Atomic Spectroscopy Market Size

Atomic Spectroscopy Market size is anticipated to surpass USD 7 Billion by the end of 2035, witnessing around 7% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of atomic spectroscopy was around USD 6 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.