Spectrometry Market Size, DROT, Porter’s, PEST, Region & Country Revenue Analysis & Forecast Till 2031
The spectrometry market refers to the global market for instruments used to measure the properties of light as a function of its wavelength or frequency, typically to identify or quantify the presence of certain substances or components in a sample. This can include a wide range of techniques, such as mass spectrometry, infrared spectroscopy, UV/Vis spectroscopy, and Raman spectroscopy, among others.
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The market for spectrometry instruments is driven by a variety of factors, including the increasing need for analytical tools in scientific research and industrial applications, as well as growing demand for healthcare diagnostics and pharmaceutical development. Additionally, the development of new and improved spectrometry techniques and instrumentation, as well as increased adoption of automation and data analysis tools, are also expected to drive market growth.
Depending on end user, the market is classified into pharmaceutical & biotechnology companies, research & academic institutes, and others. The research & academic institutes segment dominated the market in 2021, with $5,023.17 million of spectrometry market size, owing to rise in R & D activities for drug discovery and toxicity testing. The others segment is expected to witness highest CAGR of 6.9% during the forecast period, owing to rise in awareness for food safety and environmental testing’s.
North America accounted for a majority of the global spectrometry market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to technological advancements in spectrometry techniques, integration of advanced hardware and software processes in spectrometry devices, and presence of key & robust research infrastructure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing to rise in R&D activities, implementation of food safety regulations, establishment of facilities, and increase in investments projects for end user’s industries in the region.