Ottawa, Jan. 05, 2024 (GLOBE NEWSWIRE) -- The global process spectroscopy market size was valued at USD 20.72 billion in 2023, grew to USD 22.87 billion in 2024, and is expanding at a CAGR of 10.9% from 2023 to 2032.
The U.S. process spectroscopy market size was estimated at USD 7,622.1 million in 2023, grew to USD 8,415.8 million in 2024, and is projected to surpass around USD 19,385.7 million by 2032.
The process spectroscopy market is driven by the growing demand from the food & beverages industry, rising investment, the growing pharmaceutical industry, technological advancements, and growing product launches.
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Process spectroscopy refers to the use of spectroscopic techniques to monitor and analyze chemical processes in real time. Spectroscopy involves the study of the interaction between matter and electromagnetic radiation. In the context of process spectroscopy, the goal is to obtain information about the composition, concentration, and other relevant properties of substances involved in a manufacturing or chemical process. The key idea behind process spectroscopy is to use the unique spectral signatures of different molecules to identify and quantify their presence in a sample. Spectral signatures are specific patterns of absorption, emission, or scattering of light at different wavelengths. By analyzing these patterns, one can gain insights into the chemical composition and physical characteristics of the material under investigation.
- Since the start of the 14th Five-Year Plan period (2021–2025), China's pharmaceutical sector has witnessed an average yearly growth of 9.3 percent in its major business revenues, according to the Ministry of the Sector and Information Technology (MIIT). Additionally, the data demonstrates that the industry's average yearly R&D spending has surpassed 20 percent.
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Growth Factors:
- Rising focus on achieving international quality standards
- Rising focus on avoiding variable rework and scrap costs
- Pharmaceuticals and healthcare to drive the market demand
Process Spectroscopy Market Report Scope
| Report Coverage | Details | |
| CAGR (2023-2032) | 10.9 | % |
| Global Market Size in 2023 | USD 20.72 Billion | |
| Global Market Size by 2032 | USD 52.57 Billion | |
| U.S. Market Size in 2023 | USD 7.62 Billion | |
| U.S. Market Size by 2032 | USD 19.38 Billion | |
| Base Year | 2022 | |
| Forecast Period | 2023 to 2032 | |
| Largest Market | North America | |
| Fastest Growing Market | Asia Pacific | |
| Segments Covered | By Technology, By Component, and By Application and By Regions | |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa | |
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Regional Stance
North America is expected to hold the largest market share over the forecast period.
North America process spectroscopy market size was valued at USD 7,909.9 million in 2023, grew to USD 8,718 million in 2024 and is projected to surpass around USD 21,958.6 million by 2032.
The growing technological advancements in the region are the primary factors that drive the market expansion. In the region, the United States and Canada are known for their strong focus on research and development. Technological advancements in spectroscopic techniques and instruments, as well as artificial intelligence and data analytics, have been driving the adoption of process spectroscopy in various industries. Additionally, the pharmaceutical and biotechnology sectors in the region have been adopting process spectroscopy for real-time monitoring and quality control during manufacturing processes. The need for compliance with regulatory standards and the desire for improved efficiency has fueled the demand for advanced analytical technologies.
For instance, in June 2023, one of the biggest developments in mass spectrometry in the past 15 years, the Thermo Scientific Orbitrap Astral mass spectrometer, was revealed by Thermo Fisher Scientific. With the use of the new Astral analyzer, which combines high sensitivity, rapid throughput, and extensive proteome coverage, researchers from all around the world will be able to more effectively produce ground-breaking discoveries and identify proteins that have previously escaped identification. This data may be used by researchers to find new clinical biomarkers, detect diseases early, and create novel treatments for conditions ranging from cancer to cardiovascular disease.
Report Highlights:
Technology Insights
The molecular spectroscopy segment is expected to dominate the market during the forecast period. Molecular spectroscopy, which includes techniques like infrared (IR) spectroscopy, Raman spectroscopy, and nuclear magnetic resonance spectroscopy, plays a crucial role in process spectroscopy. These techniques are employed for the analysis of molecular structures and compositions in real-time, making them valuable in industries such as pharmaceuticals, chemicals, food and beverages, and environmental monitoring. The growing product launch in the market drives revenue growth.
For instance, in October 2023, innovative biometric and mobile NIR spectroscopy solutions developer trinamiX GmbH announced a first-of-its-kind Consumer Spectroscopy solution powered by the most recent Snapdragon® 8 Gen 3 Reference Design. The trinamiX solution, which covers the wavelength range of 1-3µm, was unveiled at Qualcomm Technologies' annual Snapdragon Summit.
