New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The global atomic spectroscopy market size is projected to expand at ~7% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 7 billion by the end of 2035, up from a revenue of ~USD 6 billion in the year 2022. The increasing production of pharmaceuticals will drive the growth of the market. In the next five years to 2026, a total of 300 new medicines are expected to be launched worldwide, a significant increase from the average for the previous decade.
In addition, total spending on new drug development will be approximately USD 196 billion. With the help of the atomic spectroscopy technique, the elemental analysis of drugs is carried out. Helps determine the concentration of elements and potentially toxic elements in drug formulations. In addition, increasing consumption and production of packaged beverages will also increase the demand for atomic spectroscopy. In the year 2021, the global consumption of packaged beverages was estimated at around 1.35 trillion liters. Beverages often have a significant water content and the quality of the water used in their production is important. Atomic spectroscopy can be used to examine water samples for pollutants, including heavy metals.
Atomic Spectroscopy Market: Key Takeaways
Market in North America to propel highest growth
The atomic absorption spectroscopy segment to garner the highest growth
Market in Asia Pacific to grow at a highest rate
Increasing Number of Fatalities Associated across the Globe to Boost Market Growth
According to statistics from the World Health Organization, around 420,000 people worldwide die every year from contaminated food and almost 6 billion become seriously ill. Atomic spectroscopy can be used to detect and quantify contaminants in food samples. Mass spectrometry with inductively coupled plasma is specifically used for this purpose. The government provides enormous funds for research and development in the field of atomic spectroscopy. These investments help discover and improve new techniques, instruments and more.
In addition, the government plays a crucial role in establishing and maintaining the modern laboratory infrastructure required for atomic spectroscopy. The effectiveness and safety of the drug are very important. To address these concerns, a WHO pharmacovigilance team was formed in 2020, working closely with the Division for Regulation and Prequalification to ensure the safety of newly developed drugs and vaccines. Atomic spectroscopy plays a crucial role in quality control throughout the pharmaceutical manufacturing process. Therefore, strict regulation of drug approvals will increase the demand for atomic spectroscopy.
Atomic Spectroscopy Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding investments in the advancement of food analysis technology to Drive the Market Growth in North America Region
The atomic spectroscopy market in North America region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to the increasing investments in the advancement of food analysis technology, which will increase the use of atomic spectroscopy. Atomic spectroscopy is used in quality control processes to monitor and maintain food consistency and purity.
In the year 2022 US budget, the government allocated USD 1.6 billion in funding for food safety testing, and USD 134 million was spent on human and animal goods. Of this, approximately USD 45 million went to support programs to improve food security. In addition, the proposed spending plan also includes USD 20 million for chemical and toxicology development and USD 18 million for maternal and child health and nutrition initiatives.
Growing demand for environmental monitoring to Propel the Growth in the Asia Pacific Region
The Asia Pacific atomic spectroscopy market region is estimated to garner the highest CAGR by the end of 2035. Atomic spectroscopy is a widely used technique for environmental monitoring, as it can be used to measure a wide range of elements and compounds in the environment. The increasing demand for environmental monitoring in the Asia Pacific region is driving the growth of the market.
Atomic spectroscopy is also a widely used technique for food safety testing, as it can be used to measure a wide range of contaminants in food. The increasing demand for food safety testing in the Asia Pacific region is also driving the growth of the regional atomic spectroscopy market. The Food and Agriculture Organization of the United Nations (FAO) estimates that foodborne diseases cause about 420,000 deaths each year in the Asia Pacific region. Atomic spectroscopy is also used in a wide range of industrial applications, such as quality control, process monitoring, and materials analysis. The growing demand for industrial applications in the Asia Pacific region is also driving the growth of the atomic spectroscopy market. Governments in the Asia Pacific region are providing support for the development of the atomic spectroscopy market. This support includes funding for research and development, as well as tax breaks and other incentives for businesses that adopt atomic spectroscopy technologies.
Amongst these segments, the atomic absorption spectroscopy segment is anticipated to hold the largest share over the forecast period. AAS can be used to measure a wide range of elements, including metals, non-metals, and metalloids. This makes it a versatile analytical technique that can be used in a variety of industries and applications. AAS is a very sensitive technique, which means that it can be used to measure very small concentrations of elements. This makes it ideal for applications where it is important to be able to detect even trace amounts of elements.
AAS is a relatively easy technique to use, which makes it a good option for laboratories that do not have a lot of experience with analytical techniques. AAS is a relatively low-cost technique, which makes it an affordable option for laboratories on a budget. AAS is a very sensitive technique, which means that it can be used to measure very small concentrations of elements. This makes it ideal for applications where it is important to be able to detect even trace amounts of elements. For example, AAS can be used to measure the concentration of lead in drinking water, even at levels that are below the legal limit.
Amongst these segments, the pharmaceutical & biotechnology segment is anticipated to hold a significant share over the forecast period. The pharmaceutical and biotechnology industries are constantly developing new drugs, which requires the use of atomic spectroscopy to analyze the composition of drug compounds. For example, atomic spectroscopy can be used to identify the presence of impurities in drug compounds, which can impact the safety and efficacy of the drug.
Atomic spectroscopy is used to ensure the quality of pharmaceutical and biotechnology products, such as vaccines and blood products. For example, atomic spectroscopy can be used to measure the concentration of a drug in a vaccine, or to ensure that a blood product is free of contaminants. There have been significant advances in atomic spectroscopy technology in recent years, which has led to more sensitive and reliable instruments. For example, the development of inductively coupled plasma atomic emission spectroscopy (ICP-AES) has made it possible to measure the concentration of elements in a wide range of samples with high sensitivity and accuracy.
Few of the well-known market leaders in the global atomic spectroscopy market that are profiled by Research Nester are Adeptrix Corp, Agilent Technologies, Inc., AMETEK Inc., Analytik Jena GmbH + Co. KG, Aurora Biomed Inc., Avantor, Inc., Bruker Corporation, Buck Scientific Instrument Manufacturing Company, Endress+Hauser Group services AG, GBC Scientific Equipment Pty Ltd, and other key market players.
Recent Development in the Market
Avantor, Inc., the leading provider of advanced technology and life sciences products and services, announced a collaboration with Catalent, Inc. With this agreement, Avantor will provide a wide range of laboratory supplies, clinical trials and more.
Agilent Technologies, Inc. announced a collaboration with PathAI to provide AI-based research tools and services for clinical applications, pathology, and biopharmaceutical research.The companies will jointly develop machine learning analysis algorithms.
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