Market Research Future recently published a report on, “Atomic Spectroscopy Market Research Report Information By Technology, Application, End User and Region - Forecast till 2032”. According to the report, the Global Atomic Spectroscopy Market is projected to grow from USD 6.2 Billion in 2023 to USD 10.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.20% during the forecast period (2023 - 2032).
Atomic Spectroscopy Market Scope
The global atomic spectroscopy market is likely to witness vast demand in the years to come. Growth in forensic laboratories, academia, agriculture, biomonitoring, and nuclear energy would drive market growth. Atomic spectroscopy helps determine the elemental atoms composition of a sample using electromagnetic radiation or mass spectrum. Atoms absorb or emit energy wavelengths that can be used to identify and quantify elements. Atomic spectroscopy is widely used in environmental chemistry, geology & soil science, mining & metallurgy, food sciences, and medicine.
AI is being used in spectroscopy for spectral identification & interpretation, data preprocessing, predictive modeling, automation, feature selection, anomaly detection, quality control, and material discovery. AI algorithms can help identify and interpret spectral data by comparing it to large spectral databases and providing an output that researchers can more easily understand.
The atomic spectroscopy market appears highly competitive, with many well-established players forming a competitive landscape. Market players adopt strategic approaches such as mergers & acquisitions, product & technology launches, expansion, and collaboration to gain a larger competitive share. Players make substantial investments to drive the R&D required for innovation and product launch. They also invest in increasing the global footprint and acquiring promising companies from emerging markets.
For instance, on Jan. 24, 2023, P S Analytical, a leading manufacturer and supplier of chemical analysis instrumentation, announced that its newly developed Millennium Merlin 1631 AFS system has become the ideal choice for seawater analysis, offering excellent sensitivity in the ppt range, wide linear working ranges, ease of use, and a rapid RoI.
P S Analytical's instruments can analyze substances such as Arsenic (As), Mercury (Hg), Selenium (Se), Bismuth (Bi), Antimony (Sb), and Tellurium (Te) in all matrices. The high TDS or polyatomic spectral issues do not affect the system specifically designed for Hg analysis in seawater. The analyses can also be used to determine mercury in other environmental matrices such as drinking water, wastewater, soils, sediments, and sludges.
Players active in the global atomic spectroscopy market include:
Growing investments in technology development and spurring rise in the healthcare & pharmaceutical industry drive the market growth. Besides, the increasing product launches with innovative and easy-to-use technologies helped the market grow excellently. Increasing expenditures in scientific research and forensic sciences boost the atomic spectroscopy market revenues.
Atomic spectroscopy is increasingly used in food & agriculture, healthcare, defense, mining, and metrology industries. Rising uses of atomic spectroscopy across industries increase market revenues excellently. Besides, increasing awareness of atomic spectroscopy advantage and the growing prevalence of cancer positively impact the atomic spectroscopy market size.
The atomic spectroscopy market report is segmented into technologies, applications, and regions. The technology segment is sub-segmented into atomic absorption spectroscopy, x-ray fluorescence spectroscopy, x-ray diffraction spectroscopy, inductively coupled plasma-mass spectrometry, inductively coupled plasma-optical emission spectroscopy, and others (glow discharge optical spectroscopy, microwave-induced plasma optical emission spectroscopy, x-ray photoelectron spectroscopy, and laser spectroscopy).
Among these, the atomic absorption spectroscopy segment accounts for the biggest revenue share, witnessing extensive usage in biomonitoring, chemical, food, and many others.
The application segment is sub-segmented into geochemical/mining, pharmaceuticals & biotechnology, industrial chemistry, food & beverage testing, environmental testing, petrochemical, and others (forensic laboratories, academia, agriculture, biomonitoring, and nuclear energy). Of these, the pharmaceuticals & biotechnology segment holds the highest market share.
Pharmaceutical companies use atomic spectroscopy for elemental analysis in medication development, research & production, testing new molecular entities & ingredients, and production & quality control testing to identify the presence of impurities. The pharmaceutical industry focuses on the development of novel, effective medicines, which in turn, fuels the market expansion. By regions, the atomic spectroscopy market is sub-segmented into the Americas, Europe, Asia-Pacific, and the rest of the world.
North America dominates the global atomic spectroscopy market due to several major market players and the significant progress made by them. Besides, high-tech development centers and petrochemical & agricultural industries in this region expand atomic absorption spectroscopy demand. The growing use of atomic absorption spectroscopy in forensic sciences is a major market trend.
Furthermore, rapid development and uptake of advanced technologies & atomic spectroscopy and a large research industry in the US fuel the regional market's growth. The US and Canada account for major atomic spectroscopy market shares. The North American market will retain its dominance throughout the assessment period.
Europe accounts for the second-largest share of the global market, witnessing increasing Innovations and technological breakthroughs. Moreover, expanding applications of cutting-edge technology and AI to increase light throughput and enhance detection limits substantiate the region's atomic spectroscopy market share. Germany holds the largest share, whereas the UK is the rapidly growing market for atomic spectroscopy.
The Asia Pacific region demonstrates significant potential for revenue growth mainly due to substantial R&D investments by atomic absorption spectroscopy manufacturers to capture larger earnings from these prospective areas. China is the largest, while India is the fastest-growing market for atomic spectroscopy. The APAC market is expected to register a modest CAGR from 2023 to 2032.
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