The global spectrometry market is expected to exhibit a CAGR of 7.2% between 2014 and 2020. This growth rate allows the market to reach US$19.6 bn by the end of 2020, from a recorded value of US$12.22 bn in 2013. These are the key findings of a research report released by Transparency Market Research, titled "Spectrometry Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020."
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According to this report, the global spectrometry market is primarily being driven by a high rate of innovation in techniques. Some of the newer technologies that have vastly benefitted the global spectrometry market include handheld and portable instruments, which are capable producing superior imaging quality.
These instruments have provided major contributions to analyze samples onsite. This significantly reduces the time and effort taken to perform the analysis which otherwise needs the samples to be transported to the labs. As such, handheld devices have revolutionized spectrometry by improving its applicability in defense, environmental protection, food safety and inspection, and drug identification.
The global spectrometry market is also boosted by an increase in the level of applicability in the industries of food and beverage, industrial chemistry, biotechnology, and pharmaceuticals. These form the major application segments in the global spectrometry market. Biotechnology is the fastest growing segment, exhibiting a CAGR of 18.4% within the report's given forecast period.
Furthermore, the clinical application of spectrometry has also improved in terms of disease marking, proteomics, toxicology, and tissue analysis. The global spectrometry market is also propelled by the mounting pressure of increased monitoring of soil and water samples. This has made it necessary for most agencies to carry spectrometry devices.
In terms of technology, the global spectrometry market will mostly be dominated by nuclear magnetic resonance spectrometry by 2020. This tech segment is expected to be valued at US$1.7 bn by 2020 in terms of revenue. At the same time, a major source of revenue for the global spectrometry market is currently coming from the field of molecular spectrometry.
The report's geographical take on the global spectrometry market reveals that North America and Europe have dominated the market till now and may continue to dominate it. The report explains that while the current application segments for the global spectrometry market, especially in developed economies, have saturated, new areas will open up in the near future. These include additional aspects of defense, along with space and aeronautics.
The key players in the global spectrometry market include AB Sciex, Shimadzu Corporation, Waters Corporation, Bruker Corporation, Agilent Technologies, Inc., Perkin Elmer, Inc., and Thermo Fisher Scientific, Inc.
Full Research Report on Global Spectrometry Market with detailed figures and segmentation at: http://www.transparencymarketresearch.com/spectrometry-market.html