Process Spectroscopy Market Size, Share & Industry Analysis, By Type (Infrared (IR) Spectroscopy, Ultraviolet-Visible (UV/Vis) Spectroscopy, Raman Spectroscopy, X-Ray Spectroscopy, and Nuclear Magnetic Resonance (NMR) Spectroscopy), By Technology (Atomic absorption spectroscopy (AAS), Atomic emission spectroscopy (AES), and Atomic fluorescence spectroscopy (AFS)), By End-User (Food & beverages, Agriculture, Healthcare, Manufacturing, Oil & Gas, Chemical, and Others), By Component (Hardware and Software), and Regional Forecast, 2024-2032

The global process spectroscopy market size was valued at USD 15.93 billion in 2023. The market is projected to grow from USD 20.41 billion in 2024 to USD 116.49 billion by 2032, exhibiting a CAGR of 24.3% during the forecast period. North America dominated the process spectroscopy market with a market share of 32.58% in 2023.

Process spectroscopy has become one of the best techniques for analyzing end products due to its many valuable aspects. Spectroscopy has many advantages in terms of saving time and reducing the overall cost of surveillance operations. The increasing use of spectroscopy in pharmaceutical safety processes, the demand for reliable water and wastewater treatment, and increasing oil and gas process operations are some of the emerging application areas of spectroscopy.

Growing customer awareness of the importance of excellent product quality is driving the development of the global market significantly. Therefore, the growing demand for quality products is a key factor associated with the increasing application of spectroscopy in the global market. Moreover, the introduction of technologically advanced spectroscopic instruments by major manufacturers across the globe is projected to boost the market during the forecast period of 2024-2032.

The COVID-19 pandemic has had a significant impact on the global economy and various industries, including the process spectroscopy market growth. The pandemic resulted in supply chain and production disturbances, resulting in a decrease in demand for products and services in various industries. Additionally, the pandemic has led to a slowdown in research and development activities in various industries. However, the pandemic increased focus on the development of vaccines, drugs and medical equipment. As a result, the demand for spectroscopy equipment and services has increased in the healthcare industry. The food and beverage industry has also experienced a surge in demand for spectroscopic technologies to ensure the quality and safety of the products.

Process Spectroscopy Market Trends

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

Process Analytical Technology (PAT) is a system for the design, analysis, and control of manufacturing processes through the measurement of critical process parameters. Various technologies, process control software, PAT systems, and others need to be integrated in order for this system to be adopted. PAT has a major role to play in the development and scale-up of asymmetrical chiral molecule synthesis processes within the pharmaceutical sector.

PAT makes it possible to monitor reaction pathways effectively, allowing for a better understanding of processes and the development of more robust and safer procedures. PAT has evolved over the years, based on a number of spectroscopic techniques and proved to be useful for understanding chemical reactions, such as asymmetric transformations. In addition, it is necessary to comply with the legal guidance and frameworks set out by the U.S. Food and Drug Administration (FDA) to adopt a PAT system. There has been an increase in the adoption rate in the market due to the evolution of the spectroscopy market trends.

For instance, in September 2023, The MAVERICK offered advantages over the conventional Raman analyzers by offering in-line Raman Process Analytical Technology (PAT) without the cost and problem of implementing conventional process spectroscopy-based methods.

Process Spectroscopy Market Growth Factors

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

Process spectrometry is becoming essential to ensure that products comply with the specifications and standards necessary as consumers are selective and seek more high-quality products. Consumers are becoming increasingly concerned and prepared to pay a premium for products that satisfy their specific needs and expectations. In addition, due to the ability to identify and qualify chemical compounds, spectroscopy plays an important role in a large number of sectors, such as food & beverage, pharmaceuticals, and material sciences.

In addition, the collected information can be used to optimise the production process, improve the quality of the product, and comply with the regulatory requirements. As a result of these factors, the demand for specialised products is expected to increase the market's expansion. Exum Industries, the manufacturer of LALI-TOF-MS first Laser Ablation Ionizing Time for Flight Mass Spectrometry, has entered into a partnership with Edge Scientific to better promote and distribute its products. Exum Instruments is most well-known for its first technology, the Massbox, which is a LALI-TOF-MS instrument that is designed to analyze solid samples. The partnership will enable Exum Instruments to expand their market in Canada, with Edge Science acting as the exclusive distributor for them. Member companies have submitted projects, such as spatially neutralised spectroscopy for the purpose of supporting dry monitoring or automation solutions to detect soluble substances quickly.

Growing Application of Mass Spectrometry in Drug Discovery and Development (DDD) to Boost Market Progress

Mass spectrometry (MS) is an analytical technique used to measure the mass-to-change ratio of ions. It is widely used in most scientific fields, including basic research or industrial efforts requiring accurate and precise measurements of elemental and molecular constituents. The use of mass spectrometry in the field of pharmaceuticals in the context of drug discovery and development processes is rich and diverse. Many of the early efforts involved online high-performance liquid chromatography-mass spectrometry in drug metabolism, pharmacokinetics, and pharmacodynamics studies.

MS can be used in drug screening and lead optimization. MS-based screenings can be used to identify compounds that bind to specific protein targets and others. In addition, MS can be used in pharmacokinetic and pharmacodynamic studies to monitor drug concentrations and metabolic pathways. Owing to these advantages of mass spectrometry, it is anticipated to boost the market growth. For instance, in October 2023, to expedite its drug discovery efforts, Indian contract research, development, and manufacturing organization (CDMO) Sai Life Sciences partnered with Dassault Systèmes, a global player in 3D design, engineering, and software solutions. This collaboration aims to leverage cutting-edge solutions from Dassault Systems in the fields of productivity, data quality, and cooperation within Sai Life Sciences Research and Development Process laboratories that will eventually speed up drug discovery efforts.

RESTRAINING FACTORS

High Initial Cost Related to Process Spectrometer Instruments to Hinder Market Growth

The high initial investment is one of the major restraints. In many cases, high initial investment is a major entry barrier for new entrants and new players. The development and maintenance of spectroscopes require significant expenditure. Moreover, spectroscope also requires additional operational and maintenance costs, which furthermore increases the overall cost. For Instance, the identification of proteins in a single LC/MS analysis can cost up to USD 450, while the cost of a large-scale, TMT-labeled quantitative proteomics experiment may go beyond USD 10,000.

Process Spectroscopy Market Segmentation Analysis

By Type Analysis

Nuclear Magnetic Resonance (NMR) Spectroscopy Segment to Command the Market Owing to Expansion of Chemical and Healthcare Industry

By type, the market is segmented into infrared (IR) spectroscopy, ultraviolet-visible (UV/VIS) spectroscopy, Raman spectroscopy, x-ray spectroscopy, and nuclear magnetic resonance (NMR) spectroscopy. The NMR segment was the dominant and fastest-growing segment during the forecast period. NMR spectroscopy is the use of NMR phenomena to study the physical, chemical, and biological properties of matter. Chemists use it to determine the identity and structure of molecules. Physicians use magnetic resonance imaging (MRI), a multidimensional NMR imaging technique, for diagnostic purposes. Owing to the increase in usage, the segment is anticipated to dominate the market during the forecast period.

The infrared spectroscopy segment is the second largest dominating segment in the market. The dominance in marine is owing to its advantage in the identification and structural elucidation of a wide variety of materials, including organic and inorganic compounds. It can also be used for qualitative and quantitative analysis of complex mixtures of similar compounds.

By Technology Analysis

Atomic Absorption Spectroscopy Segment Dominates the Market Owing to the Increased Need to Analyze Quantitative Information on Chemical Elements 

The market by technology is segmented into atomic absorption spectroscopy (AAS), atomic emission spectroscopy (AES), and atomic fluorescence spectroscopy (AFS). The AAS segment is anticipated to dominate the market during the forecast period. A major advantage of AAS is that it is relatively inexpensive and easy to use while providing high-throughput quantitative analysis of metal content in solids or liquids. This makes it suitable for use in a wide range of applications, owing to which the segment is projected to dominate the market.

The AES segment is projected to be the second-largest market during the study period. AES offers high sensitivity and detection limits, enabling the analysis of trace elements in samples. This gives an advantage over other technologies and thus is a major factor for the segmental boost.

Food & Beverage Segment Dominates the Market Owing to the Increased Need for Spectrometers for Inspecting Food Quality and Composition

By end-user, the global market is segmented into food & beverages, agriculture, healthcare, manufacturing, oil & gas, chemical, and others. The food & beverage segment dominated the market in 2023 and the segment is projected to be the fastest-growing segment during the forecast period. Mass spectrometry in food analysis includes MS-based analysis of various aspects of food quality, including nutritional value, macronutrient (protein, lipid, and carbohydrate) profiles, micronutrients (vitamins), and nutraceutical compounds. Owing to this, the segment is anticipated to show significant growth during the study period.

The healthcare segment is the second largest during the forecast period. The rise in the segment is due to the increased use of mass spectrometry techniques for diagnostic purposes. Clinical mass spectrometry is used in medical laboratories to diagnose metabolic disorders, determine the presence of biomarkers or enzymes, and perform toxicological tests.

By Component  Analysis

Hardware Segment Led the Market Owing to the Increased Adoption of Spectroscopy Techniques

The market by component is bifurcated into hardware and software.  The hardware segment led the market in 2023, and it is projected to be the fastest-growing segment during the forecast period. The growth in the segment is owing to the increase in research for the development of advanced hardware for spectroscopy techniques.

