven by increasing use of spectrometers in life science research, growing number of end-use applications, and rising demand for handheld instruments. Spectroscopy represents a key market in the global analytical and life science instrument industry. Demand from various industries such as metals, chemicals, semiconductors and automotive is expected to drive growth in the market in the coming years.
Especially poised to spur growth is the increasing demand from security and defense industries. Handheld molecular spectroscopy systems are especially expected to find lucrative applications in military security applications. Advancements in the field of drug discovery, metabolomics and pharmacogenomics, also bodes well for the market’s future outlook.
Spending on environment and effluent monitoring equipment, over the last few years, witnessed significant increase with the tightening of effluent regulations by local governments. The scenario benefited demand for spectrometry equipment. Government stimulus initiatives have played instrumental roles in supporting demand for spectroscopy instruments not only in North America but also in emerging countries in Latin America, India, and China.
Mass spectrometry is a rapidly growing market worldwide supported by the rising use of the technology in the food safety, pharmaceuticals and proteomics industries. Several new products have been launched in this space, reflecting the rapid rate of technological innovation in areas such as Q-TOF, LC/MS and triple quadrupole. Cutting edge new generation mass spectrometry devices with better quantitative and qualitative capabilities, efficiency and productivity, are finding use in newer applications, thus benefitting market growth.
Miniaturization of spectrometry devices represents a key trend which brought about a major revolution in mid 1990s and still continues to drive product development efforts worldwide. Miniature spectrometers have played a crucial role in the development and growth of the photonics sector. Fiber-optic-based spectrometers given their compact size, strength and low cost, find diverse on-field applications enabling researchers to take their research out of the laboratory for more productive results.
As stated by the new market research report on Spectroscopy Equipment and Accessories, the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market worldwide with a CAGR of 8.9% over the analysis period. Expanding research and industrial markets in China and India spell new opportunities for growth. Molecular spectroscopy represents the largest product market, while mass spectrometry devices will continue to spearhead global growth.
Major players covered in the report include AB SCIEX, Agilent Technologies Inc., Bruker Corporation, JEOL Ltd., Ocean Optics Inc., PerkinElmer Inc., Rigaku Corporation, Shimadzu Corporation, Spectris plc, Thermo Fisher Scientific Inc., and Waters Corporation among others.