Atomic Spectroscopy Market Trends

Growth Drivers

Rising Number of Fatalities Associated with Tainted Food– As per the statistics of the World Health Organization, in the entire world, around 420,000 people every year lose their life due to contaminated food and nearly 6000 million become severely ill. Atomic spectroscopy can be employed to detect and quantify the contamination in the food samples. Inductively Coupled plasma mass spectrometry is specifically used for this purpose.
Rising Investment by Government– The government is allocating huge funds for research and development in the field of atomic spectroscopy. These investments aid the discovery and improvement of new techniques, instrumentation, and others. Moreover, the government also plays a crucial role in establishing and maintaining the advanced laboratory infrastructure required for atomic spectroscopy.
Growing Implementation of Drug Safety Regulation– The efficacy and safety of the drug is highly crucial. For addressing this concern, in 2020, a WHO Pharmacovigilance team was formed, it works closely with the Department of Regulation and Prequalification to look after the safety of newly developed medicines and vaccines. Atomic spectroscopy plays a critical role in quality control throughout the pharmaceutical manufacturing process. Therefore, strict regulation for drug approvals will drive the demand for atomic spectroscopy.

Challenges

The Cost of the Machine is Really High- The instrument can be expensive to acquire and maintain. The initial capital investment required for purchasing the components of the atomic spectroscopy setup, such as ICP-OES or ICPP-MS, along with the cost of consumables and regular maintenance can be significantly high. It can be a significant barrier for small and medium-sized laboratories or research facilities.
Difficult Integration with other Analytical Instruments
Lack of Skilled Professionals to Handle the Machine

Atomic Spectroscopy Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~7%
Base Year Market Size (2022)	~ USD 6 Billion
Forecast Year Market Size (2035)	~ USD 7 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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 Trends