According to Fortune Business Insights™, the global process spectroscopy market was valued at USD 15.93 billion in 2023 and is projected to grow from USD 20.41 billion in 2024 to USD 116.49 billion by 2032, registering a CAGR of 24.3% during the forecast period. The increasing adoption of spectroscopy technologies for real-time analysis, product quality assurance, and operational efficiency is driving market growth across multiple industries.
Process spectroscopy is an analytical technique used to monitor and analyze end products across industries. It enables companies to maintain high-quality standards, reduce operational time, and lower surveillance costs. Its applications are expanding in pharmaceutical safety testing, food inspection, oil and gas processes, and water treatment, contributing to the growing demand globally.
The technology helps optimize production processes, improve product quality, and ensure regulatory compliance. Moreover, the introduction of advanced spectroscopic instruments by major manufacturers is expected to further propel market growth during the forecast period.
Rising Demand for High-Quality and Specialized Products
The growing consumer preference for high-quality products is driving the adoption of process spectroscopy. Spectroscopy enables the identification and quantification of chemical compounds, ensuring product quality in industries such as food & beverages, pharmaceuticals, and material sciences.
Companies are also leveraging spectroscopy to optimize production, comply with regulatory standards, and enhance operational efficiency. For instance, Exum Industries partnered with Edge Scientific to distribute its LALI-TOF-MS instruments in Canada, expanding the market reach for high-precision solid sample analysis.
Increasing Use of Mass Spectrometry in Drug Discovery
Mass spectrometry (MS) plays a critical role in drug discovery and development (DDD). It is widely used for monitoring drug metabolism, pharmacokinetics, pharmacodynamics, and lead optimization. MS-based screenings help identify compounds that bind to specific protein targets and monitor drug concentrations and metabolic pathways.
An example of market activity includes the October 2023 partnership between Sai Life Sciences and Dassault Systèmes, leveraging advanced solutions for drug discovery and research process optimization, accelerating pharmaceutical development.
High Initial Costs of Spectroscopy Instruments
The development, deployment, and maintenance of spectroscopic instruments require significant investment. High initial costs can be a barrier for new entrants, while operational expenses, such as protein identification in LC/MS analysis or large-scale proteomics experiments, further increase costs.
Rapid Technological Changes
Frequent updates and innovations in spectroscopy instrumentation, including mass spectrometry and process analytical systems, require constant investment by companies, which may hinder adoption among smaller players.
https://www.fortunebusinessinsights.com/process-spectroscopy-market-105549