According to a new market report published by Transparency Market Research “Spectrometry Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020″, the global spectrometry market was valued at USD 12,212.9 million in 2013 and is estimated to reach USD 19,608.7 million by 2020 at a CAGR of 7.2% from 2014 to 2020.
Spectrometry is a scientific technique employed to access properties of light within specific electromagnetic spectrum to identify variety of materials. In the past few decades spectrometry techniques have been resilient enough in providing scientists an informative tool to cater to vast array of applications in various industries. Overall competition in spectrometry market is intense with large conglomerates competing for considerably small application areas and end user segments. Multinational companies account for majority of the revenue share in overall market. The spectrometry market caters to several end user segments such as life sciences, petrochemical, food and safety, forensics among several others. Advanced spectrometry devices allow simultaneous analysis of low concentration analytes in blood samples without any need for sample preparation and other conventional processing techniques such as centrifugation and reagent preparation.
The global spectrometry market can be studied from two perspectives: by technologies and by application areas. The global spectrometry market by technology can be further broken down into atomic spectrometry, mass spectrometry and molecular spectrometry. The atomic spectrometry segment encompasses atomic absorption spectrometry, X-ray diffraction spectrometry, X-ray fluorescence spectrometry, inductively coupled plasma-atomic emission spectrometer, elemental analyzers and other atomic spectrometers. Atomic spectrometers generally provide information about elemental composition of samples based on the emission of lights that are characteristic of elements present in the sample. The molecular spectrometry market includes nuclear magnetic resonance spectrometry, ultraviolet visible spectrometry, infrared spectrometry, color measurement, near-infrared spectrometry and Raman spectrometry.
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By 2020, nuclear magnetic resonance (NMR) spectrometry is likely to lead the market in terms of revenues which is estimated to reach approximately USD 1.7 billion worldwide. Sales in molecular spectrometry are majorly contributed by infrared, near-infrared and Raman spectrometry owing to increasing demand for devices in academic and research institutes, security and defense sector especially in economically developed countries. The mass spectrometry segment include variety of products such as gas chromatography-mass spectrometry(GC-MS), liquid chromatography-mass spectrometry (LC-MS), matrix-assisted laser desorption/ionization-time of flight spectrometry (MALDI-TOF), triple-quadrupole liquid chromatography-mass spectrometry, quadrupole-time of flight liquid chromatography-mass spectrometry (Q-TOF LC/MS), inductively coupled plasma mass spectrometry and others.