Spectrometry is an analytical technique that assists in the identification of compounds and elements. This identification is based on the measurement of radiant energy emitted by a substance when in a higher energy state. Spectrometry instruments play a vital role in the analytical, pharmaceutical and life science industry. These industries have witnessed a growing demand for spectrometric instruments as they form an integral part of basic research and are used in drug composition identification, identification of new compounds and metals and bimolecular analysis. Due to its significant applications in different industries, the global spectrometry market is expected to grow at a moderate CAGR during the forecast period. Bruker, Thermo Fisher Scientific, Waters Corporation, AB Sciex, Agilent Technologies, Shimadzu and PerkinElmer are some of the key players of this market.
The global spectrometry market is segmented on the basis of Technology, Application and Geography. Based on technology, the spectrometry market is segmented into Mass Spectrometry, Atomic Spectrometry, Molecular Spectrometry and Other spectrometric techniques. Currently, the molecular spectrometry segment dominates the global market whereas mass spectrometry is growing at a faster rate and is expected to overtake the other two segments by 2020. Spectrometry has wide application in various industry sectors, including Biotechnology, Pharmaceuticals, Environmental Testing, Industrial Chemistry, Food and Beverages Testing and Others. In pharmaceuticals, spectrometry is used for new drug identification, pharmacokinetic analysis of biological samples, analysis of different reaction processes and drug discovery. In environmental testing it assists in identifying pollutants. Geographically, the global spectrometry market is segmented into North America, Europe, Asia-Pacific and LAMEA. North America dominates the market owing to the significant amount invested in research, increasing number of research institutes and availability of funds. Asia-pacific is the fastest growing segment as numerous companies have shifted their research activities to China, India and Malaysia.
KEY MARKET SEGMENTS
The global spectrometry market is segmented into three broad categories: technology, application and geography.
MARKET BY TECHNOLOGY
MARKET BY APPLICATION
MARKET BY GEOGRAPHY