The software segment is projected to witness significant growth during the study period. The growth in the segment is due to the development of new software for analyses, process control and other requirements.

REGIONAL INSIGHTS

In terms of geography, the market is divided into North America, Europe, Asia Pacific, and Rest of the World.

North America held the largest market share in 2023. The market in North America was valued at USD 5.19 billion in 2023. The market growth is attributed to various factors, such as an increase in technological advancements, changing consumer preferences, and government initiatives. The presence of major players and organizations such as Bruker Corporation, Danaher Corporation, Thermo Fisher Scientific Inc., Agilent Technologies Inc., and the American Society for Mass Spectrometry is anticipated to boost market growth in the region. 

The European market holds the second-largest process spectroscopy market share in the base year. This region’s growth is due to an increase in technological advancements supported by government regulations, initiatives, and funding programs in the region. For example, in August 2021, the Organic mass spectrometry team at Thermo Fisher Scientific Bremen, Germany, announced the ambitious IsoFootprint project for a sustainable future for mass spectrometry. The IsoFootprint project is an initiative to eliminate all CO2 emissions associated with manufacturing and producing all new equipment. Such initiatives are expected to contribute to the growth of the European market during the forecast period.

Asia Pacific is the fastest-growing region during the forecast period. The  Asia Pacific market is growing significantly owing to the region’s growing spectroscopy sector. The presence of key players such as HORIBA, Ltd., Kett Electric Laboratory, Shimadzu Corporation, and Yokogawa Electric Corporation is projected to boost the market in the region. Furthermore, the launch of new products in the region is projected to boost the market growth.

The Rest of the World is anticipated to witness moderate growth in the market during the forecast period. The growth in the region is owing to the increasing investments in the market. 

List of Key Companies in Process Spectroscopy Market

Emerging Technological Advancements And Increased R&D Are Key Focuses of Leading Players 

At present, the competitive landscape of the global market is enhanced by extensive distribution networks of large players in emerging markets. New entrants are expected to increase the number of companies in the global market, while major market players are expected to maintain their strategic positions during the forecast period. Currently, Shimadzu Corporation, Kett Electric Laboratory, ABB Ltd. and Bruker Corporation are joint market leaders and have large market shares.

LIST OF KEY COMPANIES PROFILED:

• Agilent Technologies Inc  (U.S.)


• ABB (Switzerland)


• BUCHI Labortechnik AG (Switzerland)


• Bruker Corporation (U.S.)


• Danaher Corporation (U.S.)


• Foss A/S (Denmark)


• HORIBA, Ltd. (Japan)


• Kett Electric Laboratory (Japan)


• Shimadzu Corporation (Japan)


• Sartorius AG (Germany)


• Thermo Fisher Scientific Inc. (U.S.)


• Yokogawa Electric Corporation (Japan)

KEY INDUSTRY DEVELOPMENTS:

• May 2024 – Several manufacturers and suppliers of spectrometers presented their latest instruments at Analytica 2024 in Munich, Germany. Analytik Jena, WITec, Agilent, Bruker, Hamamatsu, Horiba and Tosoh Bioscience are among the companies that have shown their products at Analytica.


• January 2024 – BRKR purchased Tornado Spectral Systems Inc., based in Canada, which specializes in the manufacture of process Raman instruments for pharmaceutical and biotechnology quality control purposes.


• January 2024 – Professor Gernot Friedrichs at the University of Kiel developed a new approach to make the interference signals in laser absorption spectroscopy invisible. An important method for determining the concentration of gas components in a sample is laser-based absorption spectroscopy. For the detection of specific gases, such as trace gases in the atmosphere, combustion exhaust fumes and technical applications of plasmas, modern equipment is highly specialised.


• November 2023 – To characterize oil shale, researchers at the Chinese University of Petroleum Beijing offered a holistic perspective on using terahertz spectroscopy. The current understanding of the oil generation potential of oil shale and the dynamic process of organic matter pyrolysis is still unclear, leading to the relatively slow progress in its development technology.


• March 2022 – PerkinElmer, Inc. launched a new FT-IR liquid food testing platform, which includes instruments, software, and streamlined workflows. As part of this platform, the LQA300 Wine System, which utilizes PerkinElmer's state-of-the-art FT-IR spectroscopy technology, measures alcohol, sugar, acidity, pH, density, and other factors at each stage of the winemaking process, from harvest to bottling.

REPORT COVERAGE

The market report provides a detailed market analysis. It comprises all major aspects, such as R&D capabilities, supply chain management, competitive landscape and optimization of the manufacturing capabilities and operating services. Moreover, the market report offers insights into the market trends analysis, market size, market segments analysis and primarily highlights key industry developments. In addition to the above-mentioned factors, it mainly focuses on several factors that have contributed to the global market compound annual growth rate over recent years.

Report Scope & Segmentation