Laser-induced Breakdown Spectroscopy Market Size & Share 2023 to 2032
Market Size by Product (Handheld, Desktop), by End Use (Academic and Research Institutes, Pharmaceuticals and Biotechnology Companies) – Global Forecast.
Report ID: GMI6166
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Published Date: July 2023
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Report Format: PDF
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Authors:
Monali Tayade, Pratiksha Kamthe
Laser-induced Breakdown Spectroscopy Market Size
Laser-Induced Breakdown Spectroscopy Market size was valued at USD 261 million in 2022 and is estimated to account for USD 475 million by 2032. Laser-induced breakdown spectroscopy (LIBS) is an analytical instrumentation that uses a high-intensity laser pulse to generate plasma on the surface of a sample.
Laser-induced Breakdown Spectroscopy Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
LIBS analyzes the emitted light by dispersing it into its constituent wavelengths using a spectrometer or other optical components. This dispersed light is then detected and measured to identify the elements present in the sample and determine their relative abundances. The growing need for quick and accurate analysis in various industries, such as metals and mining, environmental monitoring, and pharmaceuticals.
Incremental advancements in laser technology such as higher pulse energies, shorter pulse durations, and improved beam quality to enhance the performance and sensitivity of LIBS systems will accelerate industry progression. These advancements allow more precise and accurate elemental analysis and improved performance that attracts more industries and research institutions to adopt LIBS technology.
COVID-19 Impact
The COVID-19 pandemic had a negative impact on the entire medical imaging industry. Disruptions in global supply chains due to lockdown, travel restrictions, and temporary closures of manufacturing facilities led to delay in the production, delivery, and installation of LIBS systems. Also, the pandemic forced many research institutions and laboratories to temporarily halt, or slowdown research and development activities affecting the introduction of new LIBS technologies, innovations, and system applications during the pandemic resulting in delay of the launch of new products or updates in the LIBS market. Furthermore, several industries especially those directly affected by the pandemic faced financial challenges and reduced capital expenditure during the crisis. This led to a cautious approach in purchasing new equipment, including LIBS systems.
Laser-induced Breakdown Spectroscopy Market Trends
The increasing adoption of LIBS technology in a wide range of industries is anticipated to expand the industry revenue share and potential. As LIBS finds new applications in fields such as pharmaceuticals, agriculture, aerospace, energy, and environmental monitoring, the demand for LIBS systems will propel substantially. The expanding applications of LIBS in various industries create opportunities for research and development for the development of new LIBS methodologies, techniques, and algorithms tailored to specific applications.
Thengoingg research drives innovation, improving the performance and capabilities of LIBS systems. Further, the demand for LIBS in different industries often requires customization of the technology to suit specific requirements. This leads to the development of industry-specific LIBS systems, accessories, and software solutions.
Laser-induced Breakdown Spectroscopy Market Analysis
The laser-induced breakdown spectroscopy market by product is segregated into handheld and desktop. The handheld segment garnered more than USD 150 million in revenue size in the year 2022. Handheld LIBS devices offer the advantage of mobility, allowing users to bring the analysis directly to the sample without the need for sample transportation or laboratory-based analysis.
Moreover, handheld LIBS devices are designed to be user-friendly and require minimal training. They offer non-destructive analysis, allowing samples to remain intact after testing. Furthermore, the handheld LIBS market is witnessing expanding applications across different industries. These devices are being utilized in several applications including elemental analysis of metals, quality control in manufacturing, environmental monitoring, agricultural soil analysis, and identification of hazardous substances.
Based on end-use, the LIBS market is subdivided into pharmaceuticals and biotechnology companies, academic and research institutes, and others. The pharmaceuticals and biotechnology companies segment held the largest industry share accounting for nearly 45% in 2022. The pharmaceuticals and biotechnology industries prioritize stringent quality control measures to ensure the safety and efficacy of their products. As, LIBS technology provides a fast and non-destructive method for elemental analysis, enabling real-time quality control during manufacturing processes.
Additionally, LIBS offers the non-invasive analysis of biological samples, making it suitable for pharmaceutical and biotech companies involved in biological research and diagnostics. As, LIBS can analyze biological tissues, cells, and fluids, providing information about elemental composition and potential biomarkers will boost the product demand for drug metabolism studies, pharmacokinetics, and bioimaging.
U.S. laser-induced breakdown spectroscopy market accounted for USD 108 million in revenue size in 2022. Increasing demand for LIBS technology in sectors such as pharmaceutical and biotech, defense, homeland security, and law enforcement owing to several applications such as the detection of hazardous substances, identifying unknown materials, and monitoring chemical compositions. Further, the strong presence of industry players and high investment in research and development activities to develop advanced LIBS devices with the integration of IoT and cloud technologies that allow remote data access, centralized data management, and real-time analysis.
Laser-induced Breakdown Spectroscopy Market Share
Some of the eminent industry participants operating in the laser-induced breakdown spectroscopy market include
LIBS Industry News:
LIBS market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
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By Product (USD Million & Units)
By End-use (USD Million)
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
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Our 6-step research process
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Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
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✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Verified data sources
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GMI archive
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