The Global Market for Spectroscopy Equipment and Accessories is Projected to Reach US$22 Billion by 2022

Growing Focus on Single Cell Studies in the Biomedical Field to Spur Demand for Spectroscopy Equipment and Accessories, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Spectroscopy Equipment and Accessories markets. The global market for Spectroscopy Equipment and Accessories is projected to reach US$22.0 billion by 2022, driven by strong R&D investments in life sciences research particularly the growing focus on single cell studies in biomedicine; and rising demand for handheld instruments.

Spectroscopy are crucial instruments in a laboratory and are useful in performing tasks such as analyzing spectrum response of molecules and identifying compounds and chemical structures. The physics behind spectrometry has evolved significantly over the years to make the technology cutting edge for use in several advanced applications such as molecular biology, atomic and molecular physics; and biomedicine, among others.   Growth in the market is also benefiting from the continuous aftermarket demand for consumables and chemicals and software solutions as a result of the rise in testing volumes. Over the long-term, demand from various industries such as metals, chemicals and automotive is expected to drive growth in the market.

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. 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.

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 8.4% over the analysis period led by expanding life sciences and pharmaceutical research activities in China and India; emergence of Asian countries as outsourcing hubs for laboratory testing and diagnostic services and the ensuing establishment of new labs in the region; and rise in the number of contract research services organization (CRO) as a result of the outsourcing trend in pharmaceutical and biotechnology sectors.  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 LLC, Agilent Technologies, Inc., Bruker Corporation, Digilab, Inc., Extrel CMS LLC, JEOL Ltd., Metrohm AG, Ocean Optics, Inc., PerkinElmer, Inc., Rigaku Corporation, Shimadzu Corporation, Spectris plc, Stellar Net, Inc., Thermo Fisher Scientific Inc., Waters Corporation among others.

The research report titled "Spectroscopy Equipment and Accessories: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in US dollars for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, and Rest of Asia Pacific), Latin America and Rest of World. The report also analyzes the global market for Spectrometers and Spectrophoto/Fluorometers by product segments such as Molecular Spectroscopy (UV-Vis Spectrophotometers, Raman Spectrometers, NMR-EPR Spectrometers, Near Infrared (NIR) Spectrometers, IR Spectrometers, Color Measurement and Other Molecular Spectrometers); Atomic Spectroscopy (Ark/Spark Spectrometers, Plasma Spectrometers (ICP, ICP-MS), Atomic Absorption Spectrometers, XRD/XRF Spectrometers and Other Atomic Spectrometers); Mass Spectrometry (LC-MS GC-MS, MALDI-TOF and Other Mass Spectrometers); and Accessories.

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