According to Future Market Insights, the process spectroscopy market will grow at a 7.1% CAGR between 2022 and 2032. This market is expected to have a global valuation of US$ 17.8 billion in 2021, rising to US$ 38.12 billion by 2032.
The increasing emphasis on meeting international quality standards across industries, as well as the advancement of handheld and portable devices, has aided global market growth. The market is expected to expand as a result of spectrometers’ ability to assess, monitor, and control operations, as well as detect flaws in product materials and improve overall product quality.
Meeting international quality standards is becoming increasingly important in order to expand the market. According to Six Sigma data, over 150 companies worldwide claim to have successfully applied Six Sigma frameworks to their operations.
These certifications cover corporate operations as well as product manufacturing within an industry. People are also becoming more interested in high-quality packaged goods, pharmaceuticals, agricultural seeds, and chemicals. Because of these factors, the global process spectroscopy market is expected to expand over the forecast period.
Along with molecular spectrometry, mass spectrometry has emerged as an important analytical technique in the pharmaceutical and health life sciences.
Mass spectrometry is used in the pharmaceutical industry to improve the performance of liquid chromatography-mass spectrometry in drug metabolism, pharmacodynamics, and pharmacokinetic studies.
The Market Study’s Key Findings
- The global process spectroscopy market is expected to be worth US$ 19.2 billion in 2022.
- In terms of technology, molecular spectroscopy will account for 45.2% of the global process spectroscopy market in 2022.
- In terms of component type, the hardware sector will account for 76.5% of the market in 2022.
- The pharmaceutical segment is expected to gain a 31.5% market share by application.
- During the forecast period, the Asia Pacific process spectroscopy market is expected to grow at a 6.8% CAGR.
- In 2022, North America is expected to account for 43.5% of the global market.
“Metals can be detected using spectroscopy techniques in any drug sample; rising drug safety concerns will drive market growth. Quality awareness is increasing as operational expenditures are reduced, which will boost global market demand for process spectroscopy during the forecast period.” comments a Future Market Insights analyst.
Competitive Environment
Companies are attempting to cut variable costs by eliminating rework and errors. This equipment enables effective and productive monitoring and control, as well as quality control, which will increase process spectroscopy’s market share over the forecast time frame. To gain a competitive advantage, corporations have reduced their prices while increasing their quality.
- Agilent released new mass spectrometry and automation software in 2021, including MassHunter Workstation Plus 11.0, Networked Workstation 11.0, and BioConfirm. The most recent version of this programme provides data integrity in compliance with US FDA and EU EMEA requirements, including checksums, user management, tamper detection, and audit trails, for Quantitative Analysis, MassHunter Acquisition, and MassHunter BioConfirm.
- SCIEX proposed a new accurate mass LC-MS/MS equipment for biotherapeutics in 2021. The new technology allows scientists to identify, classify, and quantify molecules more precisely than ever before by generating previously unattainable data.
