Spectroscopy is a technique used to study the physical characteristics of a material when there is an interaction between absorption and emission of light within a specified electromagnetic spectrum. Spectroscopy includes interaction of electron, proton and ions absorbed by molecule. Spectroscopy is studied by visible light, ultraviolet and infrared radiations through spectrometer. Since 2010, demand for analytical instrumentation has increased significantly among various end-use industries such as pharmaceuticals and life sciences. Spectroscopy market accounts for significant market share of analytical instrumentation market. Molecular spectroscopy, mass spectrometry and atomic spectroscopy are some of the key technologies that are present in the market. In an analytical and life science industries, spectroscopy plays a significant role owing to increase in demand for bimolecular analysis and drug composition.
The primary factors that exhibits the growth of spectroscopy & elemental analysis instruments market are increasing concern in the area of food and environmental safety, increase in the R&D funding, healthcare expenditure along with usage of X-ray fluorescence in clinical research and government support. However, significant dearth of professionals, unlawful trade practices and high cost of spectroscopy devices and elemental analyzers may hampers the growth of spectroscopy & elemental analysis instruments market.
Based on the methods for analyzing the spectroscopy, the mass spectroscopy segment is widely used technique so as to identify the chemical contents present in the sample. Increase in the research and technology activities in the field of drug development, bimolecular analysis, industrial chemistry along with defense and astronomical sector is expected to propel the demand for spectroscopy & elemental analysis instruments in near future.
Depending on geographic region, spectroscopy & elemental analysis instruments market is segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. Europe followed by North America accounts for largest market share of the global Spectroscopy & elemental analysis Instruments. This is attributed to presence of large number of research & academic centers along with significant presence of major key players in these market. Developing regions such as Asia Pacific excluding Japan (APEJ), Latin America, Middle East and Africa hold huge potential and a promising market for spectroscopy & elemental analysis instruments market owing to increase in the research expenses, food and drug safety along with improvement in macroeconomic conditions in these regions.
Key players of spectroscopy & elemental analysis instruments market are Thermo Fisher Scientific Inc., PerkinElmer Inc., HORIBA Ltd., Metrohm AG, Shimadzu Corporation, Bio-Rad Laboratories, Inc., Danaher Corporation, F. Hoffmann-La Roche Ltd., Agilent Technologies, WATERS, Bruker Corporation, Spectris, Illumina Inc., JEOL Ltd., JASCO, Inc. and Teledyne Technologies Incorporated. Market players need to emphasize on research and development as well as distribution networks to increase their business footprint worldwide.
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