Atomic Spectroscopy Market Share

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.