2023-2029 is the forecast period in the market report.
The NMR spectrometer is a valuable tool for identifying unknown chemical compounds as it provides detailed information on the relative amounts of each component, the intramolecular connectivity of these components, as well as evidence of the individual building blocks of a molecule. The growing need for drug delivery in emerging economies, the prevalence of better transportation facilities, low energy costs and more, as well as the growing number of technological innovations are some of the factors that could bolster the growth of the nuclear magnetic resonance spectroscopy market in the forecast period. On the other hand, the growing applications of terahertz spectroscopy in the healthcare sector will coexist with the growing demand from emerging economies, which is expected to further increase the various opportunities that are anticipated to lead to the growth of the nuclear magnetic resonance spectroscopy market over the estimated time period. Also, increasing research and development activities in various scientific domains are anticipated to provide ample new growth opportunities for the market in the upcoming years.
The global NMR spectroscopy market is expected to have high demand owing to the growing demand for research and development in biomedicine. This technique helps to understand the dynamics, structure and interactions of macromolecules. About $35,047.58 million was offered in biomedical research grants, according to a report published by the WHO in January 2023. Of this amount, 70.28% of the funds were invested in non-communicable diseases, while 24.42% went to communicable, maternal, perinatal and nutritional diseases.
Several factors, such as the growing number of funders supporting biomedical research, the growing need for affordable generic drugs, and the increasing reach of nuclear magnetic resonance spectroscopy in the non-healthcare fields are also contributing to the growth of the market. The growing number of buyers with limited manufacturers affects the pricing strategy of the product. Therefore, market players are expected to be price leaders by using it to their advantage.
Further initiatives by universities and research centers to increase the reach of diagnostics and biomedical research through the integration of technologies are expected to support market growth over the projected time period.
The growing demand for drug delivery in emerging economies, the prevalence of better transportation facilities, low energy costs and more, as well as the growing number of technological innovations are some of the factors that are likely to bolster the growth of the nuclear magnetic resonance spectroscopy market in the forecast period. Also, the increase in awareness among people about the benefits of nuclear magnetic resonance spectroscopy is expected to create profitable opportunities for market growth in the upcoming years.
The Nuclear Magnetic Resonance Spectroscopy market is expected to have major restraining factors like high capital investment & service costs of nuclear magnetic spectroscopy equipment. Also, in terms of accuracy and sensitivity it has less sensitivity in comparison to mass spectroscopy equipment. This is another factor which is anticipated to limit the market growth over the forecast period.
A great extent of care must be taken when using ferromagnetic materials in close proximity to NMR equipment because of the strong magnet, as they could potentially become dangerous for the machine and user. Also, the high cost of equipment is expected to be a major challenge for the market’s growth over the forecast period.
The report provides an in-depth analysis of the Global Nuclear Magnetic Resonance Spectroscopy Market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. With increasing demand for nuclear magnetic resonance spectroscopy in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2023-2029.
The global Nuclear Magnetic Resonance Spectroscopy market comprises of different market segment like machine type, mode of operation, distribution channel, end users and geography.
By type, the Nuclear Magnetic Resonance Spectroscopy includes key segments of
The high-field NMR spectroscopy is expected to dominate the market over the forecast period. The growth of the high-field NMR segment can be attributed to factors such as improved sensitivity and resolution. The increased power of nuclear magnetic resonance spectroscopy is having a huge impact in fields as diverse as materials science, structural biology and imaging. Furthermore, it has been observed that the high demand for high-field NMR spectroscopy comes from research centers and universities.
The low-field NMR spectroscopy segment is expected to grow at a high rate over the estimated time period. In recent years, the development of low field NMR spectroscopy instruments has accelerated due to a combination of permanent magnet and radiofrequency (RF) electronics developments from mobile phone technology, together with powerful data analysis software, to produce true bench top cryogen free systems. The use of low field NMR spectroscopy for innovative applications is expected to drive the growth of the segment.
By product, the Nuclear Magnetic Resonance Spectroscopy market is segmented into
The instruments segment is anticipated to dominate the market over the estimated time period. The innovative development of instruments that extend their use is a significant growth factor for this market. Also, the increase in spending advanced research and development activities is a key element that is expected to stimulate the growth of the segment in the upcoming years.
The consumables segment is expected to witness the fastest growth during the forecast period due to the increase in use of different consumables by biotech and pharmaceutical companies for clinical research.
The Nuclear Magnetic Resonance Spectroscopy market has major end users like
The pharmaceutical and biotech companies segment is poised to grow at the highest CAGR over the forecast period. NMR spectrometer is widely used in biomedical research to study molecular dynamics, molecular interactions, identify molecules, determine the structure and function of important biological molecules, identify abnormal metabolites as biomarkers for specific diseases, study drugs and interactions with their targets, and diagnose disease by imaging specific tissues and organs. In metabolomics, NMR is mainly used to study intermediates or end products of various biochemical reactions that take place in a biological system. For example, NMR is used to identify and select different potential biomarkers in Alzheimer's disease.
However, the academic segment is expected to grow at the fastest rate over the forecast period. Growing initiatives by universities to set up in-house NMR spectroscopy facilities as a competitive advantage with government financial support are considered as a key determinant of the growth of this market.
The global Nuclear Magnetic Resonance Spectroscopy market is studied for the following regions
The North America region is anticipated to witness increasing demand for Nuclear Magnetic Resonance Spectroscopy owing to presence to well established market players. Besides, increasing growth of the pharmaceutical and chemical industries in the region is expected to flourish the demand for market over the forecast period.
Europe is expected to have a large share in the market. This large share is due to an increasing number of funders for biomedical research, the strong presence of universities with research facilities and the increasing use of technological developments through strategic initiatives in the region.
Asia-Pacific is expected to experience the fastest growth in the coming years due to its advanced healthcare systems. In Asia, India is the world's largest supplier of generic drugs. As India becomes a place for new drug development, growth is also witnessed for the technologies supporting the expanding pharmaceutical and biotech industries, which will fuel the growth of the market in the near future. Also, substantial developments by India and Japan in the technological integration of the NMR spectroscopy technique is expected to further propel the growth of the market in the region.
Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Nuclear Magnetic Resonance Spectroscopy market. In addition, a complete analysis of changes in global Nuclear Magnetic Resonance Spectroscopy market expenditure, economic and international policies on supply and demand side is included in this exclusive report. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
The COVID-19 has certainly impacted the growth of the market to a significant extent. The outbreak of the COVID-19 pandemic has led to an increase in the use of nuclear magnetic resonance spectroscopy by universities and research institutes for COVID-19 research. For example, in May 2022, researchers from TU Darmstadt and Goethe University in Frankfurt collaborated to study the three-dimensional structures of COVID-19 molecules using NMR spectroscopy. However, the supply chain was significantly impacted by government restrictions which negatively impacted the revenues of key players in the market. With the ease of government imposed lockdown restrictions, the market is expected to have new growth opportunities in the upcoming years.
The competitive landscape analysis of the Nuclear Magnetic Resonance Spectroscopy market is majorly focused on expanding the global growth of nuclear magnetic resonance Spectroscopy with new product innovation, business expansion, increasing presence of range of manufacturers operating in nuclear magnetic resonance spectroscopy industry has led to growing demand for the market. Besides, the market offers a range of instruments in different applications to fulfil the required demand of consumers which is further contributing to healthy growth in the market.
The key players studied in market are
July 2023: Bruker had announced the launch of a new assay for research on long COVID-19. The test involves an Avance IVDr NMR spectroscopy system that can assess various biological mechanisms within 20 minutes.
June 2023: UK Research and Innovation (UKRI) announced its plans to invest USD 576.61 million in over 30 research infrastructure projects. This also includes a USD 19.18 million investment in securing a 1.2 GHz NMR spectrometer. The authority stated that the use of NMR spectroscopy is anticipated to stay competitive across the biological, health, materials, and environmental science spaces.
By type, the Nuclear Magnetic Resonance Spectroscopy market includes the key segments of low-field NMR spectroscopy and high-field NMR spectroscopy. The high-field NMR spectroscopy is expected to dominate the market over the forecast period. By product, the Nuclear Magnetic Resonance Spectroscopy market is segmented into instruments and consumables. The instruments segment is anticipated to have the highest CAGR over the estimated time period. The Nuclear Magnetic Resonance Spectroscopy market has major end users like pharmaceutical and biotech companies, agriculture and food, academics, chemical industry, oil and gas industry and others. The pharmaceutical and biotech companies segment is expected to gain increasing demand for nuclear magnetic resonance spectroscopy over the estimated time period. The global Nuclear Magnetic Resonance Spectroscopy market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is anticipated to witness increasing demand for nuclear magnetic resonance spectroscopy owing to presence to well established market players.
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|Market Segment studied:
|Market Players and its Competitors:
Thermo Fisher Scientific Inc.
Anasazi Instruments, Inc.
Advanced Magnetic Resonance Limited
Angstrom Advanced Inc.
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report.
Which is the leading application segment for Nuclear Magnetic Resonance Spectroscopy market?
Pharmaceutical and Biotech Companies has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
Which region is gaining majority of market share during the forecast period (2023-2029)?
North America is expected to gain major market share during the forecast period (2023-2029).