ID: MRFR/IA - E/6648-HCR | 90 Pages | Published By Pradeep Nandi on March 2023
ICP-OES Spectrometer Market size is expected to register a CAGR of 6.30% during the forecast period of 2022 to 2030 with a market value of USD 21.19 Million in 2030
The ICP-OES spectrometer market is anticipated to reach USD 21.19 Million by 2030 at 6.30% CAGR during the forecast period 2022-2030.
ICP-OES Spectrometer or inductively coupled plasma optical emission spectroscopy is an analytical technique that is used for the detection of chemical elements. With the help of this technique, the composition of elements in samples can be determined using plasma and a spectrometer. The market is driven by factors such as increasing R&D expenditure for the development of better analytical systems and growing technological advancements. On the other hand, the high cost of instruments and the requirement of large capital investment for setting up instrument manufacturing plants is projected to negatively affect the growth of the market during the assessment period.
Moreover, major companies in the market are involved in strategic acquisitions and collaborations to sustain their position in the market. For instance, in May 2018, PerkinElmer Inc. acquired Shanghai Spectrum Instruments Co., Ltd, which helped the company to build a strong position in the Chinese market.
The global ICP-OES spectrometer market has been segmented based on spectrometer type, application, and end user.
The market, based on spectrometer type, has been bifurcated into sequential and simultaneous. The sequential spectrometer market is expected to hold a major share in the market owing to its wider availability in the market. The simultaneous spectrometer segment is anticipated to be the fastest growing due to its rising adoption rate.
The market, by application, has been divided into nanotechnology, drug discovery, environmental testing, food & agriculture, and others. The drug discovery segment is expected to hold a major share owing to a large number of applications of ICP-OES spectrometer in this field. The environmental testing segment is expected to be the fastest growing due to an increasing number of research activities for using ICP-OES spectrometer for environmental testing purpose.
The market, by end user, has been classified as pharmaceutical & biotechnology companies, research & academic institutes, and others. Pharmaceutical & biotechnology companies are anticipated to hold a major share in the market. This is due to the increasing number of applications of ICP-OES spectrometer in the pharmaceutical industry. The research & academic institutes segment is expected to become the fastest growing market due to the increasing research activities.
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The ICP-OES spectrometer market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European market has been sub-divided Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, UK, Italy, Spain, and the rest of Western Europe. The market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market in the Middle East & Africa has been divided into the Middle East and Africa.
Global ICP-OES Spectrometer Market Share (%), by Region, 2018
Source: World Health Organization (WHO) and Institute of Medicine (IOM)
The market in the Americas is expected to dominate the global ICP-OES spectrometer market due to the growing expenditure on R&D to develop new technologies and the high adoption of new technology in the region. Moreover, the presence of major companies such as PerkinElmer Inc., Agilent Technologies, Inc., Thermo Fisher Scientific, etc. in North America is also expected to fuel the market growth in the region.
The market in Europe showed a substantial amount of growth. The market growth in this region can be attributed to the presence of a well-established healthcare system and increasing adoption of ICP-OES spectrometer for research purposes.
The market in Asia-Pacific is projected to have the fastest growth rate during the forecast period owing to the rapid growth of the pharmaceutical industry in countries such as China, India, and Japan.
The market in the Middle East & Africa is anticipated to account for the least share of the global market due to low disposable income in the region. Moreover, the presence of major companies in the Middle East and African market is also limited, which is projected to curb the growth of the market in the future.
Global ICP-OES Spectrometer Market, by Modality
Global ICP-OES Spectrometer Market, by Application
Global ICP-OES Spectrometer Market, by End User
Global ICP-OES Spectrometer Market, by Region
|Market Size||USD 21.19 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Spectrometer Type, Application, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||PerkinElmer Inc., Shimadzu Corporation, GBC Scientific Equipment, Thermo Fisher Scientific, Agilent, Technologies, Inc., SPECTRO Analytical Instruments GmbH, Teledyne, Leeman Labs, Analytik Jena AG, Horiba, Skyray Instrument Inc., Beijing Huake Tiancheng Technology Co., Ltd, FPI, Hitachi High-Technologies Corporation, Merck KGaA|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||Growing Technological Advancements|
The ICP-OES spectrometer market anticipates a 6.30% CAGR during the forecast period of 2022 to 2030.
The ICP-OES spectrometer market valuation of 2030 was USD 21.19 Million.
The sequential spectrometer would lead the ICP-OES spectrometer market.
The drug discovery segment would dominate the ICP-OES spectrometer market.
Top key players in the market PerkinElmer Inc., Shimadzu Corporation, GBC Scientific Equipment, Thermo Fisher Scientific, Agilent, Technologies, Inc., SPECTRO Analytical Instruments GmbH, Teledyne, Leeman Labs, Analytik Jena AG, Horiba, Skyray Instrument Inc., Beijing Huake Tiancheng Technology Co., Ltd, FPI, Hitachi High-Technologies Corporation, Merck KGaA, and others.