Atomic spectroscopy is a branch of analytical chemistry that studies the interaction of atoms with electromagnetic radiation. It determines trace elements in drug products, active pharmaceutical ingredients (APIs), raw materials, and intermediates.
Sizing and Forecast
The atomic spectroscopy market size has grown strongly in recent years. It will grow from $7.38 billion in 2023 to $7.94 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to environmental regulations, pharmaceutical industry growth, metals and mining exploration, food safety and quality control, increased laboratory automation.
The atomic spectroscopy market size is expected to see strong growth in the next few years. It will grow to $10.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to emerging markets adoption, nanotechnology applications, advancements in elemental imaging, increased exploration in oil and gas industry, precision agriculture applications. Major trends in the forecast period include focus on drug safety and biotechnology, technological advancements, remote sensing and telemetry integration, multi-elemental analysis platforms, collaborative industry partnerships.
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Segmentation & Regional Insights
The atomic spectroscopy market covered in this report is segmented –
1) By Type: Instruments, Inductively Coupled Plasma (ICP) Spectrometer, Other Types
2) By Technology: Atomic Absorption Spectroscopy (AAS), X-ray Fluorescence (XRF), X-ray Diffraction (XRD), Inductively Coupled Plasma-Optical Emission Spectroscopy (ICP-OES), Inductively Coupled Plasma-Mass Spectrometry (ICP-MS), Elemental Analyzers, Other Technologies
3) By Application: Food And Beverage Testing, Pharmaceutical, Industrial, Environmental Testing, Geological Sciences, Petrochemical, Academics, Other Applications
4) By Distribution Channel: Direct Tenders, Retail
5) By End-User: Laboratories, Universities, Manufacturing Facilities, Government Agencies
North America was the largest region in the atomic spectroscopy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the atomic spectroscopy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising development of new drugs is expected to propel the growth of the atomic spectroscopy market going forward. Novel drugs are pharmaceutical substances not previously approved or marketed for therapeutic use. Atomic spectroscopy is used in drug development to determine the elements’ composition. For instance, according to the US Food and Drug Administration, a US-based health regulatory authority approved 37 novel drugs which was 68% in US. Therefore, the rising development of new drugs is driving the growth of the atomic spectroscopy market.
Key Industry Players
Major companies operating in the atomic spectroscopy market report are Thermo Fisher Scientific Inc., Merck KGaA, GBC Scientific Equipment Pty Ltd., Avantor Inc., Lumex Instruments, Agilent Technologies Inc., AMETEK Inc., Hitachi High-Technologies Corporation, Buck Scientific Instruments LLC, Shimadzu Corporation, PerkinElmer Inc., Bruker Corporation, JEOL Ltd., Rigaku Corporation, Ocean Optics Inc., PG Instruments Limited, Analytik Jena AG, Teledyne Leeman Labs, SAFAS Corporation, A KRUSS Optronic GmbH, Aurora Biomed Inc., Beijing Titan Instruments Co. Ltd., Beijing Beifen-Ruili Analytical Instrument (Group) Co. Ltd., Wuxi Jiebo Instrument Technology Co. Ltd., Varian Inc.
The atomic spectroscopy market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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