Elemental Analysis Market size is anticipated to witness healthy growth during 2023 to 2032, on account of the introduction of government regulations to mandate impurity analysis of pharmaceutical and biotech products. The elemental analysis technique greatly improves patient safety, as it allows for a common approach to curbing impurities posing health risks. The rise in pharma R&D spending will therefore boost the requirement for this technique to address patient safety concerns.
According to data released by the UK Parliament, in 2020, the expenditure of UK businesses on pharma research registered over USD 6.1 billion, 18.6% of total R&D spending. This factor will hasten drug development and consequently escalate the need for elemental analysis instruments in the pharmaceutical sector.
Elemental analysis refers to a qualitative or quantitative technique used to analyze the elemental composition of a sample for food and beverages, life sciences, and other end-use applications. There is a range of techniques to assess the composition of materials. In many cases, combustion techniques are adopted to vaporize the sample and perform analysis through either absorption or emission spectroscopy.
The escalating investment in agriculture is one of the prominent factors fostering the global elemental analysis market trends. Based on statistics from the USDA, in 2021, U.S. farms made a total investment of USD 392.9 billion, a 7.3% hike from 2020. The quality of fertilizers required for crop production is critical in ensuring the availability of the right nutrient amount to plants throughout the growth cycle. The increasing agricultural spending will therefore boost product consumption to ensure the presence of nutrients in sufficient quantity. Moreover, the rapid tech innovation and the high-spending on-life sciences will create lucrative prospects for market players.
Inorganic will become a profitable type segment for the elemental analysis market by 2032, considering the increased penetration in pharma samples to control drug sample quality. Considering the sensitive instrumentation, this technique is also extensively adopted to identify elements and contaminants in products. These factors, alongside the higher application scope in cosmetics, foods, and adhesives will proliferate the sales of elemental analysis equipment to reduce the presence of inorganic impurities.
The food & beverage testing application segment is projected to account for a major share of the elemental analysis market during the forecast period. The presence of regulatory bodies including the U.S FDA to ensure a safe food supply chain is one of the growth drivers. In recent years, the number of cases registered against substandard, adulterated, or misbranded food items has surged. As per data from the Indian government. During 2021-2022, a total of 4,890 samples analyzed by food authorities were found unsafe, the Indian government data revealed. Furthermore, the influx of EAM (Elemental Analysis Manual) for Foods and Related Products will result in widespread product consumption.
North American elemental analysis market size is slated to gain momentum through 2032, given the rise in healthcare spending. Based on the American Medical Association, in 2021, health investment rose by 2.7% to reach USD 4.3 trillion. Moreover, the presence of regulatory bodies and pharmaceutical firms will augment the need for elemental analysis. Likewise, the mounting government investment in healthcare, especially in wake of the COVID-19 pandemic.
Major players involved in the elemental analysis market include AMETEK, Inc., HORIBA, Ltd., Shimadzu Corporation, Analytik Jena AG (Endress+Hauser), Elementar Group, PerkinElmer, Inc. (PerkinElmer), Thermo Fisher Scientific, Agilent Technologies, Inc., Danaher Corporation, and Rigaku Corporation (Toshiyuki Ikeda. These companies are focusing on new product launches to expand their presence in the global market.
For instance, in March 2023, Thermo Fisher Scientific unveiled its trace elemental analyzer, Thermo Scientific iCAP RQplus ICP-MS Analyzer. This product was designed to simplify analyses in food, environmental, industrial testing, and pharmaceutical laboratories. Initiatives such as these will enable the company to strengthen its footprint in the industry.
The rising inflation is posing a significant impact on the pharmaceutical sector. A majority of pharma companies have been witnessing a hike in the prices of raw materials. They are also expecting a decline in profit margins in 2022. Challenges such as these may hinder industry growth to some extent over the forthcoming years.