X-ray Photoelectron Spectroscopy Market will exceed USD 820 million by 2024; as per a new research report.

Increasing applications of XPS systems in medical research and drug safety will augment the industry growth in forthcoming years. Technologically advanced XPS systems are highly preferred by researchers and scientists in discovering drugs for chronic diseases such as cancer. Recent developments such as anti-cancer Nano-particles will increase the demand for x-ray photoelectron spectroscopy techniques. Furthermore, XPS systems are also utilized in the treatment of bone disorders. XPS systems offer efficient surface characterization of artificial ligaments utilized during surgical procedures that should augment the industry growth.

Technological advancements in x-ray photoelectron spectroscopy systems will ensure high industry growth in foreseeable future. The newly developed x-ray spectrometers utilize photo-ionization technique and analyses kinetic energy distribution of the emitted photoelectron. Electron analyzer of XPS systems enables accurate analysis and detection of electrons ensuring optimal exposure of energy spectrum. These XPS system can study up to 1-12nm of a particle that further increases its preference amongst scientists propelling the industry growth in near future.

Empirical formula detection segment will grow at 5.8% and is expected to have similar growth trends over forecast period. Growing preference for XPS devices in deriving empirical formula should propel business growth over the forecast timeframe. XPS is typically utilized in quantitative elemental detection and depth profiling of chemical organic compounds. High use of XPS in determining the empirical formulae utilized by professionals working in chemical laboratories for producing new variety of drugs will escalate segmental growth in forthcoming years.

Healthcare segment held considerable revenue share of 31.8% in 2017 and should expand enormously in foreseeable future due to increasing applications of XPS systems in healthcare sector. Currently, XPS systems are utilized in characterizing the nano particles that are utilized in cancer treatment. For instance, graphene is characterized by technologically advanced XPS systems for developing targeted cancer therapies ensuring effective drug delivery. Rising prevalence of cancer in developed as well as developing countries will escalate the demand for XPS systems enhancing segmental growth.

Monochromatic segment was valued at USD 427.7 million in 2017 and the high segmental value can be accounted to increasing adoption of monochromatic light source type in research and development activities. Monochromatic light source consists of xenon gas tube connected to high voltage that produces signal resulting in accurate analysis of surfaces. Moreover, monochromatic light is specifically used in analysis of organic as well as biological compounds and hence, growing its use in the medical field will boost segmental growth.

Germany X-ray photoelectron spectroscopy market will grow at 5.8% over forecast timeframe owing to growing adoption of technologically advanced XPS systems in treatment of cancer and other chronic diseases. Scientists in Berlin have recently developed anti-cancer therapy that utilizes characterized nano-particles. Iron oxide nano-particles are accurately characterized and used in treatment to destroy the malignant cells. Growing use of XPS for characterization of nano-particles will boost industry growth.

China X-ray photoelectron spectroscopy market was valued at USD 28.2 million in 2017, as a result of extensive use of XPS in bioengineering to introduce targeted medicines. Furthermore, rising per capita income will resolve the affordability issues thereby, increasing adoption of XPS systems amongst researchers and scientists. Also, strong distributor channel of XPS systems in China will ensure availability of XPS systems escalating industry growth.

Prominent industry players operational in the X-ray photoelectron spectroscopy market include Evans Analytical Group, Intertek, JEOL, Kratos Analytical, Mitsubishi Electric, Thermo Fisher Scientific, V G Scienta, Kett, Yokogawa. Key industry players implement certain strategic initiatives such as acquisitions and new product launch, that enable them in sustaining market competition. For instance, Kratos developed AXIS SUPRA, an imaging photoelectron spectrometer that is integrated with advanced technology. Introduction of technologically advanced XPS systems will strengthen company?s product portfolio and will render Kratos with sustainable profits.