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December 2024
The global spectrometry market size is calculated at US$ 20.41 billion in 2024, grew to US$ 22.03 billion in 2025, and is projected to reach around US$ 43.93 billion by 2034. The market is expanding at a CAGR of 7.97% between 2024 and 2034. The growing research and development, increasing investments & collaborations, and the rising prevalence of chronic disorders drive the market.
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Spectrometry is a method used to measure the interactions between light or electromagnetic radiation and matter. In other words, it is a method of studying and measuring a specific spectrum and is widely used for spectroscopic analysis of sample materials. Spectrometry techniques include optical, ion-mobility, mass, Rutherford backscattering, neutron triple-axis, gamma, nuclear magnetic resonance (NMR), infrared, and Raman. Spectrometry generates a quantitative measuring spectrum, aiding in quantifying optical density, absorbance, or transmittance. Spectrometers are the instruments used to measure the spectrum. They measure the wavelength and frequency of light, as well as identify and analyze the atoms from the sample.
The rising prevalence of chronic disorders facilitates novel research and development. New drug discovery and drug delivery research, proteomics, metabolomics, forensic analysis, pharmaceutical analysis, etc., require measuring the spectroscopic parameters. Technological advancements drive the latest innovations in spectrometers, which simplify measuring various parameters, thereby potentiating market growth. Additionally, several government and private organizations provide funding for research and development, which boosts the market.
Artificial intelligence (AI) has numerous applications in every field of healthcare. Researchers have also investigated the role of AI in spectrometry to streamline the process. AI and machine learning (ML) can process the data generated from a spectrometer and statistically analyze the data, thereby reducing manual errors and enhancing data analysis. AI and ML can also overcome the challenges associated with conventional spectrometry analysis, such as high signal-to-noise ratio, batch effects during measurements, and missing values. ML models can generate highly accurate and predicted spectra matching the experimental data. AI/ML can also aid in large-scale complex data analysis simultaneously. However, the integration of AI and ML in spectrometry is still in its infancy. The successful application of AI to spectrometry data requires a multidisciplinary skill set, slowing the broader adoption of AI in the field.
Growing Research and Development
The rapidly evolving research and development activities due to the rising prevalence of several chronic and acute disorders, favored by increasing investments, augment the spectrometry market. Spectrometry has numerous applications in chemistry, biochemistry, pharmacy, and medicine. It is an essential requirement for drug testing and discovery. Different spectrometric techniques quantify the newly developed drug and identify unknown compounds and foreign substances. Spectrometry is also used in food contamination detection and protein identification. The expanding proteomics, metabolomics, and genomics research increase the demand for spectrometry. It can also be used for peptide sequencing, identification of posttranslational modifications, disease screening and diagnosis, and biomarker discovery and profiling.
High Cost and Lack of Skilled Professionals
The spectrometry market faces formidable challenges, such as high costs and the lack of skilled professionals. The high cost of spectrometers limits the affordability of several research organizations. The average cost of the spectrometer ranges from $35,000 to $150,000, based on the complexity of the instrument. The cost of sample testing services is also high, depending on the type of analysis. Additionally, the lack of skilled professionals, especially in low- and middle-income countries, restricts the use of spectrometry.
Development of Miniature Devices
Conventional spectrometers require huge space and suitable infrastructure for their installment. Hence, miniature and portable spectrometers are designed for numerous purposes. The primary purpose of a miniature device is in situ analysis. Miniature devices are developed for simpler operation and to be used even by non-technical personnel. This significantly saves time, cost, and effort used for conventional spectrometers. Several researchers are focusing on developing miniature devices to achieve high performance and accuracy, the same as that of a conventional one, without costly manufacturing. The advent of advanced technologies such as AI and ML can be integrated into miniature devices to increase the efficiency and accuracy of the device. The growing demand for lab-on-a-chip devices and increasing investments boost the market.
