Spectrometry Industry Unlocks Growth Potentials in NMR Spectroscopy - Grand View Research, Inc.
SAN FRANCISCO, June 28, 2023 /PRNewswire/ -- The global spectrometry industry size will witness robust growth on the back of growing applications across drug development procedures, forensic analysis and proteomics, according to the "Spectrometry Industry Data Book, 2023 - 2030," published by Grand View Research. Forward-looking players have upped investments in molecular spectrometry in pharmaceutical and biotechnology in the wake of innovation in infrared (IR) spectroscopy. Stakeholders have exhibited an increased inclination for IR spectroscopy to identify adulterated food and volatile compounds. The advanced method will continue to gain ground in art preservation, forensics and assessing the protein folding process.
Equipment manufacturers have injected funds into mass spectrometry (MS) in the drug development pipeline, applied testing, clinical diagnostics and food products. Lately, Gas chromatography-mass spectrometry (GC-MS) has emerged as a gold standard for monitoring doping in athletes. GC-MS offers quick results, higher sensitivity and improved sample identification. The technique has observed an upward trajectory in the food & beverage industry to detect food contamination and assess aromatic compounds, including alcohol, esters and fatty acids. Predominantly, MS has become sought-after in R&D activities for faster and more accurate quantification and identification of molecules. The global mass spectrometry market size stood at USD 5.83 billion in 2021 and is slated to exhibit a CAGR of 7.87% from 2022 to 2030.
Order your copy of the Free Sample of "Spectrometry Industry Data Book - Spectrometry, Mass Spectrometry, NMR Spectroscopy, Near-Infrared Spectroscopy and In-line UV-vis Spectroscopy Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research
An uptick in biomedical research has fueled the penetration of nuclear magnetic resonance (NMR) spectroscopy across business verticals. For instance, NMR testing has gained ground in detecting 'food fraud' such as tampering, addition or substitution. Biotechnology specialists have shown an inclination for NMR spectroscopy to assess substances, confirm the identity and purity of compounds and find the chemical structure. Amid a surge in food adulteration, the technology is expected to provide an impetus to industry dynamics. The global NMR spectroscopy market size was valued at USD 657.11 million in 2021 and will depict a 5.1% CAGR through 2030. Notable applications across imaging, structural biology and material science will underscore growth.
Mega-trends and opportunities that are expected to be pronounced in the ensuing period are highlighted below:
- Near-infrared spectroscopy will observe promising growth due to strong demand from the agriculture sector.
- Paint and coating manufacturers have upped investments in In-line UV-vis spectroscopy to measure the manufactured substance robustly without interruptions and delays.
- The North America market is poised to witness strong investments on the back of technological advancements, presence of well-established players and investments in R&D activities.
Investors, venture capitalists and other stakeholders expect the industry for spectrometry in Asia Pacific to rise in prominence with a buoyant infusion of funds into food testing, drug discovery, clinical diagnostics and life science research. The expanding healthcare industry across India and China presents a lucrative growth potential to undergird their geographical footprint. Moreover, strengthening environmental regulations will solidify the position of key players. To illustrate, in April 2023, Shimadzu Diagnostics Corporation alluded to joining forces with MiCAN to develop infectious disease test reagents used in liquid chromatograph mass spectrometers and PCR testing systems.
The competitive intensity surrounding the market suggests that R&D efforts, innovations, geographical expansion, technological developments, collaboration and mergers & acquisitions could reshape the global dynamics. Biopharma and academia are poised to play a pivotal role in life science, auguring well for the marketplace. For instance, in November 2021, Thermo Fisher Scientific rolled out mass spectrometry and chromatography solutions to underpin biopharmaceutical characterization, proteomics and data acquisition. Meanwhile, in February 2022, Agilent announced the acquisition of Virtual Control's AI technology. It will help the former to integrate the software into GC/MS platforms to enhance the efficiency, productivity and accuracy of high-throughput labs.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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