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Component insights
By component, the hardware segment held the dominating share of the process spectroscopy market in 2022. Spectroscopy hardware components typically have a longer lifecycle compared to software solutions. This can contribute to a sustained demand for hardware components as users may invest in upgrading or expanding their existing spectroscopy systems over time.
Application Insights
The pharmaceutical segment is expected to hold the largest market share over the forecast period. The pharmaceutical industry is subject to strict regulatory standards, and adherence to these standards is paramount. Process spectroscopy aids in meeting regulatory requirements by providing accurate and continuous monitoring of critical process parameters. Additionally, process spectroscopy helps pharmaceutical manufacturers optimize their processes, leading to increased productivity and efficiency. By identifying and addressing derivations in real time, manufacturers can reduce waste, improve yields, and enhance overall operational efficiency. Thus, this is expected to drive the market growth.
Market Dynamics:
Driver
Incoming goods and process control in the pharmaceutical industry
In the production processes of many industries, only the final product, and sometimes one or more intermediates in addition, are examined for their quality and composition by spectroscopy methods. However, the pharmaceutical industry faces much more stringent regulations. Analytical control of processes is an important spectroscopy application that, for example, helps to monitor the concentration of a product. This serves to improve the understanding of the industrial process and allows a manufacturing set up to be improved about efficiency and robustness, guaranteeing consistently high product quality. During incoming goods inspections, raw materials and excipients used in the manufacture of pharmaceutical products are examined for their purity and quality using spectroscopy methods. NIR spectroscopy (near infrared spectroscopy), in addition to other spectroscopy methods, is used particularly frequently for such purposes because it is non-destructive and fast, requires no sample preparation, delivers results online/inline in real time, and can be automated.
Restraint
High cost and complexity of implementation
Process spectroscopy involves the use of advanced analytical instruments and technologies to monitor and analyze chemical and physical properties of materials in real-time during manufacturing processes. The initial investment required for acquiring these sophisticated instruments, such as spectrometers, sensors, and associated hardware, can be high. Companies may find it challenging to allocate budget for these upfront costs, especially for small and medium-sized enterprises.
Opportunity
Growing collaboration and other business activities
The growing collaboration in the process spectroscopy industry is projected to offer an attractive opportunity for market revenue development during the forecast period. For instance, in May 2023, A strategic partnership was announced between Applied Spectra, Inc. (ASI), the global leader in laser-ablation based (LA) chemical analysis technology, and Polaris Battery Labs LLC (Polaris), an open-access R&D battery prototyping and fabrication facility that collaborates with top battery technology innovation firms and manufacturers. As part of this partnership, Polaris will create electrodes and battery cells using cutting-edge chemistries that are commonly used in production today as well as ones that mark advancements for the future, such as silicon anodes and solid-state materials. To produce high resolution 3D data on the chemical composition, dispersion, and uniformity of important battery materials and components at various phases of the production process, ASI will conduct LA/LIBS analysis on electrode samples.
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Recent Developments:
- In June 2023, Yokogawa Test & Measurement Corporation declared the availability of the optical spectrum analyzer, model number AQ6370E. The new model, which is an improved version of the well-liked AQ6370D, has improvements that both boost performance and increase use. The AQ6370E is equally appropriate for usage in industry, academia, and research facilities. It may be used to characterize a variety of components, such as optical amplifiers, transceivers, and lasers for optical communications.
- In June 2023, the Intabio ZT system, the first fully-integrated microfluidic chip-based platform integrating imaging capillary isoelectric focusing (icIEF) separation and UV detection, was introduced at ASMS 2023 by SCIEX, a world leader in life science analytical technology. When used in conjunction with mass spectrometry (MS) identification on the ZenoTOF 7600 system, it removes uncertainty from the early phases of drug research and expedites the selection of therapeutic candidates. The separation, quantification, and identification of biopharmaceutical charge variations and associated proteoforms are made possible by this icIEF-UV/MS approach.
Market Key Players:
- Yokogawa Electric Corporation
- Thermo Fisher Scientific, Inc.
- Shimadzu Corporation
- Sartorius AG
- Kett Electric Laboratory
- Kaiser Optical Systems, Inc.
- HORIBA Ltd.
- Foss
- Danaher Corporation
- Bruker
- Agilent Technologies, Inc.
Market Segmentation
By Technology
- Atomic Spectroscopy
- Mass Spectroscopy
- Molecular Spectroscopy
- NIR
- FT-IR
- Raman
- NMR
- Others
By Component
- Hardware
- Software
By Application
- Polymer
- Pharmaceuticals
- Water & Wastewater Management
- Pulp & Paper
- Oil & Gas
- Metal & Mining
- Chemical
- Food & Agriculture
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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