The spectrometry market size in Europe is anticipated to be valued at USD 6.34 billion by 2028 from USD 4.67 billion in 2023, growing at a CAGR of 6.32% from 2023 to 2028.
The growing adoption of spectrometry in the medical sector, particularly in the diagnosis and study of chronic kidney diseases primarily drives the growth of the spectrometry market in the European region. The need for advanced tools and techniques to analyze and understand these conditions is growing significantly in the European region. Approximately 100 million people suffering from chronic kidney diseases in Europe. Spectrometry particularly in the field of proteomics enables researchers to study the structure, function and interactions of proteins in the body, providing valuable insights into renal diseases. By analyzing biomarkers, spectrometry plays a crucial role in monitoring and assessing the progression of chronic kidney diseases.
Spectrometry plays a vital role in clinical applications by detecting proteins and molecular drugs even at low concentrations. This capability is essential for drug development enabling the identification of toxicity levels and potential adverse effects. The accurate detection of toxicity is crucial in ensuring drug safety and minimizing harm to patients. Moreover, with the increasing prevalence of chronic diseases and infections, there is a growing demand for spectrometry in the drug discovery sector. Spectrometry aids in the analysis of mass-to-charge ratios within chemical samples, providing valuable insights for pharmaceutical research. Furthermore, the integration of mass spectrometry into point-of-care devices is a significant advancement, allowing for the rapid identification of biomarkers and facilitating timely clinical decisions.
The ongoing advancements in technology, including laser and Internet of Things (IoT) integration into spectrometry devices further support the growth of the spectrometry market in Europe. These technological enhancements have significantly improved the performance and capabilities of spectrometry systems, contributing to market growth. Manufacturers are focused on developing lightweight devices and systems, making them more portable and user-friendly for enhanced convenience and usability. The growing investments in research and development activities and rising number of product approvals further promote the growth of the European market. Government support in the form of funding and favorable regulations has also played a crucial role in fostering regional market growth.
The high cost associated with acquiring spectrometry equipment and the ongoing expenses for maintenance and calibration majorly hamper the growth of the European spectrometry market. The shortage of trained and experienced professionals proficient in operating spectrometry equipment and interpreting the results, stringent regulatory requirements and insufficient awareness and understanding of the capabilities and benefits of spectrometry technology among end-users inhibit the European market growth. Lack of standardized protocols and methodologies for spectrometry analysis and the availability of alternative analytical technologies and techniques hinder the growth of the European spectrometry market.
This research report on the Europe spectrometry market has been segmented and sub-segmented into the following categories.
By Type:
By Application:
By End User:
By Country:
Europe accounted for a considerable share of the global spectrometry market in 2022 and is estimated to grow at a notable CAGR during the forecast period. The European Commission's Joint Research Centre plays a pivotal role in advancing spectrometry through its comprehensive training programs and initiatives in the medical sector. Germany led the spectrometry market in Europe in 2022 and is predicted to hold the leading share of the European market during the forecast period. The growing number of clinical trial centers and the establishment of the German Society for Mass Spectrometry drives the German market growth. The UK market is expected to account for a prominent share of the European market during the forecast period owing to the increasing number of manufacturing facilities and research capabilities, particularly in response to the Covid-19 pandemic, where mass spectrometry proves valuable in identifying disease severity indicators.
KEY MARKET PLAYERS:
Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Waters Corporation, Bruker Corporation and Shimadzu Corporation are some of the prominent companies in the Europe spectrometry market.
Frequently Asked Questions
Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Waters Corporation, Bruker Corporation and Shimadzu Corporation are some of the prominent companies in the Europe spectrometry market.
The growth rate of the europe spectrometry market is 6.32% during the forecast period.
The europe spectrometry market size is projected to reach USD 6.34 billion by 2028.
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