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

The global process spectroscopy market size was valued at USD 12.49 billion in 2022 and 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. Process spectroscopy is a scientific technique used to analyze and characterize materials or chemical processes based on their interaction with electromagnetic radiation, typically in the form of light.

Process spectroscopy has become one of the best techniques for analyzing end products due to its many valuable aspects. Spectroscopy has many advantages in terms of saving time and reducing the overall cost of surveillance operations. The increasing use of spectroscopy in pharmaceutical safety processes, the demand for reliable water and wastewater treatment, and increasing oil and gas process operations are some of the emerging application areas of spectroscopy.

Growing customer awareness of the importance of excellent product quality is driving the development of the global market significantly. Therefore, the growing demand for quality products is a key factor associated with the increasing application of spectroscopy in the global market. Moreover, the introduction of technologically advanced spectroscopic instruments by major manufacturers across the globe is projected to boost the market during the forecast period of 2019-2030.

COVID-19 IMPACT

Slowdown in Manufacturing Activities During the Pandemic Hindered Market Expansion

The COVID-19 pandemic has had a significant impact on the global economy and various industries, including the process spectroscopy market growth. The pandemic resulted in supply chain and production disturbances resulting in a decrease in demand for products and services in various industries. Additionally, the pandemic has led to a slowdown in research and development activities in various industries.

However, the pandemic increased focus on development of vaccines, drugs and medical equipemnts. As a result, the demand for spectroscopy equipment and services has increased in the healthcare industry. The food and beverage industry has alsomexperienced a surge in demand for spectroscopic technologies to ensure the quality and safety of the products.

LATEST TRENDS

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Adoption of Process Analytical Technology (PAT) in Process Spectroscopy to Aid Market Growth

Process analytical technology is a system for designing, analyzing and controlling manufacturing processes through the measurement of critical process parameters. The adoption of PAT requires the integration of various technologies, process control software, PAT system, and others. PAT has played an important role in the process development and scale-up of the asymmetric synthesis of chiral molecules in the pharmaceutical industry.

PAT enables effective monitoring of reaction pathways, leading to better process understanding and the development of more robust and safer processes. Over the years, PAT has been developed based on a variety of spectroscopic techniques and has proven versatile for use in understanding chemical reactions, including asymmetric transformations. Furthermore, the adoption of PAT systems requires to adhere with the regulatory guidelines and frameworks implied by the U.S. Food and Drugs Administration. Owing to the advances in spectroscopy market trends in systems there is an increase in the rate of adoption in the market.

DRIVING FACTORS

Rising Demand  for High-Quality and Specialized Products  to Propel Market Growth

As consumers become more discerning and demand higher quality products, process spectrometry becomes essential for ensuring that products meet the required specifications and standards. Consumers are becoming increasingly concerned and are willing to pay a premium for products that meet their specific needs and expectations. Furthermore, spectroscopy plays a critical role in many industries, including food and beverage, pharmaceutical, and material science as it allows the identification and qualification of chemical compounds.

Moreover, the information collected can be used to optimize production processes, improve product quality, and ensure compliance with regulatory requirements. Owing to such factors, there is a high demand for specialized products which is anticipated to boost market expansion.

Growing Application of Mass Spectrometry in Drug Discovery and Development (DDD) to Boost Market Progression

Mass spectrometry (MS) is an analytical technique used to measure the mass-to-change ratio of ions. It is widely used in most scientific fields, including basic research or industrial efforts requiring accurate and precise measurements of elemental and molecular constituents. The use of mass spectrometry in the pharmaceutical field in the context of drug discovery and development processes is rich and diverse. Many of the early efforts involved online high-performance liquid chromatography-mass spectrometry in drug metabolism, pharmacokinetics, and pharmacodynamics studies.

MS can be used in drug screening and lead optimization. MS-based screenings can be used to identify compounds that bind to specific protein targets, and others. In addition, MS can be used in pharmacokinetic and pharmacodynamic studies to monitor drug concentrations and metabolic pathways. Owing to such advantages of mass spectrometry it is anticipated to boost the market growth. 

