Process Spectroscopy Market to be Worth USD 73.84 Billion by 2030; Rising Application of Mass Spectrometry in Drug Discovery and Development (DDD) to Aid Market Growth

The global process spectroscopy market size was valued at USD 12.49 billion in 2022. Fortune Business Insights in its report titled “Process Spectroscopy Market Size, Share & COVID-19 Impact Analysis, By Type (Infrared (IR) Spectroscopy, Ultraviolet-Visible (UV/Vis) Spectroscopy, Raman Spectroscopy, X-Ray Spectroscopy, and Nuclear Magnetic Resonance (NMR) Spectroscopy), By Technology (Atomic absorption spectroscopy (AAS), Atomic emission spectroscopy (AES), and Atomic fluorescence spectroscopy (AFS)), By End-User (Food & beverages, Agriculture, Healthcare, Manufacturing, Oil & Gas, Chemical, and Others), By Component (Hardware and Software), and Regional Forecast, 2023-2030” states that the market is projected to grow from USD 15.93 billion in 2023 to USD 73.84 billion by 2030, exhibiting a CAGR of 24.5% during the forecast period. Rising consumer awareness regarding product quality and the launch of technologically advanced spectroscopy instruments is boosting market proliferation.

Thermo Fisher Scientific and Protein Metrics Enter into a Non-Exclusive Co-Marketing Agreement

In March 2021, Thermo Fisher Scientific and Protein Metrics entered into a non-exclusive co-marketing agreement to provide advanced mass spectrometry data processing and analysis capabilities to drive innovation across the full spectrum of biopharmaceutical and proteomics applications from research and development to quality control. Thermo Fisher brings the cloud-enabled Thermo Scientific Chromeleon CDS software to this collaboration, providing biopharmaceutical and proteomics scientists with superior automation and workflow support to help achieve productivity gains of up to 33%.

Slowdown in Research and Development Activities Hampered Market Growth During the Pandemic

The spread of COVID-19 worldwide resulted in the closure of manufacturing facilities temporarily or permanently which caused supply chain disruptions and falling demand for products and services in several industries. Moreover, the slowdown in research and development activities hindered market augmentation during the pandemic. However, the pandemic increased focus on the development of vaccines, drugs, and medical equipment. As a result, the demand for process spectroscopy equipment and services has increased in the healthcare industry.

Rising Application of Mass Spectrometry in Drug Discovery and Development (DDD) to Aid Market Growth

Mass spectrometry (MS) is an analytical technique used to measure the mass-to-change ratio of ions. It is extensively used in most scientific fields, including basic research or industrial efforts requiring accurate and precise measurements of elemental and molecular constituents. It is also extensively used in the pharmaceutical field in drug discovery and development processes. Moreover, it can be used in drug screening and lead optimization. These advantages of mass spectrometry are aiding process spectroscopy market growth.

On the other hand, the high initial investment associated with process spectroscopes and additional operational and maintenance costs associated with the same will hinder market proliferation in the upcoming years.

Innovative Product Launches by Market Players to Boost Market Growth

Industry leaders in the global market are launching new and advanced products to meet growing consumer requirements. This move helps them generate high revenues and earn better profits.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/process-spectroscopy-market-105549

Notable Industry Development

• April 2022 – Bruker Corporation introduced a new product DART-EVOQ, which is a triple quadrupole mass spectrometer. The product is used for high-throughput quantitative analyses. Furthermore, the launch of the DART-EVOQ mass spectrometer aims to offer a simple, robust, sensitive, and specific workflow for applied markets

List of Key Companies Profiled in the Report:

• Agilent Technologies Inc. (U.S.)


• ABB (Switzerland)


• BUCHI Labortechnik AG (Switzerland)


• Bruker Corporation (U.S.)


• Danaher Corporation (U.S.)


• Foss A/S (Denmark)


• HORIBA, Ltd. (Japan)


• Kett Electric Laboratory (Japan)


• Shimadzu Corporation (Japan)


• Sartorius AG (Germany)


• Thermo Fisher Scientific Inc. (U.S.)


• Yokogawa Electric Corporation (Japan)

Further Report Findings

• Based on type, the nuclear magnetic resonance segment held the largest process spectroscopy market share in 2022 owing to its use in studying the chemical, physical, and biological properties of matter. Moreover, chemists use it to study the structure of molecules.


• As per technology, the atomic absorption spectroscopy (AAS) segment led the market in 2022 due to its cost-effective and easy to use nature which makes it an ideal choice for several applications.


• North America captured a significant market share in 2022 owing to changing consumer inclination, technological developments and government initiatives.

Table of Segmentation