Portable Spectrometer Market Research - 2030
The global portable spectrometer market size was valued at $1,675.7 million in 2020, and is projected to reach $4,065.7 million by 2030, registering a CAGR of 9.1% from 2021 to 2030.
The portable spectrometer is a device that measures the fluctuation in a physical property across a specified range, or spectrum. It is used to determine and identify quantity of a compound within a sample, and traces of components at minute concentrations. It allows scientists and researchers to comprehensively catalogue sophisticated samples in a single analysis.
Market Dynamics
The portable spectrometer industry is booming, with high demand all around the world. Life sciences, material chemistry, food & beverage, agriculture, environmental testing, forensics, nanotechnology, and drug development are just a few of the applications for these devices. Furthermore, the portable spectrometer market is being driven by the increasing usage of portable spectrometers to monitor environmental changes with data and information. Similarly, spectrometers are increasingly being used to identify the quantity of uric acid in a patient's urine. The portable spectrometer business is also driven by technology advancements such as smartphone spectrometers.
The novel coronavirus has rapidly spread across various countries and regions, causing enormous impact on lives of people and overall community. Originating as a crisis to human health, it now poses significant threat to worldwide trade, economy, and finance. Due to the continuous lockdown in key global countries, the COVID-19 pandemic has halted production of many items in the portable spectrometer business. The players in portable spectrometer market can afford a complete lockdown only for a limited period, after which they would have to alter their investment plans. Furthermore, number of COVID-19 cases are expected to reduce in the near term as vaccine for COVID-19 has been introduced in the market. This is further expected to lead to re-initiation of portable spectrometer companies at their full-scale capacities, which would aid the portable spectrometer market to recover by the start of 2022. After COVID-19 infection instances start to decline, equipment and machinery producers must focus on protecting their staff, operations, and supply networks in order to respond to urgent emergencies and establish new methods of working.
Portable spectrometers are widely used for the purpose of diagnosis. Medical mass spectrometry is used in medical labs to detect metabolic problems to detect whether biomarkers or enzymes are present, and conduct toxicity testing. Hence, many key players are implementing strategic moves such as business expansion, product development, product launch and collaboration, to develop medical application spectrometer and also to strengthen its position in portable spectrometer market. For instance, in August 2021, AstraZeneca's clinical sequencing business and Thermo Fisher Scientific Clinical sequencing business announced a collaboration to develop the next-gen sequencing (NGS)-based companion diagnostics machine (CDx) to complement AstraZeneca's growing range of targeted medicines. The firms will work together on a multiyear, worldwide basis. Hence the rise usage of spectrometer in medical application will provide lucrative growth in the portable spectrometer market during the forecast period.
By Type
Mass spectrometer segment is projected to grow at a significant CAGR
Segmental Overview
The portable spectrometer market is segmented on the basis of product type, distribution channel, application, and region.
By type, the market is divided into optical spectrometer, mass spectrometer, and others.
By distribution channel, it is divided into online, and offline.
By application, it is divided into life sciences, chemistry, food & agriculture, and others.
Region wise, the portable spectrometer market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
By Application
Life science segment holds dominant position in 2020
Competition Analysis
Key companies profiled in the portable spectrometer market report include Agilent Technologies, Inc., Thermo Fisher Scientific Inc., ABB Ltd., Metrohm AG, Perkinelmer Inc., Bruker Corporation, Jasco Corporation, Hitachi High-Tech Corporation, MKS Instruments, Inc., and Anton Paar GmbH.
By Region
North America holds a dominant position in 2020 and Asia-Pacific is expected to grow at a significant rate during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging portable spectrometer market trends and dynamics.
- In-depth emerging portable spectrometer market analysis is conducted by constructing market estimations for key market segments between 2021 and 2030.
- Extensive analysis of the emerging portable spectrometer market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global emerging portable spectrometer market forecast analysis from 2021 to 2030 is included in the report.
- The key players within emerging portable spectrometer market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the emerging portable spectrometer industry.
Portable Spectrometer Market Report Highlights
| Aspects | Details |
 By Product Type |
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 By DISTRIBUTION CHANNEL |
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 By APPLICATION |
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 By Geography |
|
 Key Market Players | THERMO FISHER SCIENTIFIC INC., BRUKER CORPORATION, ABB LTD., PERKINELMER INC., ANTON PAAR GMBH, MKS INSTRUMENTS, INC., AGILENT TECHNOLOGIES, INC., METROHM AG, JASCO CORPORATION, HITACHI HIGH-TECH CORPORATION |
Analyst Review
Portable spectrometers are small, light-weight instruments that can conduct full-spectral measurements. The most common uses of these spectrometers are in forensics and research, where real-time examination of chemicals and molecules is required. As a result, portable spectrometers with an audio recorder and GPS are projected to provide prospects for portable spectrometer producers. An integrated internal light source, internal white reference for hands-free optimization and calibration, batteries, automatic internal wavelength validation, an integrated computer, and LCD are typical features of a portable spectrometer.
Various key players are launching products for applications such as healthcare, life science, chemical and many more. For instance, in July 2020, JASCO Corporation launched HTCD plus Spectrometer, a new series which has developed high screening workstation for probing bio macromolecular structure and its function. Measurements are made quickly using the latest high-performance J-1500 circular dichroism spectrometer.
These new products are more technologically sophisticated and work more efficiently and effectively than their prior product line. Hence, they are extensively employed in several end-user industries.
The portable spectrometer market size was valued at $1,675.7 million in 2020.
Based on type, the optical spectrometer holds the maximum market share of the portable spectrometer market in 2020.
The portable spectrometer market is projected to reach $4,065.7 million by 2030.
Its various applications in drug development, science, and agriculture are the key trends in the portable spectrometer market.
The product launch is key growth strategy of Portable spectrometer industry players.
The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
Restricted range of test and sensitivity is the effecting factor for portable spectrometer market.
The applications of Portable spectrometer includes life science, chemistry, food and agriculture and others.
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