Research Nester’s recent market research analysis on “Atomic Spectroscopy Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global atomic spectroscopy market in terms of market segmentation by technology, application, and by region.
Growing Production of Medicines to Promote Global Market Share of Atomic Spectroscopy
The global atomic spectroscopy market is estimated to grow majorly on account of the rising regulation for drug safety in the pharmaceutical sector and increased production of medicines. Elements in medications are analyzed using the atomic spectroscopy technique. It aids in the determination of element concentrations and potentially harmful elements in medication formulations. Moreover, it is also essential for quality control in the pharmaceutical manufacturing process. As a result, tight medication approval regulations will increase the demand for atomic spectroscopy. A WHO Pharmacovigilance team was founded in 2020, and it interacts together with the Department of Regulation and Prequalification to ensure the safety of newly discovered medicines and vaccines. Furthermore, over the next five years, until 2026, a total of 300 new drugs are expected to be introduced globally, a significant rise from the preceding decade's average.
Besides this, the rising demand for atomic spectroscopy in the food industry is also expected to drive market growth. To detect and quantify contamination in food samples, atomic spectroscopy can be used. Inductively Coupled Plasma Mass Spectrometry is employed specifically for this. It is also utilized in the testing of the beverages, since it contains water components, atomic spectroscopy is used to find any source of contaminants in the water. According to World Health Organization figures, over 420,000 people die each year as a result of tainted food, and nearly 6000 million become extremely ill.
Some of the major growth factors and challenges that are associated with the growth of the global atomic spectroscopy market are:
Growth Drivers:
· Rising Deaths Caused by Contaminated Food
· Higher Production of New Medicines
Challenges:
The are lots of technical difficulties that are faced when integrating atomic spectroscopy with other machines and there is also a lack of skilled workers in the industry are some of the major factors anticipated to hamper the global market size of atomic spectroscopy. Atomic spectroscopy instruments often involve complex instrumentation and require specialized training for operation and data interpretation. Therefore, a lack of experts will hamper the market growth. Moreover, the cost of implementing atomic spectroscopy is high. The initial amount of money required to purchase the components of an atomic spectroscopy setup, such as an ICP-OES or an ICPP-MS, as well as the cost of consumables and routine maintenance, can be large.
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On the basis of application, the global atomic spectroscopy market is segmented into pharmaceutical & biotechnology, industrial, food & beverage testing, environmental testing, petrochemical, and geological sciences. The pharmaceutical & biotechnology segment will generate the maximum revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The rising investment in pharmaceuticals is expected to boost the segment’s growth. In 2021, global R&D spending in the pharmaceutical industry is expected to be over 238 billion US dollars. On the other hand, by technology, the market is further fragmented into X-ray fluorescence, atomic absorption spectroscopy, X-ray diffraction, and inductively coupled plasma-optical emission spectroscopy. Out of which, the atomic absorption spectroscopy will grow at an impressive rate.
Further, the market in Europe will grow and register a significant share by the end of 2034. Many research organizations and universities in Europe are actively engaged in scientific research and development. Atomic spectroscopy is important in these activities because it allows researchers to investigate the interactions of metals with biological systems. In Europe, there is a rising emphasis on the atomic spectroscopy sector.
This report also provides the existing competitive scenario of some of the key players of the global atomic spectroscopy market which includes company profiling of Adeptrix Corp, 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 and GBC Scientific Equipment Pty Ltd.
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