Journal of Analytical & Bioanalytical Techniques
Open Access

We welcome you to join us at “10^th World Congress on Mass Spectrometry and Analytical Techniques” during December 07-08, 2020 at Paris, France, with the theme: “Insights into the modern world of mass spectrometry and analytical chemistry. To the annual meeting devoted to diverse topics in the rapidly expanding field of Spectroscopy & Analytical Chemistry. The importance of matching international standards of quality across industries such as pharmaceutical as well as food & agriculture industries which includes rising adoption of the process technology is promoting the growth of spectroscopy market. The growth forecast is expected to grow at a CAGR of 8.4% during the period from 2017 to 2025. The world process spectroscopy market is anticipated to reach USD 2005.2 million in 2025.

Due to the presence of several global and regional vendors, the spectroscopy market appears to be fragmented. The competition among the companies is mainly focused on factors such as production volume, quality, innovation in technology, and aftersales services. The major challenges to spectroscopy manufacturers are consumer preferences, rapid improvements in technology, and intense competition among them. Companies are concentrating on developing products with innovative technologies and are highly focusing on improving revenue.

According to the spectroscopy market research, the top players in the market are:

• Agilent Technologies

• Bruker

• Danaher

• Hitachi High-Technologies Corporation

• Jeol

• PerkinElmer

• Shimadzu Corporation

• Thermo Fisher Scientific

• Other prominent vendors include FOSS, GBC Scientific Equipment, JASCO, Metal Power, Rigaku Corporation, and WATERS.

Recent and several technological developments in Raman spectroscopy such as estimation of purity of a compound and the detailed fingerprinting are derivable from Raman spectrum. Furthermore, by the introduction of cloud-based spectroscopy, various opportunities will arise in terms of adoption of diverse end-use industries. Cloud-based spectroscopy can dynamically scale up and down the resources to be computed to match a varying workload. Similarly, implementation of process analytical technology (PAT) is to ensure the high-quality performance of the final product that provides more benefits. Though, the high initial capital investment needed for employing spectroscopic equipment and complications involved in the use of these devices will create a challenge for the complete growth of this market. Over 60% of the overall process spectroscopy market share is NIR technology segment. It is likely to grow 6% CAGR from 2016 to 2024. Growth in this particular sector can be attributed to rising application in the number of sectors from the food industry, quality monitoring, biogas plants, plastics identification in the chemical industry and controlling paper production. Fourier Transform Infrared (FT-IR) was valued at over USD 170 million in 2015 and is projected to account for over 20% of the overall industry share by 2024. Rising in the use of this technology in identification as well as the assessment of numerous materials, chemicals & compounds such as particulates, chemical warfare agents, residues, fibers, pesticides, and narcotics may propel industry demand over the next few years.

The US process spectroscopy market size is expected to increase in pharmaceuticals, healthcare, agriculture and food sector due to the presence of key industry participants and stringent quality standards. Asia Pacific overall revenue will grow at 8% CAGR from 2016 – 2024. Presence of resources and cheap labor, manufacturing activities of industry participants are increasing by relocating research and development. This will impact towards contributions of regional growth. Rising awareness regarding quality products and standards among people is likely to force players to adhere to guidelines of international quality standards. Through certification and to improve brand image companies started implementing the quality measure. These measures are expected to offer benefits such as an improvement in product quality, process effectiveness and cost saving.

Now, the companies are and top key players are focusing on the development of instruments and solutions which can implement FT-IR and NIR into a single device. Bruker Corporation already developed MPA (Multipurpose FT-NIR analyzer. Companies such as Thermo Fisher Scientific which is considered as one of the key players in the market is offerings include reagents, equipment with consumables, analytical instruments, and software and services for research & analysis, manufacturing, diagnostics, and discovery. The company has four operating business segments, laboratory products, and specialty diagnostics and services, life technologies business and analytical technologies. Companies such as 3M, Boeing, General Electric (GE), Hewlett Packard (HP) and Lockheed Martin have successfully implemented Six Sigma. Governments worldwide are anticipated to lay down strict quality policies for manufacturing in order to get enhanced products.