Atomic Spectroscopy Market Share

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 2035 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 2035. 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.

Frequently Asked Questions (FAQ)

Increasing demand for better food safety, rising production of medicine, and growing research in the pharmaceutical industry are the major factors driving the market growth.

The market size of atomic spectroscopy is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 â€“ 2035.

The major players in the market are Adeptrix Corp, Agilent Technologies, Inc., AMETEK Inc., Analytik Jena GmbH + Co. KG, Aurora Biomed Inc., Avantor, Inc., Bruker Corporation, Buck Scientific Instrument Manufacturing Company, Endress+Hauser Group services AG and GBC Scientific Equipment Pty Ltd.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by technology, application, and by region.

The atomic absorption spectroscopy segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Lack of expert professionals and high cost of the device is estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Atomic Spectroscopy Market Share