Process Spectroscopy Market Size, Share, Opportunities, And Trends By Technology (Molecular Spectroscopy (NIR, FT-IR, Raman, NMR, Others), Atomic Spectroscopy, Mass Spectroscopy), By Application (Chemical, Polymer, Oil & Gas, Pharmaceuticals, Food & Agriculture, Others) And By Geography - Forecasts From 2024 To 2029

The process spectroscopy market is expected to grow at a CAGR of 7.38%, reaching a market size of US$3.921 billion in 2029 from US$2.382 billion in 2022.

The main reason for the process spectroscopy market’s growth is the adoption of regulations and standards set by the government and relevant organizations, signaling an increase in awareness concerning the importance of high-quality foodstuffs and drugs. Solutions connected with spectroscopy help to determine defects in product items and enable accurate process control, analysis, and monitoring. Process spectroscopy is a technique that includes using spectrum analysis to investigate how matter and electromagnetic radiation interact. The increasing application of spectroscopic techniques in the food agriculture and pharmaceutical industries is responsible for the market's growth. This method entails investigating the relationship between electromagnetic radiation and matter.

Moreover, there has been thorough research in spectroscopy technology, and this has contributed to its development. It is a field that scientists have never tired of trying to make better at any given time. They have, therefore, led to increased creativity in different spheres due to continued study and advancements.

Process Spectroscopy Market Drivers

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

Process analytical technology (PAT) is a system that uses measurement of key process parameters to design, analyze, and control manufacturing processes. Integration of multiple technologies, process control software, PAT system, and others is necessary for PAT adoption. PAT has been crucial to the development and scaling up of the pharmaceutical industry's asymmetric synthesis of chiral molecules. It makes it possible to monitor reaction pathways effectively, which improves process comprehension and helps to create safer and more reliable processes. PAT has been refined over time using a range of spectroscopic methods and has shown to be effective in comprehending chemical reactions, including asymmetric transformations. Additionally, the U.S. Food and Drug Administration's implied regulatory frameworks and guidelines must be followed when implementing PAT systems. The rate of adoption in the market is rising due to the developments in spectroscopy market trends in systems.

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

As customers increasingly discriminate and demand higher-quality goods, process spectrometry has become crucial to ensure that products meet the required standards and specifications. Customers are increasingly aware and are willing to spend extra money on goods that meet their specific needs and stipulated standards.

Moreover, spectroscopy is invaluable for most industries, such as food and drink concerns, pharmaceuticals as well as material science, since it aids in recognizing and enumerating chemical compounds. Furthermore, this information can help ensure adherence to regulations and improve the quality of goods, leading to the optimization of production processes. These aspects will increase the need for specialized products, promoting market growth.

• Growing Application of Mass Spectrometry in Drug Discovery and Development

One analytical method for determining the mass-to-change ratio of ions is mass spectrometry (MS). Most scientific domains, including fundamental research and commercial initiatives needing exact and accurate measurements of elemental and molecular components, make extensive use of it. Mass spectrometry has a wide range of applications in the pharmaceutical industry related to drug development and discovery processes. In drug metabolism, pharmacokinetics, and pharmacodynamics studies, online high-performance liquid chromatography-mass spectrometry was used in many early efforts. Lead optimization and drug screening are two applications for MS. Among other things, compounds that bind to particular protein targets can be found using MS-based screenings. Moreover, MS can be used to track drug concentrations and metabolic pathways in pharmacokinetic and pharmacodynamic studies.

• High demand for Nuclear Magnetic Resonance (NMR)

The need for more reasonably priced generic medications, the expansion of nuclear magnetic resonance spectroscopy's applications outside the healthcare industry, and the growing number of funders supporting biomedical research are all factors driving the market's expansion. The growing number of buyers with fewer manufacturers impacts the pricing strategy of the product. Due to the growing need for biomedical research and development, the worldwide market is expanding. This approach supports the understanding of the macromolecular interactions, dynamics, and structure, as well as the dynamics associated with them. According to a WHO report published in January 2022, grants amounting to USD 35,047.58 million were given for biomedical research. Of this amount, 72% was awarded to non-communicable diseases, while 24% was allocated to communicable maternal perinatal and nutritional infections.

Process Spectroscopy Market Geographical Outlook

• North America is witnessing exponential growth during the forecast period

Due to the growing amount of shale gas produced in the United States and Canada, there is a noticeable change in the market throughout North America. Additionally, the market is expanding due to the growing demand for process optimization in the chemical, food, beverage, pharmaceutical, and oil and gas industries. Process spectroscopy enables real-time parameter monitoring and analysis, which helps businesses optimize manufacturing procedures, enhance product quality, and save operating expenses. The area has the capacity to invest in a wide range of technological advancements. It is well-equipped with the infrastructure for various forms of research and development across all the major industrial sectors. Companies in North America are becoming more aware of the advantages of process spectroscopy as they observe how it improves operational effectiveness, quality control, and process optimization.

Process Spectroscopy Market Key Launches

• In October 2023, HORIBA introduced a TEEM Compliance Package, a software compliance package. The software compliance package is a spectroscopic solution that detects low-level components in complex mixtures and identifies products that are out of specification. Its purpose is to guarantee that the pharmaceutical industry complies with regulations.

 

• In June 2023, Thermo Fisher Scientific Inc. announced the launch of the Thermo Scientific Orbitrap Astral mass spectrometer, a major turning point in the development of mass spectrometry. With the help of this innovative analyzer, Astral, researchers worldwide can now detect proteins that were previously difficult to find and make ground-breaking discoveries with unmatched efficiency. Astral combines rapid sample processing, exceptional sensitivity, and extensive proteome coverage.

