Global Spectroscopy Equipment and Accessories Market Analysis: 2022-2028

Global spectroscopy equipment and accessories market analysis and insights

From the global climate, to national security, to individual healthcare, spectroscopic measurement factors into every facet of modern life. As always, spectroscopy and spectroscopists are providing the objective observations and measurements that help society make sense of a changing world. This article surveys noteworthy recent advances in and applications of atomic and molecular spectroscopy, touching on their uses in fields such as biomedicine, materials science, environmental monitoring, agriculture, pharmaceutical research, public safety, and more.

As it has for generations, spectroscopy remains a critical tool for answering the questions most relevant to society’s health, prosperity, and quality of life. The core techniques under the spectroscopy umbrella are well established, but in a state of continual refinement and adaptation to meet changing demands. Although the appearance of a new blockbuster technique is a rarity these days, ongoing advances in optics, detection, and computing technology drive steady evolutionary progress in instrument performance, ease of use, and applicability to emerging analytical challenges.

The global Spectroscopy Equipment and Accessories market estimated at US$17.78 billion in the year 2022 is now projected to grow at a CAGR of 4.39% and reach US$23 billion by 2028.

Owing to the increasing demand for state-of-the-art and accurate research equipment and the subsequently growing investment in the healthcare facilities and research laboratories has boosted the development of the spectroscopy equipment market. The significant innovation and technological advancements in spectroscopy equipment market is projected to generate new lucrative growth opportunities within the forecast period for the market. However, the high prices of the equipment and accessories can prove as a major challenge for the market growth.

Spectroscopy equipment and accessories regional market insights

North American spectroscopy equipment and accessories market is expected to grow significantly over the forecast period 2022-2028. This can be attributed to the local presence of a significant number of key players, such as Thermo Fisher Scientific, Agilent Technologies, Waters Corporation, and others. Additionally, an increase in R&D activities by prominent players for novel diseases will lead to the regional market growth. United States contributed around 78% of the total North American spectroscopy equipment and accessories market. It is estimated to have a market value of US$4.77 billion in the year 2022. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 3.91% and 2.56% respectively over the 2022-2028 period.

Asia Pacific spectroscopy equipment and accessories market is anticipated to witness an upsurge owing to the presence of a strong research base for new drug development. This is expected to boost the adoption of this technique in the region. Asian countries such as China, Japan, and India have significantly contributed to the market growth due to the rise in the number of spectrometry service providers. China is expected to dominate the Asia-Pacific market and reach a market size of US$2.95 billion by 2028.

Within Europe, Germany, France, Italy and the U.K. are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 4.22% over the forecast period.

Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing Middle Eastern nations such as Qatar, U.A.E, and Oman due to a similar growth pattern as the Asia Pacific.

Key players

Key players profiled in the report include AB Sciex Pte. Ltd.; Agilent Technologies, Inc.; Bruker Corporation; Danaher Corporation; Digilab, Inc.; Horiba Ltd.; JASCO; JEOL Ltd.; Metrohm AG; Ocean Optics, Inc.; PerkinElmer, Inc.; Rigaku Corporation; Shimadzu Corporation; Spectris plc; Thermo Fischer Scientific Inc.; Waters Corporation, among others.

Competitive Landscape

April 17, 2023 – At the Experimental Nuclear Magnetic Resonance Conference (ENC 2023), Bruker announces innovations for NMR spectroscopy in life science, pharma, and cleantech research to enable discoveries in functional structural biology, drug discovery, and battery research.

April 04, 2023 – Waters Corporation unveiled its next generationXevo TQ Absolute IVD mass spectrometer, expanding its family of MassTrak IVD LC-MS/MS Systems for clinical diagnostic applications. The powerful analytical performance of the Xevo TQ Absolute IVD mass spectrometer is up to five times more sensitive for quantifying clinical analytes than similar commercial instruments on the market.

April 03, 2023 – Agilent Technologies Inc. announced the latest addition to the Cary 3500 UV-Vis Series with the release of the Agilent Cary 3500 Flexible UV-Vis System. This new solution is a double-beam spectrophotometer with advanced photometric performance for diverse sample-type measurements with minimal sample preparation. The Cary 3500 UV-Vis Series can be deployed in regulated environments, specifically the pharma/biopharma industry.

Spectroscopy equipment and accessories market scope

• By technology
  • Molecular spectroscopy
    • Infrared spectroscopy
    • Raman spectroscopy
    • Nuclear magnetic resonance (NMR) spectroscopy
    • UV-Visible spectroscopy
    • Others
  • Atomic spectroscopy
    • Atomic absorption spectroscopy
    • Atomic emission spectroscopy
    • Atomic fluorescence spectroscopy
    • Others
  • Mass spectrometry
    • Quadrupole mass spectrometry
    • Time of flight MS
    • Ion trap mass spectrometry
    • Fourier transform mass spectrometry (FT-MS)
    • Others
  • Others

• By product category
  • Molecular spectroscopy
    • IR spectrometers
    • Raman spectrometers
    • Others
  • Atomic spectroscopy
    • Arc/spark optical emission
    • Inductively coupled plasma (ICP) and ICP-MS
    • Glow discharge
    • Atomic absorption
    • Others
  • Mass spectrometers
  • Accessories
  • Others

• By application
  • Biotechnology and molecular biology
  • Pharmaceuticals
  • Biomedicine
  • Environmental
  • Material science
  • Food and beverages
  • Forensic science
  • Astronomy & space research
  • Oil and gas
  • Others

• By Region
  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East and Africa

The research report  provides a comprehensive review of market trends (Technology, Product and Application analysis), market growth drivers, PEST Analysis (Political, Economic, Social and Technological Analysis) Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market. The report provides market estimates and forecast for geographic markets such as the North America (United States, Canada, Mexico and Rest of North America), South America (Brazil, Argentina Chile Colombia Peru Venezuela Ecuador and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Belgium, Finland, Norway, Switzerland, Denmark, Czech Republic, Portugal and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia, Indonesia, Philippines, Malaysia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel, Oman, Bahrain, Saudi Arabia, Qatar, Egypt and Rest of Middle East) & Africa.

Research Methodology