Atomic Spectroscopy Market size was valued at USD 6.41 Billion in 2023 and is likely to reach USD 15.08 Billion by 2036, expanding at around 6.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of atomic spectroscopy is estimated at USD 6.82 Billion. The rising production of medicines will drive the growth of the market. Over the following five years through 2026, a total of 300 new medications are predicted to be introduced globally, a significant increase from the previous decade's average. Furthermore, the overall expenditure on new drug development will be roughly USD 196 billion. With the help of the atomic spectroscopy technique, elemental analysis in pharmaceuticals is done. It helps in determining the concentration of the elements and potentially toxic elements in the drug formulations.
Furthermore, the rising consumption and production of packed beverages will also increase the demand for atomic spectroscopy. In 2021, worldwide consumption of packed beverages was estimated to be around 1.35 trillion liters. Beverages often have a significant water component, and the quality of water used in their production is important. Atomic spectroscopy can be used to analyze water samples for the presence of contaminants, including heavy metals.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.8% |
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Base Year Market Size (2023) |
USD 6.41 Billion |
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Forecast Year Market Size (2036) |
USD 15.08 Billion |
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Regional Scope |
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Technology (X-Ray Fluorescence, Atomic Absorption Spectroscopy, X-Ray Diffraction, Inductively Coupled Plasma-Optical Emission Spectroscopy)
The atomic absorption spectroscopy segment is expected to hold over 40% share of the atomic spectroscopy market by 2036. Atomic absorption spectroscopy is comparatively cheaper than other technology and produces great outputs. It has relatively lower capital and operating costs, making it accessible to small laboratories and industries with restricted budgets. Moreover, AAS are well known for their great sensitivity and selectivity in detecting and quantifying trace elements. It can measure the elements at parts per billion (ppb) or even part per trillion (ppt) concentration. This makes it crucial in various fields, including pharmaceutical, environment, and forensic analysis.
Application (Pharmaceutical & Biotechnology, Industrial, Food & Beverage Testing, Environmental Testing, Petrochemical, Geological Sciences)
In the year 2036, the pharmaceutical & biotechnology segment in the atomic spectroscopy market is predicted to have a major proportion of roughly 46%. The growing investment in pharmaceuticals is expected to drive the segment’s growth. For instance, in 2021, the total investment in gene therapy was around USD 23 billion, which came in owing to higher collaboration among big pharmaceutical companies across the globe. Atomic spectroscopy can be utilized to monitor the uptake and distribution of therapeutic genes and other elements in gene therapy. Moreover, global R&D spending in the pharmaceutical business was around 238 billion US dollars in 2021. Higher investment will lead to a rise in the number of drug development programs and an expanded pipeline of potential therapies.
Our in-depth analysis of the global atomic spectroscopy market includes the following segments:
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Technology |
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Application |
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North American Market Forecast
North America atomic spectroscopy market is projected to grow at a higher CAGR over the forecast and it will be responsible for the largest with a share of about 37% between 2023 and 2036 due to the rising investment in advancing food testing technology which will increase the use of atomic spectroscopy. Atomic spectroscopy is used in quality control processes to monitor and maintain the consistency and purity of food products. In the financial year 2022 budget of the United States, the government allocated USD 1.6 billion in funding authority for food safety testing, a USD 134 million was invested in human and animal goods. Out of which, around USD 45 million was to support the programs to enhance food safety. Moreover, the proposed spending plan also includes USD 20 million for Developing Chemical and Toxicology Issues and USD 18 million for Maternal and Infant Health and Nutrition efforts.
APAC Market Statistics
The Asia Pacific atomic spectroscopy market is expected to be the second largest, with a 26% share till 2036. The Indian biotech sector expanded by around 14%, with R&D investments tripling to USD 1.02 billion in 2021, up from USD 320 million in 2020. Atomic spectroscopy is important for various applications within the biotech industry. It is used to determine the elemental composition and concentration of the sample. Therefore, the expanding biotech industry will grow the regional industry. Furthermore, the rising concerns for assuring food safety are also expected to drive the growth of the atomic spectroscopy market in the region.
Author Credits: Radhika Pawar
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