Boston, MA -- (ReleaseWire) -- 05/05/2014 -- Atomic Spectroscopy Market by Technology ( X-Ray Fluorescence / Atomic Absorption / X-Ray Diffraction / ICP-MS ) & by Application ( Food & Beverage / Pharmaceutical / Industrial Chemistry / Biotechnology / Environment ) - Competitive Landscape - Global Forecasts & Trends to 2018
The global atomic spectroscopy market was valued at an estimated $4.02 billion in 2013 and is expected to grow at a CAGR of 6.4%. Various regulatory authorities across industries have enforced stringent safety regulations. The use of atomic spectroscopy technologies facilitate the compliance with these regulations by enabling the measurement and monitoring of the level of metals in samples. This is a major driver for the atomic spectroscopy market. Furthermore, the increasing use of atomic spectroscopy technologies for drug safety and medical research is another major driver for this market. However, the dearth of technical expertise poses as a restraint for the growth of this market.
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The X-ray fluorescence technology has become a mature analytical tool for routine quality controls in various industries and research laboratories, owing to its ease of automation, speed and economy, and the possibility to directly analyze solid samples. The X-ray fluorescence market was valued at $884.4 million in 2013 and is expected to grow at an estimated CAGR of 5.9%. On the other hand, the revisions to the Chapter 231 of the U.S. Pharmacopeia which makes it mandatory for pharmaceutical companies to use ICP-MS will provide the atomic spectroscopy market with significant growth opportunities in the next few years.
In 2013, North America accounted for the largest share of the global atomic spectroscopy market, followed by Europe and Asia. However, the Asian market will witness the highest growth in the atomic spectroscopy market. The growth in the Asian market will be centered at the emerging Indian and Chinese markets. The leading players in the atomic spectroscopy market have undertaken major developments in these countries and are planning to further increase their presence in these countries.
The major players in the market include Agilent Technologies (U.S), Analytik Jena AG (Germany), Aurora Biomed (Canada), Bruker Corporation (U.S.), GBC Scientific Equipment Pty Ltd. (Australia), Hitachi High-Technologies Corporation (Japan), PerkinElmer, Inc. (U.S.), Rigaku Corporation (Japan), Shimadzu Corporation (Japan), and Thermo Fisher Scientific (U.S.).
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