Atomic Spectroscopy Market Overview
The atomic spectroscopy market shows average growth signs with a moderate CAGR of 6.37% during 2022-2032.
“Investment in atomic spectroscopy market will remain high from the pharmaceutical sector.”
Inductively coupled plasma mass spectroscopy (ICP-MS) market is expected to show the highest growth rate during the forecast period 2015 to 2025. This growth is attributed to revision in various regulations (chapter 231) of the U.S. Pharmacopeial Convention.
The revised regulation mandates the utilization of inductively coupled plasma mass spectroscopy by pharmaceutical companies, which will propel the overall growth of the inductively coupled plasma mass spectroscopy market.
Which Segment has the Largest Market Share?
“Adoption of X-ray fluorescence spectroscopy is rising as it is effective in precisely analyzing solid samples. Methods utilizing X-ray fluorescence are both user-friendly and cost-effective, which further rises its popularity.”
Based on technology, the market is segmented into X-ray Fluorescence Spectroscopy, X-ray Diffraction Spectroscopy, Inductively Coupled Plasma Mass Spectroscopy (ICP-MS), Inductively Coupled Plasma (ICP) Spectroscopy, Atomic Absorption Spectroscopy, Elemental Analyzers. Among all aforementioned technologies, the X-ray fluorescence spectroscopy market accounts for the largest share of the atomic spectroscopy market.
This is due to the fact that they are efficient in analyzing solid samples precisely. Also, procedures performed via X-ray fluorescence are user-friendly in nature, along with being cost efficient.
Among all these, application of atomic spectroscopy in the pharmaceutical market accounts for the largest share of the total market. This large market size is due to increased utilization of atomic spectroscopy in the various pharmaceutical activities, such as drugs manufacturing.
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Their efficiency helps develop and manufacture drugs precisely, which increases the uptake of atomic spectroscopy while manufacturing drugs by pharmaceutical companies. Hence, the atomic spectroscopy market is expected to grow at the highest CAGR during 2015 to 2025.
How do the Safety Regulations Impact the Demand for Atomic Spectroscopy?
“Advanced scientific equipment and laboratory supplies have made a significant contribution to increased market demand. Some regulations continue to pose a threat to the market.”
Stringent safety regulations regarding the drug safety, and food and beverage testing by regulatory authorities across the globe, will drive the growth of the atomic spectroscopy market at a high CAGR during the forecast period.
Safety regulations will propel the demand for the utilization of atomic spectroscopy in the industrial chemistry sector, along with environmental testing, since it will help monitor the volume of metal in any sample.
Likewise, increasing application of atomic spectroscopy in medical research and drug safety will also boost the growth of the atomic spectroscopy market with proper laboratory supplies. However, lack of trained professionals for handling atomic spectroscopy devices and technology may restrain the growth of the atomic spectroscopy market.
Domiciles of large pharmaceutical and industrial chemistry companies in North America have supported the region to contribute the largest share of the total atomic spectroscopy market. Also, stringent government regulations regarding safety of drugs, food and beverages has also supported the large market size in the region.
Asia-Pacific is expected to foresee the highest CAGR during the forecast period 2015 to 2025. This is due to the fact that major players, such as Agilent Technologies, are intending to expand their business in the emerging nations like India and China, which will drive the growth of the market.
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