Elemental Analysis Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3954
Elemental Analysis Market size is expected to witness substantial growth between the timeframe 2021 to 2027 owing to the surge in R&D activities in the pharmaceutical sector. The increasing concerns related to safety have led to the rising awareness and the mount in the number of government regulations to mandate the elemental analysis of biotech and pharmaceutical products.
The growth in technological advancements and the escalating investments in life sciences will positively favor the market expansion. Furthermore, the increasing utilization of elemental analysis in soil analysis and its higher penetration in India and China will act as potential drivers for industry proliferation.
In terms of type, the elemental analysis market is classified into organic and inorganic. Among these, the demand for inorganic elemental analysis will see notable traction from 2021 to 2027 due to growing penetration in pharmaceutical samples for the quality control of drug samples. Inorganic analysis is extensively used to identify contaminants and the elements present within a product on account of its sensitive instrumentation. Higher incorporation across adhesives, cosmetics, and food will further bolster the segmental growth.
Food & beverage testing applications of elemental analysis will witness expansion at a significant rate on account of the higher need to detect adulteration in food. There is growing support from regulatory authorities, such as U.S. Food and Drug Administration (FDA) to maintain a safe food supply chain. Furthermore, the influx of the Elemental Analysis Manual for Food and Related Products (EAM) to provide analysts with general analytical information as well as procedures will positively enhance the market application outlook.
North America elemental analysis industry is expected to garner momentum through 2027 due to the expanding healthcare vertical. The strong presence of mandatory regulations and leading pharmaceutical firms in the region are some factors adding to the regional market penetration.
The elemental analysis market in Asia Pacific will rise at a prominent rate with the surge in R&D activities across the pharma industry and the higher demand from applied markets in the region. The higher adoption of modern analysis techniques for medicine in China will further drive the market size.
Strategic partnerships, such as mergers and acquisitions as well as technological innovations, investments, and capacity expansions are the leading initiatives employed by the major elemental analysis solution providers to strengthen their market position.
For instance, DKSH Business Unit Technology, an Asian technology services provider, inked an exclusive distribution agreement with Bruker AXS in China, in April 2019. The partnership helped the company to drive the sales for the energy dispersive-based X-ray fluorescence benchtop spectrometers from Bruker for elemental analysis.
In another instance, in October 2020, Valisure expanded its standard testing method portfolio, inclusive of dosage, dissolution, key inactive ingredients, and analysis to detect the presence of carcinogens like N-Nitrosodimethylamine (NDMA) with the addition of elemental analysis for toxic elements.
Rigaku Corporation, Danaher Corporation, Agilent Technologies, Inc., Thermo Fisher Scientific, PerkinElmer, Inc. (PerkinElmer), Elementar Group, Analytik Jena AG, HORIBA, Ltd., AMETEK, Inc., and Shimadzu Corporation are some of the other prominent business participants.
Impact of COVID-19 pandemic on the elemental analysis market outlook
The ongoing COVID-19 crisis, which significantly added to the global economic upheaval, created numerous roadblocks for several businesses across the world. However, the pandemic relatively supported the growth of the elemental analysis market, mainly in the pharma sector with the higher need for drug development. In addition, computer-aided simulation with the help of finite element analysis also marked a wide presence amidst the outbreak to create custom-made masks to help in the prevention of the virus infection.
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