The report gives detail analysis of the “ICP-OES Spectrometer Market” structure along with forecast, market size & share, different segments and developing trends of the industry.
ICP-OES Spectrometer Market Scenario
The Global ICP-OES Spectrometer Market 2020 is expected to record a CAGR of 7.2% over the review period (2019 to 2025), with a market value of USD 521.4 million in 2018.
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ICP-OES Spectrometer Market Synopsis
The global market for ICP-OES spectrometers is driven by factors such as rising R&D spending on developing better analytical systems and increasing technological advancements. On the other hand, it is projected that the high cost of instruments and the requirement of significant capital investment for the establishment of instrument manufacturing plants will negatively affect market growth during the assessment period.
In fact, the big business businesses are engaged in aggressive investments and partnerships to sustain their market dominance.
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ICP-OES Spectrometer Market Segmental Analysis
The global ICP-OES Spectrometer market has been segmented based on spectrometer type, application, and end-user.
The market was bifurcated into sequential and simultaneous, based on spectrometer type. Because of its wider market availability, the sequential spectrometer market is expected to hold considerable market share. Thanks to its rising growth rate, the simultaneous spectrometer category is projected to be the fastest-growing.
The market has been split, by use, into nanotechnology, product research , environmental monitoring, food & farming among others. The drug discovery section is projected to have a substantial share owing to a growing number of ICP-OES spectrometer applications in this sector. Thanks to an rising amount of study activities to use ICP-OES spectrometer for environmental monitoring purposes, the environmental testing category is projected to be the fastest-growing.
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The industry has been categorized by end-user as businesses of pharmaceutical & biotechnology, science & education institutes, among others. Industries of pharmaceutical & biotechnology are projected to have a significant market share. It is due to the growing number of ICP-OES spectrometer applications in the pharmaceutical industry. Due to the increasing research activities, the research & academic institutes segment is expected to become the fastest-growing market.
ICP-OES Spectrometer Market Regional Overview
The Americas market is projected to lead the global ICP-OES spectrometer market due to increasing R&D investment to build new technology and the region’s fast acceptance of new technology. In addition, North America’s presence of major corporations such as PerkinElmer Inc., Agilent Technologies, Inc., Thermo Fisher Scientific, etc. is also expected to fuel the region’s market growth.
The European economy was seeing considerable growth. Demand development in this area can be due to the prevalence of a well-established healthcare network and the growing usage for research purposes of the ICP-OES spectrometer.
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Owimg to the rapid development of the pharmaceutical industry in countries like China , India and Japan, the Asia-Pacific region is anticipated to have the highest growth rate over the estimated time frame. The high growth in India, Japan and China can be attributed to rising concerns about food safety, the emerging biotech industry and conferences that act as a platform for businesses to showcase their products and establish business relationships.
The Middle East & Africa sector is predicted to account for the least percentage of the overall economy due to the region ‘s weak disposable income. In fact, the involvement of major corporations in the Middle East and African market is also limited, which is anticipated to curb the growth of the market in the future.
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ICP-OES Spectrometer Market Competitive Dashboard
Some of the eminent players in the global ICP-OES Spectrometer market are Shimadzu Corporation (Japan), PerkinElmer Inc. (US), Hitachi High-Technologies Corporation (Japan), GBC Scientific Equipment (Australia), Agilent Technologies, Inc. (the US), Thermo Fisher Scientific (US), SPECTRO Analytical Instruments GmbH (Germany), Analytik Jena AG (Germany), Teledyne Leeman Labs (US), Horiba (Japan), Skyray Instrument Inc. (US), FPI (China), Beijing Huake Tiancheng Technology Co., Ltd (China), Merck KGaA (Germany), and others.