ICP-OES Spectrometer Market Outlook, Size, Share and Growth Stance Forecasted Through 2025 | Impact of COVID-19 Pandemic

Global ICP-OES Spectrometer Market Research Report: Information by Spectrometer Type (Sequential, Simultaneous), Application (Nanotechnology, Drug Discovery, Environmental Testing, Food & Agriculture, Others), End User (Pharmaceutical and Biotechnology Companies, Research and Academic Institutes, Others) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) – Forecast till 2025

Market Scenario

The Global ICP-OES Spectrometer Market is expected to register a CAGR of 7.2% during the forecast period of 2019 to 2025 with a market value of USD 521.4 million in 2018.ICP-OES Spectrometer or inductively coupled plasma optical emission spectroscopy is an analytical technique that is used for the detection of chemical elements. With the help of this technique, the composition of elements in samples can be determined using plasma and a spectrometer. The global ICP-OES spectrometer market is driven by factors such as increasing R&D expenditure for the development of better analytical systems and growing technological advancements.

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On the other hand, the high cost of instruments and requirement of large capital investment for setting up instrument manufacturing plants is projected to negatively affect the growth of the market during the assessment period.Moreover, major companies in the market are involved in strategic acquisitions and collaborations to sustain their position in the market. For instance, in May 2018, PerkinElmer Inc. acquired Shanghai Spectrum Instruments Co., Ltd, which helped the company to build a strong position in the Chinese market.

Segmentation

The global ICP-OES spectrometer market has been segmented based on spectrometer type, application, and end user.The market, based on spectrometer type, has been bifurcated into sequential and simultaneous. The sequential spectrometer market is expected to hold a major share in the market owing to its wider availability in the market. The simultaneous spectrometer segment is anticipated to be the fastest growing due to its rising adoption rate.

The market, by application, has been divided into nanotechnology, drug discovery, environmental testing, food & agriculture, and others. The drug discovery segment is expected to hold a major share owing to a large number of applications of ICP-OES spectrometer in this field. The environmental testing segment is expected to be the fastest growing due to an increasing number of research activities for using ICP-OES spectrometer for environmental testing purpose.

The market, by end user, has been classified as pharmaceutical & biotechnology companies, research & academic institutes, and others. Pharmaceutical & biotechnology companies are anticipated to hold a major share in the market. This is due to the increasing number of applications of ICP-OES spectrometer in the pharmaceutical industry. The research & academic institutes segment is expected to become the fastest growing market due to the increasing research activities.

The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The ICP-OES spectrometer market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European ICP-OES spectrometer market has been sub-divided Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, UK, Italy, Spain, and the rest of Western Europe. The ICP-OES spectrometer market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The ICP-OES spectrometer market in the Middle East & Africa has been divided into the Middle East and Africa.

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Key Players

PerkinElmer Inc.

Shimadzu Corporation

GBC Scientific Equipment

Thermo Fisher Scientific

Agilent Technologies, Inc.

SPECTRO Analytical Instruments GmbH

Teledyne Leeman Labs

Analytik Jena AG

Horiba

Skyray Instrument Inc.

Beijing Huake Tiancheng Technology Co., Ltd

FPI

Hitachi High-Technologies Corporation

Merck KGaA

Regional Market Summary

Global ICP-OES Spectrometer Market Share (%), by Region, 2018

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Source: World Health Organization (WHO) and Institute of Medicine (IOM)

The market in the Americas is expected to dominate the global ICP-OES spectrometer market due to the growing expenditure on R&D to develop new technologies and the high adoption of new technology in the region. Moreover, the presence of major companies such as PerkinElmer Inc., Agilent Technologies, Inc., Thermo Fisher Scientific, etc. in North America is also expected to fuel the market growth in the region.

The market in Europe showed a substantial amount of growth. The market growth in this region can be attributed to the presence of a well-established healthcare system and increasing adoption of ICP-OES spectrometer for research purposes.

The market in Asia-Pacific is projected to have the fastest growth rate during the forecast period owing to the rapid growth of the pharmaceutical industry in countries such as China, India, and Japan.

The market in the Middle East & Africa is anticipated to account for the least share of the global market due to low disposable income in the region. Moreover, the presence of major companies in the Middle East and African market is also limited, which is projected to curb the growth of the market in the future.

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Global ICP-OES Spectrometer Market, by Modality

Sequential

Simultaneous

Global ICP-OES Spectrometer Market, by Application

Nanotechnology

Drug Discovery

Environmental Testing

Food & Agriculture

Others

Global ICP-OES Spectrometer Market, by End User

Pharmaceutical and Biotechnology Companies

Research and Academic Institutes

Others

Global ICP-OES Spectrometer Market, by Region

Americas

North America

US

Canada

Latin America

Europe

Western Europe

Germany

France

Italy

Spain

UK

Rest of Western Europe

Eastern Europe

Asia-Pacific

Japan

China

India

Australia

South Korea

Rest of Asia-Pacific

Middle East & Africa

Middle East

Africa

Intended Audience

Pharmaceutical companies

Biotechnology companies

Research and development (R&D) companies

Government research institutes

Academic institutes and universities

Venture Capitalists

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