Laser-Induced Breakdown Spectroscopy Market: Current Analysis and Forecast (2023-2030)

Laser-induced breakdown spectroscopy (LIBS) is an analytical technique used to determine the elemental composition of materials. It involves focusing a high-energy laser pulse onto a sample, which creates a micro-plasma or spark. This plasma emits light, which is then analyzed to identify the elements present in the sample based on their characteristic emission spectra. LIBS is used in various fields including laboratory assays, environmental monitoring, geological analysis, material science, archaeology, and industrial quality control due to its rapid and non-destructive nature. The increasing demand for quality control & process optimization and the LIBS's ability of non-destructive and rapid analysis lead to the market's growth. Several other factors, such as rising research & development activities, expanded applications in various industries like energy, metal & pharmaceutical, rising regulatory support, and a surge in government collaborations & partnerships are driving the laser-induced breakdown spectroscopy market globally.

The Laser-Induced Breakdown Spectroscopy Market is expected to grow at a steady rate of around 6.3% owing to the rising product launches. For instance, in September 2023, Hamamatsu Photonics launched its latest Spectrometer - the OPAL-Luxe C16736-01 which has applications like photoluminescence spectroscopy or laser-induced breakdown spectroscopy (LIBS). Several factors, including rising development of IT infrastructure in healthcare are driving the market's growth during the forecast period. Apart from this, technological advancements in laser-induced breakdown spectroscopy are also driving this market of laser-induced breakdown spectroscopy at a steady rate.

Based on the product type, the market is bifurcated into handheld and desktop. The handheld segment dominated the market in the year 2022 owing to technological advancements along with portability and user-friendly nature. Handheld laser-induced breakdown spectroscopy (LIBS) is a technique used for elemental analysis. It involves focusing a high-energy laser pulse onto a sample, creating a micro-plasma, which emits light. This emitted light is then analyzed to determine the elemental composition of the sample. Handheld devices make LIBS portable and suitable for in-field applications like environmental monitoring, forensic analysis, and industrial quality control. Thus, among the product types, the handheld segment held a significant market share in 2022.

Based on the end user, the market is categorized into academic & research institutes, pharmaceuticals & biotechnology companies, and others. The pharmaceuticals & biotechnology companies segment is expected to hold a significant share of the market in the forecast period owing to the rising chronic disease cases like cancer and osteoporosis. For instance, according to the World Health Organization, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. Pharmaceutical and biotechnological companies are increasingly utilizing laser-induced breakdown spectroscopy (LIBS) in their research, development, and quality control processes. LIBS offers several advantages such as rapid analysis, minimal sample preparation, and non-destructive nature, making it valuable in these industries. In pharmaceuticals, LIBS can be employed for elemental analysis of drug formulations, raw materials, and contaminants detection. Biotechnological companies utilize LIBS for various applications including analysis of biomaterials, monitoring of fermentation processes, and characterization of biological samples. Thus, the pharmaceuticals & biotechnology companies category will witness a higher CAGR amongst end users during the forecast period.

For a better understanding of the market adoption of laser-induced breakdown spectroscopy, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is dominating the market in the current scenario of 2022 due to the surge in cases of chronic diseases like cancer & osteoporosis, rising expenditure on research & development activities, rising research initiatives, investments in introducing innovative advancements, and rising company collaborations. For instance, according to a case study published in Science Direct in May 2021, laser-induced breakdown spectroscopy emerged as a straightforward bioimaging tool for plant biologists for assessment of photon-upconversion nanoparticles in Brassica oleracea L. plant, which is a plant species that belongs to ten recommended species by the United States Environmental Protection Agency for the determination of toxicological effects of pesticides and other toxic substances. Thus, amongst regions, North America held a significant share of the market in 2022.

Some of the major players operating in the market include Thermo Fisher Scientific Inc.; Hitachi High-Tech Analytical Science; SciAps, Inc.; Rigaku, Bruker Corporation; TSI; Princeton Instruments; Avantes; B&W Tek; Applied Spectra; SECOPTA analytics GmbH.