Spectrometry is a technique for determining compounds and elements that includes detecting the radiations released by an object or substance within a specific electromagnetic spectrum when the object is enthusiastic by another source externally. Spectrometry technology plays an energetic role in proteomic analysis. The advancement of technologically improved spectroscopy instruments and consumables is projected to deliver growth avenues to this market. Unceasing evolution in the spectrometry approaches has improved the usage of spectrometers around the market.
Growing adoption of spectrometry instruments in the biotechnology and pharmaceutical industries, food & beverages segment, environmental testing and drug development research and speedy technological innovations in the field of spectrometry, such as advancement of miniaturized spectrometers, are foremost aspects propelling the market revenue growth. According to the report analysis, ‘Spectrometry Market: Current Analysis And Forecast (2021-2027)’ states that the increasing focus on the launch of new drugs due to the support by the government for research and investments and the requirement for pharmaceutical analysis is also fostering the growth of this market. Furthermore, with the speedy advancement in technology and growing investment in R&D for introducing new and improved devices, several industry players are aiming on enlarging their product portfolio by launching new products in the market owing to which the spectrometry market is predicted to grow across the world.
This research report reviews growth at the international, country, and regional platform and carried an analysis of the latest industry trends in each of the sub-segments.
Based on the type, the spectrometry market is categorized into molecular spectrometry, mass spectrometry, and atomic spectrometry. The molecular spectrometry segment occupied the foremost market share during 2020 and it is predicted to grow with a substantial CAGR during the forecast period. However, the mass spectrometry segment is anticipated to grow with the lucrative CAGR during the forthcoming years.
Based on application, the market is classified into proteomics, metabolomics, pharmaceutical analysis, and several others. The pharmaceutical analysis application segment gripped XX% market share of the spectrometry market and congregated revenue of USD XX million during 2020. The segment is anticipated to augment at a CAGR of XX% during the review period to reach a market valuation of USD XX million by 2027.
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Based on the end-users, the market is split into government & academic institutions, pharmaceutical & biotechnological companies, and several others. The government & academic institutions seized XX% market share in 2020. The market of this segment is anticipated to reach USD XX million by 2027. However, the pharmaceutical & biotechnological company’s segment is projected to grow at a considerable CAGR over the reviewed timeframe.
For a better understanding of the market acceptance of the Spectrometry, the market is analyzed based on its international presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a noteworthy share of the spectrometry industry during 2020 owing to the prosperous pharmaceutical & biotechnology industry and the occurrence of the well-established research infrastructure.
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Ankur Gupta, Head Marketing & Communications