A recently published market research study by Future Market Insights, forecasts global demand for spectroscopy equipment and supplies will total US$ 17.1 Billion in 2019, representing a robust year-on-year growth rate of 6.4 percent. The demand will further rise to US$ 28.8 Billion in 2027. FMI, in its report, projects a robust demand for spectroscopy equipment and supplies, in the coming years, supported by technological advancements in spectroscopy equipment, increased adoption in healthcare and food safety industry, and growing digitization in laboratories—further supporting the automation trend. While healthcare application of spectroscopy equipment and supplies continue to generate maximum revenue, the demand for spectroscopy equipment and supplies has further spread to pharmaceutical, food safety testing, and drug development sectors, in order to enhance productivity and capabilities of analytical operation.
Portable Infrared Sensing Spectrometry Equipment Holds Promising Potential
Although infrared (IR) sensing have been widely used in detection and analysis applications, including fuel and oil analysis, food safety, flame and gas detection, and gesture sensor, it is only recently portable analyzers equipped with IR sensing technology have been fully utilized in outdoor setting, in filed, rather than a laboratory setup for spectrometry applications. Various portable spectrometry application include assessing oil in ship engines while on the move and in food safety to detect contamination, adulteration, and presence of additives in products such as oils, fruit juices, and milk. FMI indicates promising future for portable IR sensor-based spectrometry and its application in diverse industries including healthcare, pharmaceutical, IoT, and environmental monitoring. Equipment designers and core sensing technology suppliers are manufacturing compact, robust, and low-power portable IR sensor-based spectrometry to address the technological challenges associated with such equipment. It is also estimated that mid-IR sensors are optimal for food safety and fuel and oil applications.
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“Continual investments and technological advancements in laboratory services and equipment is enabling hospitals to improve patient outcomes while also reducing costs and enhancing patient and physician satisfaction. The advancements in spectroscopy technologies increases the speed and resolution at an incredible rate, thereby increasing the demand for spectroscopy equipment and supplies. Manufacturers of spectroscopy equipment and supplies are increasingly focusing in developing holistic solutions for various application, with an aim to increase the speed of the experiments and also its precision”, says a senior analyst. Moreover, digitization of laboratories that are continually looking for more efficient and effective ways to maximize the outcomes of their experiments involving mixing, testing, and shaking amongst other laboratory processes, the analyst explains further.
Concentrated Application Anticipated in Molecular Spectroscopy
With expansions into biological, medical, and sensing application, molecular spectroscopy has built upon existing instrumentations, translating into superior technique innovations in the form of Raman, fluorescence, and infrared spectroscopy. Technological advancements have helped in removing barriers associated with diffraction limit of light and imaging through difficult media including bones and plastic. Spectroscopy equipment and supplies, as per the report, will continue to witness maximum application in molecular spectroscopy, accounting for a market share of nearly 35 percent, through the forecast period of 2018-2027. Recently, a team of researchers, for the first time, applied 2-D spectroscopy to isolated molecular systems, opening up a range of applications of spectroscopy equipment and supplied including photovoltaics and optoelectronics.
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Competition Landscape Analysis
FMI, in its in-depth analysis of the spectroscopy equipment and supplies market, has carefully studied the leading manufacturers of spectroscopy equipment and supplies, which indicates a fairly balanced competitive landscape. Tier-1 players such as Agilent Technologies, Thermo Fisher Scientific, Inc., Hitachi High-Technologies Corporation, and PerkinElmer, Inc—all having significant regional and global presence, hold an approximate share of 37 percent of the overall market. Tier-2 manufacturers of spectroscopy equipment and supplies, including Bruker Corporation and Shimadzu Corporation, have relatively less offerings compared to tier-1 players, hold approximately 33 percent of the total market share. The new entrants in the spectroscopy equipment and supplies market constitute the tier-3 category, with individual companies holding a share of less than 2 percent. Core forward market strategies include:
- Increased spending on research and development initiatives.
- Technological innovations, expanding applications, and increasing demand for advanced laboratory is creating opportunities for strategic tie-ups in the form of mergers and acquisitions and collaborations.
- Manufacturers of laboratory equipment such as spectroscopy equipment and supplies are also focusing on developing new products with improved functional ability and advanced feature—to expand their product portfolio and offer operation specific products to end-users.
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In-depth regional analysis of the global spectroscopy equipment and supplies market projects North America as the most attractive pocket, owing to increased spending on research and development initiatives in the region. Moreover, APEJ and Europe also display investment opportunities for manufacturers of spectroscopy equipment and supplies considering large number of research laboratories based in the region along with ongoing advancements in the pharmaceutical industry. Latin America, too likely to demonstrate a promising outlook for market growth.