The global Elemental Analysis market size is expected to be worth around US$ 12.02 billion by 2030, according to a new report by Vision Research Reports.
The global Elemental Analysis market size was valued at US$ 2.20 billion in 2020 and is anticipated to grow at a CAGR of 16.2 % during forecast period 2021 to 2030.
The market is primarily driven by amendments in the ICH (International Council for Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use) regulations that mandate use of elemental analysis for finished medical products, including pharmaceuticals.
Many manufacturers of elemental analyzers invest in R&D of new and technologically advanced products. In addition to their expenses for R&D, many key players launched new products in the market in the past 3 years. For instance, in May 2016, Agilent Technologies launched Agilent 5110 ICP-OES, which was designed to enable scientists perform fast and precise elemental analysis of pharmaceuticals and food products along with mining, industrial, and environmental analysis.
In addition, in many countries, the limit of heavy metals/trace elements is regulated by their respective pharmacopeias. For instance, United States, Japanese, and European pharmacopeias limit the amount of trace elements in finished pharmaceutical products. Furthermore, elemental analysis is a crucial step before commercial launch of a medical product in the market.
North America held the largest market share in 2016. Local presence of large number of manufacturers, regulation of limits of trace elements/heavy metals by United States Pharmacopeia (USP), and ongoing research for development of new products are major factors responsible for the largest share held by this region. However, Asia Pacific is likely to grow at the highest rate between 2017 and 2025. Rise in interest of market players to expand their business in Asia Pacific, growing awareness on safety of pharmaceuticals, and increase in expenditure by local pharmaceutical companies on elemental analyzers are factors that can be attributed for the highest growth rate of Asia Pacific region during the forecast period.
Elemental analyzers are used for detecting a wide range of elements, including organic, inorganic, and trace metals. They are also used for qualitative & quantitative estimation of heavy metals and detecting traces of catalysts in a sample. On the basis of types of elements, the market is segmented into organic and inorganic elements. In 2016, inorganic elements held the largest share, by type, and is also expected to grow at the fastest rate during the forecast period.
Organic elemental analysis is the quantitative and qualitative estimation of organic compounds, such as carbon, hydrogen, nitrogen, and sulfur, among others. Estimation of these compounds in pharmaceuticals is infrequent, as they are the most basic compounds found in every given sample. The market for estimation of organic elements is expected to witness steady growth during the forecast period.
Inorganic elements analyzed in pharmaceutical samples range from heavy metals to traces of catalysts. In 2016, analysis for inorganic elements held the largest market share. This large share can be attributed to the guidelines that provide allowable limits of heavy metals and trace metals in pharmacopeias of various countries. Recent amendments in the ICH (International Council for Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use) guidelines are some of the key factors expected to boost growth of this segment during the forecast period.
The elemental analysis market can be segmented into destructive and non-destructive technologies on the basis of technology used. In 2016, nondestructive technologies segment held the largest share, by technology. This segment is also expected to grow at the highest rate during forecast period. Retention of the sample and high accuracy, as well as technological advancements, are some of the key factors responsible for the largest share of this segment.
The destructive technologies for elemental analysis was further segmented into Inductively Coupled Plasma Optical Emission Spectroscopy (ICP-OES), Inductively Coupled Plasma Mass Spectroscopy (ICP-MS), combustion analysis, and other technologies (electroanalytical and chemical methods). In 2016, the ICP-OES segment contributed to the largest share of destructive technologies market. However, ICP-MS segment is expected to grow at the highest CAGR during the forecast period. Advantages of ICP-MS, like high precision and wide limit range up to precipitate levels, are some of the key factors expected to increase the growth of this segment.
The non-destructive technologies segment was divided into X-ray Fluorescence (XRF), Fourier Transform Infrared Spectrophotometer (FTIR), and other technologies. In 2016, the XRF technologies segment held the largest share of the non-destructive elemental analysis technologies market. This segment is also expected to grow at the highest rate during the forecast period. Technological advancements, low sample volumes used, and capability of analyzing a wide range of elements are some of the key factors responsible for the largest share of this segment.
North America dominated the market in 2016 with a revenue share of around 40.5%. Increase in applications of elemental analysis in healthcare, upcoming regulations that mandate elemental analysis of finished medical products, USP guidelines & limits for elements in pharmaceutical compounds, and increase in research for the development of technologically advanced elemental analyzers are some of the key factors contributing to the largest share of North America
Asia Pacific is estimated to grow with the fastest CAGR during the forecast period. Increase in interest of manufacturers of key elemental analysis products to establish subsidiaries in the Asia Pacific region, growing awareness regarding the safety of pharmaceuticals, and increase in conferences & meetings in Asia Pacific are expected to boost the market during the forecast period. In addition, the Asia Pacific market has local presence of a large number of pharmaceutical companies as well as academic & research institutes, which are major end users of the market. This large end-user pool is expected to offer significant growth opportunities in the region.
Europe is expected to be the second-largest market for elemental analysis instruments in 2016. Key factors contributing to this share include increase in number of elemental analysis service companies and the presence of regulations that limit the amount of trace metal/heavy metal in the pharmaceutical compounds & large end-user pool. However, the European market is expected to witness sluggish growth during the forecast period.
Thermo Fisher Scientific, Inc.; PerkinElmer, Inc.; Shimadzu Corporation; Analytik Jena AG; Agilent Technologies, Inc.; Elementar Analysensysteme GmbH; and Rigaku Corporation.
Type of Elements Outlook
Other Destructive Technologies
Other Nondestructive Technologies
The Elemental Analysis market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Elemental Analysis market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Elemental Analysis market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Elemental Analysis market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Elemental Analysis market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Elemental Analysis capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Elemental Analysis by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Elemental Analysis market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Elemental Analysis market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Elemental Analysis market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Elemental Analysis industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Elemental Analysis market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Elemental Analysis market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Elemental Analysis market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Elemental Analysis market. These factors have benefited the growth of the global market for Elemental Analysis. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Elemental Analysis. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Elemental Analysis are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: