Market For Trace Metal Analysis Is Expanding At A Healthy Rate To Reach $6.9 Billion By 2024
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According to the new market research report "Trace Metal Analysis Market by Technology Instrument (Atomic Absorption Spectroscopy, X-Ray Fluorescence, ICP-MS), Service (FAAS, ICP-OES)), Application (Food & Beverage, Pharmaceutical & Biotechnology, Environmental Testing) - Global Forecast to 2024", published by MarketsandMarkets™, the Trace Metal Analysis Industry is projected to reach USD 6.9 billion by 2024 from an estimated USD 4.4 billion in 2019, at a CAGR of 9.5%.
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The major factors driving the growth of this market include the stringent safety and quality regulations and new international cGMP & cGDP certification for pharmaceutical excipients, increasing spending on life science R&D, advancements in technologies, growing preference to outsource analytical requirements to third-party service providers, increasing demand from applied markets, rising opportunities in emerging countries, and the need to comply with revised USP guidelines.
By technology, the ICP-MS segment accounted for the largest share of the trace metal analysis services market
Based on technology, the services market is divided into AAS, ICP-MS, optical emission spectroscopy, FTIR, XRF, and other technologies. The ICP-MS segment accounted for the largest market share in 2018. The increasing demand for the analysis of a diverse range of sample matrices; growing focus on the identification of low-level contaminants in chemical products; increased stringency of quality assessment and testing in the beverages, foods, cosmetics, and pharmaceutical industries; and the growing demand for metal speciation are the key factors driving the growth of the ICP-MS segment.
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X-ray fluorescence spectroscopy (XRF) segment to witness the highest growth in the trace metal analysis instrument market, by technology
Based on technology, the trace metal analysis instrument market is segmented into atomic absorption spectroscopy (AAS), inductively coupled plasma mass spectroscopy (ICP-MS), optical emission spectroscopy (OES), Fourier transform infrared spectroscopy (FTIR), X-ray fluorescence spectroscopy (XRF), and other technologies. The XRF segment accounted for the largest share of the trace metal analysis instrument market in 2018. The large share of this segment can be attributed to the increasing demand for advanced XRF applications in applied markets; advantages of XRF such as high-speed, accuracy, and high-resolution analysis; and the high demand for XRF in emerging countries.
North America, the largest regional market for trace metal analysis
North America accounted for the largest share of the trace metal analysis market in 2018, followed by Europe and the Asia Pacific. Factors such as the presence of a well-established pharmaceutical industry in the region, high R&D expenditure and growing focus on trace metal analysis in applied markets, implementation of stringent regulatory guidelines by ICH for pharmaceutical ingredients, and the presence of a large number of service providers and instrument manufacturers in the region are primarily factors driving the growth of the trace metal analysis industry in North America.
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Prominent players in the trace metal analysis market are Thermo Fisher Scientific (US), Agilent Technologies (US), PerkinElmer, Inc. (US), Analytik Jena AG (Germany), Bruker Corporation (US), Hitachi Hi-Technologies Corporation (Japan), Rigaku Corporation (Japan), Shimadzu Corporation (Japan), Eurofins Scientific (Luxembourg), Intertek Group PLC (US), SGS S.A. (Switzerland), Bureau Veritas S.A. (France), TÜV SÜD (Germany), and LGC Ltd. (UK).
Agilent Technologies is the leading player in the trace metal analysis market. The company’s leading position in this market is attributed to its wide geographic presence across regions of North America, Europe, the Middle East & Africa, and the Asia Pacific. The company mainly focuses on product launches, agreements, and collaborations in order to maintain its leading position in the market.
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