Novel Spectrometry Platforms Market Size, Share & Trends Analysis Report By Type of Spectrometers (Atomic Absorption Spectrometer, Mass Spectrometer, Near Infrared Spectrometer, Nuclear Magnetic Resonance Spectrometer, Raman Spectrometer, and X-Ray Fluorescence Spectrometer), By End-user, By Region, And By Segment Forecasts, 2023-2031

The Novel Spectrometry Platforms Market Size is valued at USD 13.47 Billion in 2023 and is predicted to reach USD 24.92 Billion by the year 2031 at an 8.4 % CAGR during the forecast period for 2024-2031.

Key Industry Insights & Findings from the Report:

• The increasing complex nature of drug molecules and the need for detailed analysis boost the demand for advanced spectrometry platforms.
• Rising environmental concerns and regulatory requirements drive the adoption of novel spectrometry solutions.
• North America dominated the market and accounted for a global revenue share in 2023.
• The advanced technology and precision engineering required for novel spectrometry platforms often result in high initial costs. This can be a key barrier for smaller organizations or research institutions with limited budgets.

Understanding the interaction at the molecular level requires spectrometry. Spectrometry, especially in the electromagnetic spectrum, is a crucial tool for researchers in astronomy, chemistry, materials science, and physics because it provides insight into the composition, physical structure, and electronic structure of matter on the atomic, molecular, macroscopic, and galactic scales. One such important field is biomedical spectroscopy, which is used for a variety of essential purposes like tissue analysis and medical imaging. Because these systems give off a lot of different wavelengths, it is possible to learn a lot about their structures, such as how the electrons are arranged in their ground and excited states. 

It can also be used to measure biomolecules like corticosteroids, testosterone, aldosterone, etc., and also to analyse phytochemicals like glycosides, tannins, alkaloids, etc. It's also a part of the fermentation industry to keep the concentration of microbes and chemical substances stable. Mass spectrometry, which quantifies the mass-to-charge ratio of ions, is a significant example. It may be used to characterise a wide range of biomolecules, from sugars to proteins to oligonucleotides, and is hence an indispensable analytical tool in biological research.

Growth in the global market for Novel spectrometry platforms is anticipated throughout the forecast period, driven by the launch of new pharmaceuticals and the increasing willingness of businesses to invest in enhancing product quality. Providers of spectrometric services are also investing much in developing methods to integrate cutting-edge capabilities. Consequently, it is anticipated that the international market for Novel spectrometry will grow. Novel spectrometry's growing relevance outside of healthcare and the increasing number of companies eager to invest in biomedical research and manufacture inexpensive generic pharmaceuticals are all factors contributing to the market's growth. In 2022, Astrazeneca said that Big molecules and drug complexes that were previously too large to detect can now be mapped in tissue thanks to a recent development in mass spectrometry imaging. This technique can produce a greater comprehension of disease causes and therapeutic approaches with applications ranging from pharmacological efficacy to drug safety.

There are many issues with traditional spectrometers, such as the lack of automation in some systems, which lowers reproducibility and sensitivity. Novel spectrometers have emerged as a feasible choice after several issues with conventional spectrometers have been resolved. The high cost of spectrometry usage and a fundamental lack of awareness about the service's availability may be limiting factors for the industry.

Competitive Landscape

Some Major Key Players In The Novel Spectrometry Platforms Market:

• Agilent Technologies Inc.,
• Bruker,
• Danaher Corporation,
• JEOL Ltd.,
• Kore Technology Ltd.,
• Metrohm AG,
• LECO Corporation,
• PerkinElmer Inc.,
• Rigaku Corporation,
• Shimadzu Corporation,
• Thermo Fisher Scientific Inc.,
• Waters Corporation,
• Endress+Hauser Group,
• MKS Instruments, Inc.,
• FLIR Systems, Inc.,
• SCIEX,
• Analytik Jena,
• Rigaku Corporation,
• DANI Instruments,
• Advion, Inc.,
• AMETEK Process Instruments,
• Extrel CMS, LLC,
• MassTech Inc.,
• Hiden Analytical,

Market Segmentation

The Novel Spectrometry Platforms market is segmented into two major categories: a type of Spectrometer and the end-user industry. The kind of spectrometer segment is classified into different devices Atomic Absorption Spectrometer, Mass Spectrometer, Near Infrared Spectrometer, Nuclear Magnetic Resonance Spectrometer, Raman Spectrometer and X-Ray Fluorescence Spectrometer. Another major segment end-user industry covers Agriculture / Pesticide Testing, Environmental Analysis, Food Biotechnology, Forensic Analysis, Pharmaceutical Analysis and other end users.

North America presently possesses the highest portion of the global market for Novel Spectrometry platforms because of improvements in healthcare infrastructure, rises in per capita income, and the existence of cutting-edge research institutions and laboratories.

Recent Developments:

• In March 2024, Metrohm, a maker of instruments, expanded its collection of goods in the field of Raman spectroscopy. This encompasses the incorporation of a novel Raman analyzer and a revision of its Raman library.

Novel Spectrometry Platforms Market Report Scope