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.
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These certifications cover both corporate operations and product manufacture within an industry. In addition, people are increasingly interested in high-quality packaged goods, pharmaceuticals, agricultural seeds, and chemicals. As a result of these reasons, the global process spectroscopy market is expected to grow throughout the forecast period.
Among the technology types, in addition to molecular spectrometry, mass spectrometry has evolved as a significant analytical technique in the pharmaceutical and health life sciences. I
n the pharmaceutical sector, mass spectrometry is used in the Drug Discovery and Development process to deliver improved performing liquid chromatography-mass spectrometry in drug metabolism, pharmacodynamics, and pharmacokinetic studies.
Key Takeaways from the Market Study
- In 2022, the global process spectroscopy market is estimated to have a market size of US$ 19.2 Billion.
- By technology segment, the molecular spectroscopy segment will account for 45.2% of the global process spectroscopy market share in 2022.
- By component type, the hardware sector will acquire a market size of 76.5% in 2022.
- By application, the pharmaceutical segment is expected to gain a market share of 31.5%.
- Asia Pacific process spectroscopy market is expected to grow with a 6.8% CAGR during the forecast period.
- The North American region is projected to acquire 43.5% of the global market share in 2022.
“Spectroscopy techniques can help in detecting metals in any drug sample; increasing drug safety concerns will drive the market growth. With the reduced operational expenditures, quality awareness is increasing, which in turn will boost the global market demand for process spectroscopy during the forecast period. ” comments a Future Market Insights analyst.
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Competitive Landscape
Organizations are attempting to reduce variable costs by eliminating rework and errors. This equipment enables effective and productive monitoring and control, as well as quality control, which will increase the market share of process spectroscopy throughout the predicted time frame. Corporations have cut their pricing while upgrading its quality in order to gain a competitive advantage.
- In 2021, Agilent introduced new mass spectrometry and automation software, including MassHunter Workstation Plus 11.0, MassHunter Networked Workstation 11.0, and MassHunter BioConfirm. For Quantitative Analysis, MassHunter Acquisition, and MassHunter 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.
- In 2021, SCIEX proposed a novel accurate mass LC-MS/MS equipment for biotherapeutics. By generating previously unattainable data, the new technology enables scientists to identify, classify, and quantify molecules more precisely than ever before.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Process spectroscopy market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of technology (molecular, mass and atomic), by application (polymer, oil & gas, pharmaceutical, food & agriculture, chemical, water & wastewater, pulp & paper, metal & mining, others), by component (hardware and software), and region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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Key Segments Covered in the Process Spectroscopy Market Report
Process Spectroscopy Market by Technology:
- Molecular Process Spectroscopy
- NIR
- FT-IR
- Raman
- NMR
- Others
- Mass Process Spectroscopy
- Atomic Process Spectroscopy
Process Spectroscopy Market by Application:
- Process Spectroscopy for Polymer Production
- Process Spectroscopy for Water & Wastewater Treatment
- Process Spectroscopy for Oil & Gas
- Process Spectroscopy for Food & Agriculture
- Process Spectroscopy for Pharmaceutical Applications
- Process Spectroscopy for Metal & Mining
- Process Spectroscopy for Pulp & Paper
- Process Spectroscopy for Chemical Manufacturing
- Process Spectroscopy for Other Applications
Process Spectroscopy Market by Component:
- Process Spectroscopy Hardware
- Process Spectroscopy Software
Process Spectroscopy Market by Region:
- North America Process Spectroscopy Market
- Latin America Process Spectroscopy Market
- Europe Process Spectroscopy Market
- Asia-Pacific Process Spectroscopy Market
- MEA Process Spectroscopy Market
