The global ICP-OES spectrometer market was valued at USD 521.4 million in 2018 at a CAGR of 7.2% during the forecast period of 2019 to 2025.
ICP-OES Spectrometer is an analytical instrument that is used for the detection of chemical elements. It uses the technique of inductively coupled plasma optical emission spectroscopy (ICP-OES) for carrying out its analysis procedure. Certain factors that propel the growth of the ICP-OES spectrometer market include increasing RD expenditure for the development of better analytical systems and growing technological advancements.
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However, the high cost of instruments and requirement of large capital investment for setting up instrument manufacturing plants is hindering the growth of the global ICP-OES spectrometer market in the forecast period.
Currently, the global ICP-OES spectrometer market is dominated by several players. The major players in this market are involved in strategic acquisitions and product launches to expand their product portfolios. For instance, in March 2016, GBC Scientific Equipment launched the OptiMass 9600, which uses the ICP-OES spectrometer technology.
The global ICP-OES spectrometer market has been segmented based on spectrometer type, application, end user, and region.
The market, based on spectrometer type, has been segmented into sequential and simultaneous. The sequential spectrometer market is expected to hold a major share in the market owing to its wider availability in the market. The sequential spectrometer market is anticipated to be the fastest-growing due to its rising adoption rate in the industry.
The market, by application, has been divided into nanotechnology, drug discovery, environmental testing, food agriculture, and others. The drug discovery segment is expected to hold a major share owing to its large number of applications in the market. The environmental testing segment is expected to be the fastest-growing due to the rising number of research activities for using ICP-OES spectrometer for environmental testing purpose.
The market, by end user, has been classified as pharmaceutical biotechnology companies, research academic institutes, and others. The pharmaceutical and biotechnology companies’ segment is anticipated to hold a major share in the market due to the increasing number of applications of ICP-OES spectrometer in the pharmaceutical industry. The research academic institutes segment is expected to be the fastest-growing market due to the rising number of research activities.
Some of the key players in the global ICP-OES spectrometer market are PerkinElmer Inc. (US), Shimadzu Corporation (Japan), GBC Scientific Equipment (Australia), Thermo Fisher Scientific (US), Agilent Technologies, Inc. (US), SPECTRO Analytical Instruments GmbH (Germany), Teledyne Leeman Labs (US), Analytik Jena AG (Germany), Horiba (Japan), Skyray Instrument Inc. (US), Beijing Huake Tiancheng Technology Co., Ltd (China), FPI (China), Hitachi High-Technologies Corporation (Japan), Merck KGaA (Germany), and others.
The global ICP-OES spectrometer market, by region, is segmented into the Americas, Europe, Asia-Pacific, and the Middle East Africa. The ICP-OES spectrometer market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada. The European ICP-OES spectrometer market has been sub-divided into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The ICP-OES spectrometer market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The ICP-OES spectrometer market in the Middle East Africa has been divided into the Middle East and Africa.
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