Atomic Spectroscopy Market by Application and Geography â€“ Global Forecast & Analysis 2019-2023
Global Atomic Spectroscopy Market: About this market
Atomic spectroscopy is the study of the electromagnetic spectrum, which aids in the determination of elemental composition in an atom. Technavio’s atomic spectroscopy market analysis considers sales from applications including pharmaceutical and biotechnology testing, food and beverages testing, environmental testing, and others. Our analysis also considers the sales of atomic spectroscopy in Asia, Europe, North America, ROW. In 2018, the pharmaceutical and biotechnology testing segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the increasing number of research activities and clinical trials during drug development processes will play a significant role in the pharmaceutical and biotechnology testing segment to maintain its market position. Also, our global atomic spectroscopy market report looks at factors such as the surging focus on new molecule discovery for drug development in pharmaceutical industry, increased funding by government organizations for environmental testing and product safety, and technological advances in atomic spectroscopy to improve efficiency and designs. However, high cost of advanced instruments and maintenance services, stringent regulatory norms for validation, calibration, and safety of equipment, and lack of skilled professionals may hamper the growth of the atomic spectroscopy industry over the forecast period.
Global Atomic Spectroscopy Market: Overview
Technological advances in atomic spectroscopy to improve efficiency and designs
There is an increase in the demand for atomic spectroscopy systems that can perform multiple analysis at higher efficiency in a short time. This is due to the rising need for analytical testing in laboratories. Vendors are encouraged to introduce new products that can perform multi-elemental analysis, which will lead to technological advancements. Such advancements will lead to the expansion of the global atomic spectroscopy market at a CAGR of over 6% during the forecast period.
Growing use of portable spectroscopy systems in the metal producing and processing sector
Manufacturers are coming up with compact-sized analytical instruments to conduct monitoring and testing in remotely-located places. These instruments are portable in nature, which prevents the risk of contamination during sample collection and storage. They are extensively used in metal industries to analyze metallic samples. This is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global atomic spectroscopy market during the forecast period 2019-2023, click here.
With the presence of few major players, the global atomic spectroscopy market is concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading atomic spectroscopy manufacturers, that include Agilent Technologies Inc., Hitachi High-Technologies Corp., PerkinElmer Inc., Shimadzu Corp., and Thermo Fisher Scientific Inc.
Also, the atomic spectroscopy market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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