The atomic spectroscopy market is poised to reach USD 5.60 Billion by 2020, growing at a CAGR of 6.0% during the forecast period of 2015 to 2020.
The growth of the overall market can be contributed to rising investments, funds, and grants by government bodies worldwide and technological advancements. In addition, growing food safety concerns and stringent regulations have contributed to market growth.
What drives the market?
- Atomic Spectroscopy to Aid in the Drug Safety Process and Medical Research
- Stringent Regulations Related to the Drug Safety Process to Push the Demand for Atomic Absorption Spectroscopy
- Rising Use of X-Ray Fluorescence in Medical Research
- New International CGMP & CGDP Certification for Pharmaceutical Excipients
- Growing Food Safety Concerns
- Increasing Government Investments in Atomic Spectroscopy Technologies
In the coming years, the atomic spectroscopy market is expected to witness the highest growth rate in the Asia-Pacific region, with emphasis on India, China, and Japan. The high growth in India and China can be attributed to rising food safety concerns, emerging biotech industry and conferences that act as a platform for companies to showcase their products and establish business relations. North America is expected to account for the largest share of the global atomic spectroscopy market.
However, the dearth of trained professionals and high cost of equipment are likely to restrain the growth of the market during the forecast period.
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The global market is segmented on the basis of technology, application, and region.
By technology, the market comprises X-Ray Fluorescence Spectroscopy, Atomic Absorption Spectroscopy, X-Ray Diffraction Spectroscopy, Inductively Coupled Plasma Spectroscopy, Inductively Coupled Plasma-Mass Spectroscopy, Elemental Analyzers, and others. Other atomic spectroscopy market includes Microwave-induced plasma optical emission spectroscopy, glow discharge optical emission spectroscopy, laser spectroscopy, and X-ray photoelectron spectroscopy. In 2015, the atomic absorption spectroscopy segment is estimated to account for the largest share of the market and ICP-MS is expected to grow at the highest rate during the forecast period.
On the basis of application, the atomic spectroscopy market is divided food and beverage testing, pharmaceuticals, industrial chemistry, environmental testing, biotechnology, and others. In 2015, the food & beverage segment is expected to account for the largest share of the market and grow at the highest rate. The key factors expected to spur the growth of the atomic spectroscopy market are increased investments, funding, and grants by government bodies worldwide; ongoing new product launches; technological advancements; increase in the number of conferences, which helps to create awareness of the techniques; and growing concerns for food and drug safety. However, the high cost of equipments and the need for highly trained professionals are likely to restrain the growth of this market.
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Some of the major players in the global atomic spectroscopy market include Agilent Technologies (U.S.), PerkinElmer (U.S.), Thermo Fisher Scientific (U.S.), and Bruker Corporation (U.S.).