For instance,
By type, the mass spectrometry segment dominated the spectrometry market in 2023. Mass spectrometry is used to determine the mass-to-charge ratio of the samples. It is also used to calculate the exact molecular weight of the sample components. Its diverse applications include drug testing and discovery, isotope ratio determination, protein identification, and carbon dating. The segment’s growth is attributed to the recent advances in mass spectrometers, growing research and development, and widespread applications.
By type, the molecular spectrometry segment is predicted to witness significant growth in the market over the forecast period. Molecular spectrometry is used to determine the structure of atoms and molecules and to investigate the electronic configuration of atoms in the ground and excited states. It involves the use of electromagnetic radiation to study atoms and molecules. It is widely used in different fields, such as phytochemistry, medicine, analytical chemistry, and biological analysis.
By product, the instruments segment led the global spectrometry market in 2023. Technological advancements and the latest innovations govern the development of more accurate and affordable spectrometers, boosting the segment’s growth. Instruments are highly recommended due to their ability to perform numerous analyses, eliminating the need to pay extra charges per sample. Additionally, increasing investments and the burgeoning biotechnology and life science sectors potentiate the segment’s growth.
By product, the services segment will gain a significant share of the market over the studied period. The high cost of spectrometers and the requirement of suitable infrastructure limits the installment of spectrometers in many research labs in LMICs. Hence, services are widely preferred. Several government research labs offer advanced spectrometry services at affordable rates.
By application, the pharmaceutical analysis segment held a dominant presence in the spectrometry market in 2023. Spectrometry plays a vital role in pharmaceutical analysis, ensuring drug quality, safety, and regulatory compliance. Drug compound identification, quantitative analysis, impurity detection, structural elucidation, proteomics, glycan analysis, stability testing, and metabolite profiling are some of the applications of spectrometry in pharmaceutical analysis. The booming pharmaceutical sector and increasing investments promote the segment’s growth.
By application, the proteomics segment is projected to hold a notable share of the market in the coming years. In proteomics, spectrometry is used to catalog protein expression, define protein interactions, and identify protein modification sites. The growing proteomics research due to rising chronic and genetic disorders and favorable government policies to support proteomics research augment the segment’s growth.
By end-use, the government & academic institutions segment registered its dominance over the global spectrometry market in 2023. The segment’s growth is attributed to favorable government policies, government funding for research and setting up new labs, and affordable services.
By end-use, the pharmaceutical & biotechnology companies segment is estimated to show lucrative growth in the market over the forecast period. The availability of suitable infrastructure, capital investment, and a favorable regulatory framework drive the segment’s growth.
North America held the largest share of the spectrometry market by 50% in 2023. The state-of-the-art research and development facilities, the presence of key players, and favorable government policies drive the market. The US key players, such as Thermo Fisher Scientific, Agilent Technologies, PerkinElmer, Danaher Corporation, etc., hold a major share of the market in the region. The market is also driven by increasing pharmaceutical & biotechnology companies and government funding for pharmaceutical research. There are over 5,000 pharmaceutical companies in the US and 3,000 companies in Canada. The National Institute of Health (NIH) invests around $48 billion annually in medical research to enhance life and reduce illness and disability.
Asia-Pacific is anticipated to grow at the fastest rate in the spectrometry market during the forecast period. The rising prevalence of chronic disorders, growing research and development, and increasing investments drive the market. The Chinese Government launched the π-Consortium project as a 30-year, multibillion-RMB effort to map the human proteome for different applications. In 2023, the Indian Government announced a budget of Rs 5,000 crore to transform the pharmaceuticals sector from cost-based to innovation-based growth by strengthening the research infrastructure in the country. Similarly, the Japanese Government launched an initiative, Strengthening Program for the Pharmaceutical Startup Ecosystem, with a budget of 350 billion yen for drug discovery startups.
Jan Kubicek, Co-Founder and CSO of Cube Biotech, commented on its collaboration with Momentum Biotechnology, an innovative contract research organization for mass spectrometry-based drug discovery, that the company aims to break new ground in drug discovery and accelerate the development of innovative therapies. He also added that the collaboration will significantly enhance their ability to tackle the most challenging protein targets and deliver actionable insights to the clients.
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