RESTRAINING FACTORS

High Initial Cost Related to Process Spectrometer Instruments to Hinder Market Growth

The high initial investment is one of the major restraints. In many cases, high initial investment is a major entry barrier for new entrants and new players. The development and maintenance of spectroscopes require significant expenditure. Moreover, spectroscope also requires additional operational and maintenance costs, which furthermore increases the overall cost. For Instance, the identification of proteins in a single LC/MS analysis can cost up to USD 450 while the cost of a large-scale, TMT-labeled quantitative proteomics experiment may go beyond USD 10,000.

SEGMENTATION

By Type Analysis 

Nuclear Magnetic Resonance (NMR) Spectroscopy Segment to Command the Market Owing to Expansion of Chemical and Healthcare Industry

By type, the market is segmented into infrared (IR) spectroscopy, ultraviolet-visible (UV/VIS) spectroscopy, Raman spectroscopy, x-ray spectroscopy, and nuclear magnetic resonance (NMR) spectroscopy. The NMR segment is the dominating and fastest-growing segment during the forecast period. NMR spectroscopy is the use of NMR phenomena to study the physical, chemical, and biological properties of matter. Chemists use it to determine the identity and structure of molecules. Physicians use magnetic resonance imaging (MRI), a multidimensional NMR imaging technique, for diagnostic purposes. Owing to the increase in usage, the segment is anticipated to dominate the market during the forecast period.

The infrared spectroscopy segment is the second largest dominating segment in the market. The dominance in marine is owing to its advantage in the identification and structural elucidation of a wide variety of materials, including organic and inorganic compounds. It can also be used for qualitative and quantitative analysis of complex mixtures of similar compounds.

By Technology Analysis 

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Atomic Absorption Spectroscopy Segment Dominates the Market Owing to the Increased Need to Analyze Quantitative Information on Chemical Elements 

The market by technology is segmented into atomic absorption spectroscopy (AAS), atomic emission spectroscopy (AES), and atomic fluorescence spectroscopy (AFS). The AAS segment is anticipated to dominate the market during the forecast period. A major advantage of AAS is that it is relatively inexpensive and easy to use while providing high-throughput quantitative analysis of metal content in solids or liquids. This makes it suitable for use in a wide range of applications, owing to which the segment is projected to dominate the market.

The AES segment is projected to be the second-largest market during the study period. AES offers high sensitivity and detection limits, enabling the analysis of trace elements in samples. This gives an advantage over other technologies and thus is a major factor for the segmental boost.

By End User Analysis 

Food & Beverage Segment Dominates the Market Owing to the Increased Need for Spectrometers for Inspecting Food Quality and Composition 

By end-user, the global market is segmented into food & beverages, agriculture, healthcare, manufacturing, oil & gas, chemical, and others. The food & beverage segment dominated the market in 2022 and the segment is projected to be the fastest-growing segment during the forecast period. Mass spectrometry in food analysis includes MS-based analysis of various aspects of food quality, including nutritional value, macronutrient (protein, lipid, and carbohydrate) profiles, micronutrients (vitamins), and nutraceutical compounds. Owing to this, the segment is anticipated to show significant growth during the study period.

The healthcare segment is the second largest during the forecast period. The rise in the segment is due to the increased use of mass spectrometry techniques for diagnostic purposes. Clinical mass spectrometry is used in medical laboratories to diagnose metabolic disorders, determine the presence of biomarkers or enzymes, and perform toxicological tests.

By Component  Analysis

Hardware Segment Led the Market Owing to the Increased Adoption of Spectroscopy Techniques

The market by component is bifurcated into hardware and software.  The hardware segment led the market in 2022 and the segment is projected to be the fastest growing segment during the forecast period. The growth in the segment is owing to the increase in research for the development of advanced hardware for spectroscopy techniques.

The software segment is projected to witness significant growth during the study period. The growth in the segment is due to the development of new software of analyses, process control and other requirements.

REGIONAL INSIGHTS

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In terms of geography, the market is divided into North America, Europe, Asia Pacific, and Rest of the World.

