Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Atomic Spectroscopy Market size was over USD 6.89 billion in 2024 and is poised to exceed USD 16.01 billion by 2037, witnessing over 6.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of atomic spectroscopy is evaluated at USD 7.26 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.
Atomic Spectroscopy Market: Growth Drivers and Challenges
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
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
6.7% |
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Base Year Market Size (2024) |
USD 6.89 billion |
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Forecast Year Market Size (2037) |
USD 16.01 billion |
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Regional Scope |
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Atomic Spectroscopy Segmentation
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 2037. 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 2037, 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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Customize this ReportAtomic Spectroscopy Market - Regional Synopsis
North American Market Forecast
North America industry is predicted to hold largest revenue share of 37% by 2037. 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 2037. 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.
Companies Dominating the Atomic Spectroscopy Market
- Adeptrix Corp
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- 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
- GBC Scientific Equipment Pty Ltd
In the News
- Avantor, Inc. the leading provider of products and services in the field of advanced technologies and life sciences, announced the collaboration with Catalent, Inc. With this agreement, Avantor will provide a wide range of laboratory supplies, clinical testing technologies, and others.
- Agilent Technologies, Inc. announced the collaboration with PathAI to provide the AI-powered services and research tools for clinical application, pathology, and biopharma research. The companies will collectively develop machine learning analysis algorithms.
Author Credits: Radhika Pawar
- Report ID: 5036
- Published Date: Nov 15, 2024
- Report Format: PDF, PPT
