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The global ICP-OES spectrometer market was valued at USD 521.4 million in 2018 and is likely to grow at a 7.2?GR between 2019- 2025, according to the new report by Market Research Future (MRFR). ICP-OES (inductively coupled plasma optical emission spectroscopy) spectrometer, simply put, is an analytical method that is used to detect chemical elements. This instrument uses the ICP-OES to conduct the analysis procedure. Simultaneous and sequential are the two types of ICP-OES spectrometer.
Various factors are propelling the global ICP-OES spectrometer market . As per the latest MRFR report, such factors include growing technological advances, the development of better analytical systems, and increasing research and development expenditure.
On the contrary, the need for huge capital investment to set up instrument manufacturing plants and the soaring price of instruments are factors that may impede the global ICP-OES spectrometer market growth over the forecast period. Besides, the grave effect of the ongoing COVID-19 pandemic is also impacting the market growth.
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Key Players
Eminent players profiled in the global ICP-OES spectrometer market report include Merck KGaA (Germany), Hitachi High-Technologies Corporation (Japan), FPI (China), Beijing Huake Tiancheng Technology Co., Ltd (China), Skyray Instrument Inc. (US), Horiba (Japan), Analytik Jena AG (Germany), Teledyne Leeman Labs (US), SPECTRO Analytical Instruments GmbH (Germany), Agilent Technologies, Inc. (US), Thermo Fisher Scientific (US), GBC Scientific Equipment (Australia), Shimadzu Corporation (Japan), and PerkinElmer Inc. (US), among others.
Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global ICP-OES spectrometer market report based on end user, application, and spectrometer type.
- By spectrometer type, the global ICP-OES spectrometer market is segmented into simultaneous and sequential. Of these, the sequential segment will lead the market over the forecast period for its wider availability. Meanwhile, the simultaneous segment is likely to grow at a fast pace for its increasing adoption rate.
- By application, the global ICP-OES spectrometer market is segmented into food and agriculture, environmental testing, drug discovery, nanotechnology, and others. Of these, drug discovery will dominate the market over the forecast period for its extensive application. Meanwhile, environmental testing will grow at a fast pace over the forecast period for the rising number of research activities that use this spectrometer for the purpose of environmental testing.
- By end user, the global ICP-OES spectrometer market is segmented into research and academic institutes, pharmaceutical & biotechnology companies, and others. Among these, pharmaceutical & biotechnology companies will have a major share in the market over the forecast period for its growing application in the pharmaceutical sector. Meanwhile, the research and academic institutes will grow at a fast pace over the forecast period for the surging research activities.
Regional Analysis
Based on the region, the global ICP-OES spectrometer market report covers the recent trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), & the Middle East and Africa. Of these, the Americas will have the lions share in the market over the forecast period. The presence of top companies, growing adoption of new technology, and increasing investment on research and development to create new technologies are adding to the global ICP-OES spectrometer market growth in the region.
The global ICP-OES spectrometer market in Europe is predicted to hold the second-largest share over the forecast period. Increasing use of this spectrometer for various research needs coupled with the presence of a well-developed healthcare system are adding to the ICP-OES spectrometer market growth in the region.
The global ICP-OES spectrometer market in the APAC region is predicted to grow at a fast pace over the forecast period. The booming pharmaceutical industry in Japan, India, and China is adding to the ICP-OES spectrometer market growth in the region.
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The global ICP-OES spectrometer market in the Middle East & Africa is likely to hold the smallest share during the forecast period for the region's low disposable income. Besides, the presence of eminent players in the region is also limited, which again is likely to hamper the market growth in the future.
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