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ICP-OES Spectrometer Market 2021 Ecosystem Player Profiles, Value Chain and Industry Strategies to 2030 | Says Kenneth Research

In a recent published report, Kenneth Research has updated the market report for ICP-OES Spectrometer Market  for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.  

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for ICP-OES Spectrometer Market  products.  

The ICP-OES Spectrometer Market is thriving on account of the rising awareness amongst individuals for the benefits of maintaining a good health and the increasing need for high quality healthcare services amongst individuals. With the increasing prevalence of diseases worldwide, people are opting for products that help them to stay fit and are also investing more on healthcare services. Alternatively, pharmaceutical manufacturers, along with other healthcare companies that manufactures devices and equipment, are increasingly focusing on the research and development of advanced treatment, drugs and equipment for the diagnosis and treatment of the diseases and for developing healthcare products. Organizations are raising their R&D expenses year-on-year so as to deliver quality healthcare products in the years to come. The advancements in the healthcare sector are also supported by the governments of nations worldwide with numerous financial aids. According to a statistical report titled “Global Spending on Health: A World in Transition”, released in theyear 2019 by the World Health Organization (WHO), the global spending on healthcare recorded USD 7.8 trillion in 2017, which was an increase by USD 0.2 trillion from the recorded value of USD 7.6 trillion in 2016.

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

About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.

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