“The Trace Metal Analysis Market is Projected to Grow at a CAGR of 9.5%.”
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.
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type: Tier 1–46%, Tier 2–33%, and Tier 3–21%
- By Designation: C-level–43%, Director Level–35%, and Others–22%
- By Region: North America–34%, Europe–26%, Asia Pacific–19%, Latin America–11%, and the Middle East & Africa–10%
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), T?V S?D (Germany), and LGC Ltd. (UK).
The report analyzes the market for various trace metal analysis products and their adoption pattern. It aims at estimating the market size and future growth potential of the global trace metal analysis market and different segments such as technology, instrument type, application, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, and recent developments.
Reasons To Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global trace metal analysis market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the global trace metal analysis market
- Market Development: Comprehensive information on the lucrative emerging regions by technology, instrument type, application and region
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global trace metal analysis market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and products of leading players in the global trace metal analysis market