PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320192
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320192
Laser-induced Breakdown Spectroscopy Market size was valued at USD 380.9 Million in 2022, expanding at a CAGR of 7.3% from 2023 to 2030.
A quick, portable, in situ atomic spectroscopy technique called laser-induced breakdown spectroscopy (LIBS) is used to detect the concentration of main and trace elements in solid, liquid, or air samples as well as to capture the chemical composition (fingerprint) of a substance.
The growing pharmaceutical industry is expected to drive market growth during the forecast period. For instance, according to Invest India, with almost 200 nations receiving Indian pharmaceutical exports, India is a significant pharmaceutical exporter. India meets nearly 50% of Africa's need for generic drugs, over 40% of the US's demand for generics, and about 25% of the UK's total demand for drugs. India is a major source of the DPT, BCG, and measles vaccinations and accounts for over 60% of the world's vaccine demand. According to the WHO's recommended vaccination schedule, 70% of the organization's vaccinations come from India. Drug and pharmaceutical exports totaled $24.6 billion in 2021-2022 compared to $24.44 billion in 2020-2020. From $11.6 billion to $24.6 billion, the Indian pharmaceutical business saw exponential growth between 2014 and 22. Thereby, driving market growth.
The Global Laser-induced Breakdown Spectroscopy Market is segmented based on Product, End User, and Region.
Based on product, the global Laser-induced Breakdown Spectroscopy market is segmented into handheld and desktop. The handheld segment is expected to capture a significant revenue share over the forecast period. These are useful and affordable tools that provide accessibility to a variety of consumers. Handheld devices' portability and user-friendliness increased demand for laser-induced breakdown spectroscopy technology. Handheld LIBS devices can be useful for smaller labs, field researchers, and enterprises that traditionally had restricted access to elemental analysis capabilities. Thereby, driving the market growth during the forecast period.
Based on the end user, the Laser-induced Breakdown Spectroscopy industry is segmented into academic and research institutes, pharmaceuticals and biotechnology companies and others. The pharmaceuticals and biotechnology companies segment is expected to dominate the market over the projected period. These businesses follow stringent guidelines and specifications to guarantee the quality and effectiveness of their products. For quality control testing, laser-induced breakdown spectroscopy technology provides a non-destructive and extremely accurate way of examination. Thus, this is expected to drive the segment expansion.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. The growth in the region is attributed to several factors including a robust research and academic environment, several important market participants, ongoing technical advancements, mostly in the United States, and an established regulatory framework. The development of the market is also being aided by the presence of several academic and research institutes in the area that are trying to enhance laser-induced breakdown spectroscopy technology. On the other hand, the Asia Pacific is expected to grow at the fastest rate during the projected period. The region's market is expanding as a result of rapid industrialization, rising quality control and process optimization demand, and government programs promoting technical improvements. Additionally, the market is expanding as a result of the existence of both domestic and foreign manufacturers who offer a broad range of laser-induced breakdown spectroscopy systems and solutions to cater to various sectors.
The leading market participants in laser-induced breakdown spectroscopy concentrate on a variety of growth methods, including the introduction of new products, joint ventures, partnerships, geographic expansion, and mergers and acquisitions. The key market players are Applied Spectra, TSI Incorporated, SciAps, Inc., Rigaku, Bruker Corporation, Hitachi High-Tech Analytical Science, Princeton Instruments, Avantes, B&W Tek, Thermo Fisher Scientific Inc. and SECOPTA Analytics GmbH.
In June 2023, dynamic laser-induced breakdown spectroscopy (LIBS) is a new technology offered by TOMRA Recycling Sorting, a leading global producer of sensor-based sorting technology. AUTOSORTTM PULSE, developed for high throughput sorting of aluminum alloys, sets new benchmarks for the sector and opens the path for environmentally friendly aluminum.