Elemental Analysis Market Size
Elemental Analysis Market size is anticipated to witness healthy growth during 2024 to 2032, on account of the introduction of government regulations that mandate impurity analysis of pharmaceutical and biotech products. The elemental analysis technique greatly improves patient safety, as it allows for a common approach to curbing impurities posing health risks. The rise in pharma R&D spending will therefore boost the requirement for this technique to address patient safety concerns.
According to data released by the UK Parliament, in 2021, R&D conducted by UK businesses amounted to approximately USD 63.9 billion. This figure has consistently risen over the years when adjusted for inflation. The increasing drug development is escalating the need for elemental analysis instruments in the pharmaceutical sector.
Elemental Analysis Market Trends
Hey there! Big money is pouring into agriculture, and it's helping the market grow like crazy. Even foreign investors are getting in on the action, with over 40 million acres of US farmland now in their hands. Farmers need the right fertilizers to make their crops thrive, and with all this new investment, they're buying up more and more of this stuff to make sure their plants get the nutrients they need. On top of that, tech companies and scientists are making all kinds of cool new discoveries in agriculture. This is making it easier for farmers to grow better crops with less effort, which is good news for them and for us (who wants to pay more for food?). All these trends are creating huge opportunities for companies that make and sell fertilizers and other agricultural products. It's an exciting time to be in the agriculture business!
Inorganic segment will grow significantly through 2032, considering the increased penetration in pharma samples to control drug sample quality. Considering the sensitive instrumentation, this technique is also extensively adopted to identify elements and contaminants in products. The widening application scope in cosmetics, foods, and adhesives will proliferate the sales of elemental analysis equipment to reduce the presence of inorganic impurities.
In the food and beverage industry, testing for elemental composition is a crucial aspect that's expected to dominate the market until 2032. This growth is fueled by the need to ensure food safety, driven by strict regulations set by organizations like the U.S. FDA. In recent times, there has been a notable rise in cases involving unsafe food, such as those that are poorly made, tampered with, or falsely labeled. For instance, government data in India reveals that roughly 4,890 food samples examined in 2021-2022 were deemed unsuitable for consumption. To address these issues, the development of the Elemental Analysis Manual (EAM) for food products encourages widespread testing in the food and beverage sector. This manual provides industry guidelines to ensure food safety and quality.
North American elemental analysis market is slated to expand through 2032, given the rise in healthcare spending. The presence of regulatory bodies and pharmaceutical firms in region, coupled with rising cognizance pertaining to consumer safety will augment the need for elemental analysis. The advancements in technology, particularly in instrumentation and analytical techniques, are enhancing the efficiency and accuracy of elemental analysis processes. This is driving demand from various industries such as pharmaceuticals, environmental testing, and food and beverage, where precise elemental analysis is crucial for quality control and compliance with regulatory standards.
Elemental Analysis Market Share
Major players involved in the elemental analysis industry include
- AMETEK Inc.
- HORIBA Ltd.
- Shimadzu Corporation
- Analytik Jena AG (Endress+Hauser)
- Elementar Group
- PerkinElmer Inc.
- Thermo Fisher Scientific
- Agilent TechnologiesInc.
- Danaher Corporation
- Rigaku Corporation
These companies are focusing on new product launches to expand their presence in the global market.
Elemental Analysis Industry News
- In March 2023, Thermo Fisher Scientific unveiled its trace elemental analyzer, iCAP RQplus ICP-MS Analyzer. This product was designed to simplify analyses in food, environmental, industrial testing, and pharmaceutical laboratories.
What Information does this report contain?
Historical data coverage 2018 to 2023; Growth Projections 2024 to 2032.
Expert analysis industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts major segments covering applications, top products and geographies.
Competitive landscape reporting market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.
