Categories: Chemicals

Process Spectroscopy Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Process Spectroscopy Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Process Spectroscopy Global Market Report 2024, The process spectroscopy market size has grown strongly in recent years. It will grow from $20.41 billion in 2023 to $22.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to quality control demands, cost efficiency, rapid analysis, market competition, healthcare innovations..

The process spectroscopy market size is expected to see strong growth in the next few years. It will grow to $30.16 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to industry 4.0 integration, miniaturization and portability, sustainability focus, pharmaceutical advancements, biotech and life sciences.. Major trends in the forecast period include cross-industry collaboration, customization & software solutions, emerging markets expansion, precision agriculture, remote monitoring solutions..

The increasing demand from pharmaceutical industries is expected to propel the growth of the process spectroscopy market going forward. Spectroscopic methods refer to the molecular scale studied; nuclear magnetic resonance (NMR) is one such technology. Process spectroscopy plays a crucial role from identifying and inspecting raw materials to the development and formulation of pharmaceutical products, as a result, increasing pharmaceutical industries increases the demand for process spectroscopy. For instance, in September 2022, the European Federation of Pharmaceutical Industries and Associations, a Belgium-based trade association, the research-based European pharmaceutical industry witnessed a significant increase in production value, reaching €300 billion in 2021. Notably, the growth in exports soared from €90.9 billion to an impressive €565 billion during the same period. In 2021, imports accounted for €390 billion, resulting in a positive trade balance of €175 billion. Therefore, increasing demand from pharmaceutical industries drives the growth of the process spectroscopy market.

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The process spectroscopy market covered in this report is segmented –

1) By Component: Hardware, Software

2) By Technology: Molecular Spectroscopy, Mass Spectroscopy, Atomic Spectroscopy

3) By End-User Industry: Polymer, Oil And Gas, Pharmaceutical, Food And Agriculture, Chemical, Other End User Industries

Technological advancement is a key trend gaining popularity in the process spectroscopy market. Major market players are developing advanced technologies to sustain their position in process spectroscopy, such as the ZenoTOF 7600 system. For instance, in June 2021, SCIEX, a US-based company engaged in life science analytical technologies, launched the ZenoTOF 7600 system, a novel, accurate mass LC-MS/MS instrument for biotherapeutics. This new system allows scientists to identify, classify, and quantify molecules more accurately than ever before by generating previously unachievable data. This finding will help to progress the development of novel precision diagnostics and biotherapeutics by resolving genuine analytical problems. For the first time in a commercial instrument, the ZenoTOF 7600 system includes the patented Zeno trap and electron-activated dissociation (EAD) fragmentation. Zeno trap pulsing eliminates the conventional duty cycle problems of orthogonal TOF technology, offering up to 20x the sensitivity and enabling the identification of crucially low levels of abundant compounds on a regular basis.

The process spectroscopy market report table of contents includes: