DUBLIN, May 14, 2019 /PRNewswire/ -- The "Trace Metal Analysis Market by Technology Instrument, Service, and Application - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The trace metal analysis market is projected to reach USD 6.9 billion by 2024 from USD 4.4 billion in 2019, at a CAGR of 9.5%.
Factors such as the stringent safety and quality regulations and new international cGMP & cGDP certification for pharmaceutical excipients, increasing spending on life science R&D, advancements in technologies, growing preference to outsource analytical requirements to third-party service providers, increasing demand from applied markets, rising opportunities in emerging countries, and the need to comply with revised USP guidelines are driving the growth of the trace metal analysis market.
However, the high cost of equipment and services are expected to restrain market growth to a certain extent during the forecast period.
Benchtop Segment to Witness the Highest Growth During the Forecast Period
On the basis of type, the trace metal analysis instrument market is segmented into benchtop and portable instruments. The benchtop segment is expected to register the highest CAGR during the forecast period. These instruments offer advantages such as easy switching between different sample types and compositions, they produce detailed atomic spectrums of metals and offer accuracy and stability in measurements, thus being major factors driving the growth of this market segment.
Food & Beverage Application Segment to Register the Highest CAGR During the Forecast Period
On the basis of application, the trace metal analysis market is segmented into environmental testing, food & beverage testing, pharmaceutical & biotechnology products testing, oil & gas testing, medical device testing, semiconductor testing, clinical diagnostics, and other applications. The food & beverage segment is expected to witness the highest CAGR owing to the growing public awareness and increasing food safety concerns, increasing demand for processed food, and the incidence of trace metal residues in processed foods.
APAC Region is Projected to Witness the Highest Growth During the Forecast Period
The APAC region is expected to witness the highest CAGR during the forecast period, owing to the growing use of trace metal analysis in the food industry, strategic expansion by market players in the Asia Pacific region, emerging biotech industry, increasing focus on soil testing, and the growing food safety and environmental safety concerns in several Asia Pacific countries. The increasing R&D funding, a growing number of CROs, and favorable government initiatives to promote the growth of pharmaceutical and biotechnology industries are some of the other major factors driving the growth of the Asia Pacific market.
Prominent players in the global trace metal analysis market are Thermo Fisher Scientific (US), Agilent Technologies (US), PerkinElmer, Inc. (US), Analytik Jena AG (Germany), Bruker Corporation (US), Hitachi Hi-Technologies Corporation (Japan), Rigaku Corporation (Japan), Shimadzu Corporation (Japan), Eurofins Scientific (Luxembourg), Intertek Group PLC (US), SGS S.A. (Switzerland), Bureau Veritas S.A. (France), TV SD (Germany), and LGC Ltd. (UK).
Key Topics Covered
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions for the Study
3 Executive Summary
4 Premium Insights
4.1 Trace Metal Analysis Market Overview
4.2 Asia Pacific: Trace Metal Analysis Market, By Application and Country, 2018
4.3 Geographic Snapshot of the Trace Metal Analysis Market
4.4 Geographic Mix: Trace Metal Analysis Market
4.5 Trace Metal Analysis Market: Developing vs Developed Markets
5 Market Overview
5.2 Market Dynamics: Impact Analysis
5.3.1 Stringent Safety and Quality Regulations
5.3.2 Technological Advancements
5.3.3 Increasing Demand From Applied Markets
5.3.4 Rising Life Science R&D Expenditure
5.4.1 High Cost of Equipment
5.5.1 Growing Preference to Outsource Analytical Requirements to Third-Party Service Providers
5.5.2 Emerging Countries
5.5.3 Need to Comply With Revised USP Guidelines
5.6.1 Dearth of Skilled Professionals
6 Industry Insights
6.1 Industry Trends
6.2 Regulatory Guidelines
6.3 Regulatory Analysis
6.4 Strategic Benchmarking
7 Trace Metal Analysis Instruments Market, By Technology
7.2 X-Ray Fluorescence Spectroscopy (XRF)
7.3 Optical Emission Spectroscopy (OES)
7.4 Inductively Coupled Plasma Mass Spectroscopy (ICP-MS)
7.5 Atomic Absorption Spectroscopy (AAS)
7.6 Fourier Transform Infrared - Spectroscopy (FTIR)
8 Trace Metal Analysis Services Market, By Technology
8.2 Inductively Coupled Plasma Mass Spectroscopy (ICP-MS)
8.3 Optical Emission Spectroscopy (OES)
8.4 Atomic Absorption Spectroscopy (AAS)
8.5 Fourier Transform Infrared Spectroscopy (FTIR)
8.6 X-Ray Fluorescence Spectroscopy (XRF)
9 Trace Metal Analysis Instruments Market, By Type
10 Trace Metal Analysis Market, By Application
10.2 Environmental Testing
10.3 Food & Beverage Testing
10.4 Pharmaceutical & Biotechnology Products Testing
10.5 Oil & Gas Testing
10.6 Medical Device Testing
10.7 Semiconductor Testing
10.8 Clinical Diagnostics
10.9 Other Applications
11 Trace Metal Analysis Market, By Region
11.2 North America
11.4 Asia Pacific
11.5 Latin America
11.6 Middle East and Africa
12 Competitive Landscape
12.2 Market Share Analysis
12.3 Market Leadership Analysis
12.4 Competitive Leadership Mapping, 2018
12.5 Vendor Inclusion Criteria
12.6 Vendor Dive
12.7 Competitive Situations and Trends
13 Company Profiles
13.1 Instrument Providers
13.1.1 Agilent Technologies Inc.
13.1.2 Thermo Fisher Scientific Inc.
13.1.3 Perkinelmer Inc.
13.1.4 Analytik Jena AG
13.1.5 Bruker Corporation
13.1.6 Hitachi High-Technologies Corporation
13.1.7 Rigaku Corporation
13.1.8 Shimadzu Corporation
13.2 Service Providers
13.2.1 Eurofins Scientific
13.2.2 Intertek Group PLC
13.2.3 TUV SUD
13.2.4 LGC Limited
13.2.5 SGS S.A.
13.2.6 Bureau Veritas S.A.
For more information about this report visit https://www.researchandmarkets.com/r/vf10jv
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets