A research report based on the global spectrometry market has been recently published by Transparency Market Research. The report, titled “Spectrometry Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”, states that the global spectrometry market, which valued US$ 12,212.9 million in 2013, would see a CAGR of 7.2% from 2014 to 2020, by which year it would be worth US$19,608.7 million.
According to the report, the major growth driver behind the rising popularity of the global spectrometry market is the high rate of influx of increasingly innovative products in the market. Technological innovations in the field of spectrometry have allowed the global spectrometry market in catering to a vast array of applications from a variety of industries. Especially, the entry of handheld and portable spectrometry devices in the market has led to an added demand from the drug identification, defense, food inspection and environmental protection sectors.
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The report focuses on three major segments of the market – technologies, applications, and major regional markets on the global front.
Technology-wise, the market is further segmented into mass spectrometry, molecular spectrometry and atomic spectrometry. Amongst the various sub segments of these major segments, revenues of nuclear magnetic resonance spectrometry – a sub-segment of molecular spectrometry is likely to lead the global spectrometry market by amassing a market value worth US$ 1.7 billion by the end of 2020.
Sales in the overall molecular spectrometry segment are also expected to achieve substantial growth owing to the increasing demand for infrared, near-infrared and Raman spectrometry devices in security and defense, research and academic sectors.
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Amongst the major end-user applications, the sectors of life sciences, food and beverages testing, biotechnology, environmental testing and industrial chemistry are discussed in-depth in the report. Rising applications of spectrometry devices in clinical tests such as tissue analysis, proteomics, disease marking and toxicology has significantly contributed towards the growth and global uptake of the spectrometry market.
Stringent regulations surrounding the fields of soil and water testing are also substantially contributing positive growth of this market on a global front. By 2020, the application segment of biotechnology is expected to observe growth at a CAGR of 18.4%, making it the fastest growing application segment of the market during the report’s forecast period.
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Geographically, the report segments the spectrometry market into four prominent regional markets – North America, Asia-Pacific, Europe and the Rest of the World. The report states that the market has attained a saturation level in developed economic countries such as Europe and the US, but the array of breadth of application areas has also widened. Rising demands from these relatively new application areas such as space, aeronautics and defense in these regions would continue to drive the market.
However, regional market of Asia-Pacific and the Rest of the World will be the fastest growing markets throughout the forecast period. Key players are keen on investing in these regions due to a huge customer base and rising research related activities in countries like China, India and some other countries in the South-East Asian region.
The global spectrometry market experiences intense competition; large companies are competing for relatively smaller application areas and product segments. Major shares of revenues are held by multinational companies including Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., Shimadzu Corporation, AB Sciex, Perkin Elmer, Inc., and Waters Corporation.