North America held the largest market share in 2022. The market in North America was valued at USD 4.06 billion in 2022. The market growth is attributed to various factors such as an increase in technological advancements, changing consumer preferences, and government initiatives. The presence of major players and organizations such as Bruker Corporation, Danaher Corporation, Thermo Fisher Scientific Inc, Agilent Technologies Inc., and the American Society for Mass Spectrometry is anticipated to boost market growth in the region. 

The market in Europe holds the second-largest process spectroscopy market share in the base year. This region’s growth is due to an increase in technological advancements supported by government regulations, initiatives, and funding programs in the region. For example, in August 2021, the Organic mass spectrometry team at Thermo Fisher Scientific Bremen, Germany announced the ambitious IsoFootprint project for a sustainable future for mass spectrometry. The IsoFootprint project is an initiative to eliminate all CO2 emissions associated with manufacturing and producing all new equipment. Such initiatives are expected to contribute to the growth of the European market during the forecast period.

Asia Pacific is the fastest-growing region during the forecast period. The  Asia Pacific market is growing significantly owing to the region’s growing spectroscopy sector. The presence of key players such as HORIBA, Ltd., Kett Electric Laboratory, Shimadzu Corporation, and Yokogawa Electric Corporation is projected to boost the market in the region. Furthermore, the launch of new products in the region is projected to boost the market growth.

The Rest of the World is anticipated to witness moderate growth in the market during the forecast period. The growth in the region is owing to the increasing investments in the market. 

KEY INDUSTRY PLAYERS

Emerging Technological Advancements And Increased R&D Are Key Focuses of Leading Players 

At present, the competitive landscape of the global market is enhanced by extensive distribution networks of large players in emerging markets. New entrants are expected to increase the number of companies in the global market, while major market players are expected to maintain their strategic positions during the forecast period. Currently, Shimadzu Corporation, Kett Electric Laboratory, ABB Ltd. and Bruker Corporation are joint market leaders and have large market shares.

LIST OF KEY COMPANIES PROFILED:

• 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)

KEY INDUSTRY DEVELOPMENTS:

• March 2022 – PerkinElmer, Inc. launched a  new FT-IR liquid food testing platform which includes instruments, software, and streamlined workflows. As part of this platform, the LQA300 Wine System, which utilizes PerkinElmer's state-of-the-art FT-IR spectroscopy technology, measures alcohol, sugar, acidity, pH, density, and other factors at each stage of the winemaking process, from harvest to bottling.


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


• June 2022 – Waters Coporation introduces the new Xevo G3 quadrupole time-of-flight (QTof) mass spectrometer, CONFIRM Sequence and Multi-reflection time-of-flight (MRT) mass spectrometer. The new products aim at quantifying thermally-fragile molecules in applications such as biotherapeutics, forensics, metabolite identification, metabolomics and extractables and leachables


• June 2022 - Agilent Technologies Inc. announced the new LC/MS and GC/MS quadrupole mass spectrometers at the 70th Annual ASMS Mass Spectrometry Conference in Minneapolis, Minnesota. The Agilent 6475 Triple Quadrupole LC/MS, 5977C GC/MSD, 7000E GC/TQ and 7010C GC/TQ represent the latest revolution in mass spectrometry.


• December 2022 – Shimadzu Scientific Instruments introduces the LCMS-9050 quadrupole time-of-flight (Q-TOF) liquid chromatograph mass spectrometer. Built on innovative technology developed for the widely used Shimadzu LCMS series models, the LCMS-9050 offers the highest available grounding accuracy and fast polarity switching.

REPORT COVERAGE

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The market report provides a detailed market analysis. It comprises all major aspects, such as R&D capabilities, supply chain management, competitive landscape and optimization of the manufacturing capabilities and operating services. Moreover, the market report offers insights into the market trends analysis, market size, market segments analysis and primarily highlights key industry developments. In addition to the above-mentioned factors, it mainly focuses on several factors that have contributed to the global market compound annual growth rate over recent years.

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