Segmentation:

• By Technology
  • Molecular Spectroscopy
    • NIR
    • FT-IR
    • Raman
    • NMR
    • Others
  • Atomic Spectroscopy
  • Mass Spectroscopy
• By Application
  • Chemicals
  • Polymer
  • Oil & Gas
  • Pharmaceuticals
  • Food & Agriculture
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • Uk
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

1.8. Key Benefits to the Stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. PROCESS SPECTROSCOPY MARKET, BY TYPE

5.1. Introduction

5.2. Molecular Spectroscopy

5.2.1. Market Trends and Opportunities

5.2.2. Growth Prospects

5.2.3. Geographic Lucrativeness

5.2.4. NIR

5.2.5. FT-IR

5.2.6. Raman

5.2.7. NMR

5.2.8. Others

5.3. Atomic Spectroscopy

5.3.1. Market Trends and Opportunities

5.3.2. Growth Prospects

5.3.3. Geographic Lucrativeness

5.4. Mass Spectroscopy

5.4.1. Market Trends and Opportunities

5.4.2. Growth Prospects

5.4.3. Geographic Lucrativeness

6. PROCESS SPECTROSCOPY MARKET, BY APPLICATION

6.1. Introduction

6.2. Chemicals

6.2.1. Market Trends and Opportunities

6.2.2. Growth Prospects

6.2.3. Geographic Lucrativeness

6.3. Polymer

6.3.1. Market Trends and Opportunities

6.3.2. Growth Prospects

6.3.3. Geographic Lucrativeness

6.4. Oil & Gas

6.4.1. Market Trends and Opportunities

6.4.2. Growth Prospects

6.4.3. Geographic Lucrativeness

6.5. Pharmaceuticals

6.5.1. Market Trends and Opportunities

6.5.2. Growth Prospects

6.5.3. Geographic Lucrativeness

6.6. Food & Agriculture

6.6.1. Market Trends and Opportunities

6.6.2. Growth Prospects

6.6.3. Geographic Lucrativeness

6.7. Others

6.7.1. Market Trends and Opportunities

6.7.2. Growth Prospects

6.7.3. Geographic Lucrativeness

7. PROCESS SPECTROSCOPY MARKET, BY GEOGRAPHY

7.1. Introduction

7.2. North America

7.2.1. By Type

7.2.2. By Application

7.2.3. By Country

7.2.3.1. USA

7.2.3.1.1. Market Trends and Opportunities

7.2.3.1.2. Growth Prospects

7.2.3.2. Canada

7.2.3.2.1. Market Trends and Opportunities

7.2.3.2.2. Growth Prospects

7.2.3.3. Mexico

7.2.3.3.1. Market Trends and Opportunities

7.2.3.3.2. Growth Prospects

7.3. South America

7.3.1. By Type

7.3.2. By Application

7.3.3. By Country

7.3.3.1. Brazil

7.3.3.1.1. Market Trends and Opportunities

7.3.3.1.2. Growth Prospects

7.3.3.2. Argentina

7.3.3.2.1. Market Trends and Opportunities

7.3.3.2.2. Growth Prospects

7.3.3.3. Others

7.3.3.3.1. Market Trends and Opportunities

7.3.3.3.2. Growth Prospects

7.4. Europe

7.4.1. By Type

7.4.2. By Application

7.4.3. By Country

7.4.3.1. Germany

7.4.3.1.1. Market Trends and Opportunities

7.4.3.1.2. Growth Prospects

7.4.3.2. France

7.4.3.2.1. Market Trends and Opportunities

7.4.3.2.2. Growth Prospects

7.4.3.3. UK

7.4.3.3.1. Market Trends and Opportunities

7.4.3.3.2. Growth Prospects

7.4.3.4. Others

7.4.3.4.1. Market Trends and Opportunities

7.4.3.4.2. Growth Prospects

7.5. Middle East and Africa

7.5.1. By Type

7.5.2. By Application

7.5.3. By Country

7.5.3.1. Saudi Arabia

7.5.3.1.1. Market Trends and Opportunities

7.5.3.1.2. Growth Prospects

7.5.3.2. UAE

7.5.3.2.1. Market Trends and Opportunities

7.5.3.2.2. Growth Prospects

7.5.3.3. Others

7.5.3.3.1. Market Trends and Opportunities

7.5.3.3.2. Growth Prospects

7.6. Asia Pacific

7.6.1. By Type

7.6.2. By Application

7.6.3. By Country

7.6.3.1. China

7.6.3.1.1. Market Trends and Opportunities

7.6.3.1.2. Growth Prospects

7.6.3.2. India

7.6.3.2.1. Market Trends and Opportunities

7.6.3.2.2. Growth Prospects

7.6.3.3. Japan

7.6.3.3.1. Market Trends and Opportunities

7.6.3.3.2. Growth Prospects

7.6.3.4. South Korea

7.6.3.4.1. Market Trends and Opportunities

7.6.3.4.2. Growth Prospects

7.6.3.5. Others

7.6.3.5.1. Market Trends and Opportunities

7.6.3.5.2. Growth Prospects

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES

9.1. Ametek Process Instruments

9.2. Buchi Labortechnik AG

9.3. ABB

9.4. Shimadzu Corporation

9.5. Bruker Corporation

9.6. Danaher Corporation

9.7. Sartorius AG

9.8. Agilent Technologies

9.9. FOSS

9.10. Horiba, Ltd.

Ametek Process Instruments

Buchi Labortechnik AG

ABB

Shimadzu Corporation

Bruker Corporation

Danaher Corporation

Sartorius AG

Agilent Technologies

FOSS

Horiba, Ltd.