Mobile and Portable Spectrometers Market size is poised to cross USD 5 Billion by the end of 2033, growing at a CAGR of 10% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of mobile and portable spectrometers was over USD 2 Billion. The growth of the market can be attributed to the surge in mass spectrometry analysis by medical professionals, followed by the growing healthcare spending across the globe which is also expected to add to the market growth over the forecast period. For instance, global healthcare spending was expected to reach more than USD 10 trillion by the end of 2022. In addition to this, the rising utilization of these spectrometers in food contamination detection, and carbon dating applications are also projected to fuel the growth of the market over the projected time frame.
In addition to these, factors that are believed to fuel the market growth of mobile and portable spectrometers include the rise in the adoption of security and analytical instruments. These devices are perfect for applications such as field analysis of samples, identifying raw materials, and forensic analysis. These versatile instruments offer analysis capabilities similar to benchtop models. With the recent advancements in smartphone devices as well as smartphone spectroscopy, the demand for mobile and portable spectrometers is on the rise amongst smartphone users, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global mobile and portable spectrometers market during the forecast period. For instance, more than 72% of the United States population used smartphones in 2020.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
10% |
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Base Year Market Size (2022) |
USD 2 Billion |
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Forecast Year Market Size (2033) |
USD 5 Billion |
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Regional Scope |
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The global mobile and portable spectrometers market is segmented and analyzed for demand and supply by type into optical spectrometer, mass spectrometer, and fluorescence spectrometer. Out of these three types of segments, the optical spectrometer segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the growing use of optical spectrometers to measure the mass-to-charge ratio of ions, along with the rising forensic analysis, and rising environmental testing worldwide. For instance, it is observed that, in the United States, with most techniques used in forensic analysis, on average the rate of forensic accuracy is considered between 65% to 75%.
The global mobile and portable spectrometers market is also segmented and analyzed for demand and supply by application into material chemistry, life science, drug discovery, food & agriculture, nanotechnology, forensic science, and others. Amongst these segments, the life science segment is expected to garner a significant share in the coming years. The growth of the segment can be attributed to the significant surge in clinical lab testing across the globe. For instance, every year, over 8 billion clinical lab tests are carried out in the United States. Since more diagnostics and medical resources are being deployed in medical labs to identify metabolic issues with proteins or biomarkers. Hence, the life science segment is estimated to garner a significant market size over to forecast period. On the other hand, the drug discovery segment is projected to witness notable CAGR during the forecast period, owing to the expanding use of portable spectrometer in the drug research and development sector. Medicinal chemists typically employ such spectrometers to record and observe chemical processes while conducting drug production and product validation. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global mobile and portable spectrometers market includes the following segments:
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By Spectroscopic Techniques |
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By Type |
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By Application |
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North America Market Forecast
The North American mobile and portable spectrometers market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the growing demand for novel drugs & medicines in the region, coupled with the increased spending for drug research and development (R&D) in the pharmaceutical industry. According to the Congressional Budget Office (CBO), Research and Development (R&D) in the Pharmaceutical Industry report, the United States pharmaceutical industry spent USD 83 billion on R&D in 2019. In addition to this growing technological advancement in spectroscopy, along with the increasing investment by the government for research and development activities in pharmaceutical and biomedical streams is projected to push the market growth further throughout the forecast period in the region.
Asia Pacific Market Forecast
Furthermore, the Asia Pacific mobile and portable spectrometers market is also estimated to display notable market growth by the end of 2033. The growth of the market can be attributed to the dynamically growing pharmaceutical sector in countries such as China, Japan, India, and so on. Based on a report, by 2030, the Indian pharmaceutical sector is anticipated to be worth over USD 132 billion. In addition to this, the surging investment by the government in the healthcare sector, coupled with the significant growth in the medical science industry is also projected to drive the market growth further throughout the forecast period in the region.
PerkinElmer, Inc. announced that its Spectrum Two FT-IR spectrometer is onboard a research trip led by eXXpedition, a non-profit organization running all-women sailing voyages, where it is being used by the scientist team to identify and document the chemical classification of plastics found during their travels.
X-Rite Incorporated entered into a collaboration with Pantone LLC to launch the eXact 2, a next-generation non-contact handheld spectrophotometer designed to bring the ink, print, and packaging workflow together in one device, which enables operators to measure and seamlessly verify customer requirements two times faster and with higher accuracy
Author Credits: Abhishek Verma, Hetal Singh
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