MARKET OVERVIEW- EUROPE NUCLEAR MAGNETIC RESONANCES SPECTROSCOPY MARKET
The nuclear magnetic resonance spectroscopy is considered to be an effective method to assess crystalline and amorphous material in the sample. Nuclear magnetic resonance has a wide application in determining DNA and protein structure, hydrogen bonding, solution structure, drug screening, and metabolite analysis, supporting market growth. The physical and chemical characteristics of the atom and the molecules are explained by NMR spectrometers are used in research activities to assess the content, purity, and molecular composition of samples as well as for quality control of the samples. NMR spectroscopy is important because it can be used to identify unknown compounds and determine their structures.
MARKET DRIVERS
The rapidly expanding demand for generic medicine, technical improvement in healthcare, as well as government initiatives and grants in the nuclear magnetic resonance spectroscopy industry are contributing to the market’s growth. Also, the growth in the increasing demand for NMR spectroscopy in various applications such as the agriculture and food industry, the medical and pharmaceutical industry, academic research, and others. Europe has key pharmaceutical companies, world-class research institutes, and hospitals that provide a better environment for developing clinical and therapeutic innovations for rare and life-threatening diseases. Further, the rising chronic diseases such as cancer, diabetes, and cardiovascular disorders across region expected to drive the pharmaceutical and biotechnological industries which in turn, likely to drive the nuclear magnetic resonances spectroscopy market. In 2021, 35.2% of the EU population aged 16 years and over reported having a long-standing illness or health problem. Thus, the growing rising chronic diseases across the country is expected to drive the market.
MARKET OPPORTUNITY
The increasing demand for cancer diagnostic is expected to drive the market growth. Diagnosis for Parkinson’s diseases, cancer, infectious diseases, and psychiatric disorders, has been investigated with the use of NMR spectroscopy. For instance, in January 2022, a study was conducted at the University of Oxford to develop a new blood test, through NMR metabolomics, that can identify a range of cancers.
MARKET RESTRAINT
The Europe Nuclear Magnetic Resonance Spectroscopy market is expected to have major restraining factors like high capital investment and 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.
MARKET GROWTH CHALLENGES
The high cost of equipment is expected to be major challenge for the market growth over the forecast period. Also, the NMR needs a specialized understanding of high-powered magnet technology, which pose a challenge on players to enter the market space.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the Europe 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. The growing healthcare sector and demand from various biomedical universities and product manufacturers across the globe is fueling the growth of the market which is expected to witness growth at a specific CAGR from 2023-2029.
EUROPE NUCLEAR MAGNETIC RESONANCE SPECTROSCOPY MARKET SEGMENTAL OVERVIEW
The Europe Nuclear Magnetic Resonance Spectroscopy market comprises of different market segment like type, product, end users and Country.
EUROPE NUCLEAR MAGNETIC RESONANCE SPECTROSCOPY MARKET BY TYPE
By type, the Nuclear Magnetic Resonance Spectroscopy includes key segments of
- Low-field NMR Spectroscopy
- High-field NMR Spectroscopy
The high-field NMR spectroscopy is expected to dominate the market over the forecast period. The increased strength of nuclear magnetic resonance spectroscopy has an immense impact on various fields, such as material science, structural biology, and imaging. For instance, in July 2021, Bruker announced that it had received orders for its new Ascend Evo 1.0 Ghz NMR magnet which is a compact instrument for clinical research and structural biology applications in single-story laboratories.
The low-field NMR spectroscopy segment is expected to grow at a high rate over the estimated time period. The development of low field NMR spectroscopy instruments has accelerated owing to combination of permanent magnet and radiofrequency electronics developments from mobile phone technology. The lower magnetic frequency, resolution, and sensitivity, that detects even tiny changes in the chemical structure of the compound. The low-field has wide applications in pharmaceuticals, research, and chemical analysis, which is driving the growth of the segment.
EUROPE NUCLEAR MAGNETIC RESONANCE SPECTROSCOPY MARKET BY PRODUCT
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 in a significant growth factor for this market. Also, the increase in spending for advanced research and development activities is also a major factor is expected to boost the market growth. For instance, in July 2022, Bruker 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.
EUROPE NUCLEAR MAGNETIC RESONANCE SPECTROSCOPY MARKET BY END USERS
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
- Others
The pharmaceutical and biotech segment is anticipated to dominate the market over the estimated time period. NMR spectrometer is widely used in biomedical research to study molecular dynamics, molecular interactions, identify molecules, determine the structure and functions of important biological molecules, identify abnormal metabolites as biomarkers for specific diseases, study drugs and interactions with their targeting and diagnosing disease by imaging specific tissues and organs. The demand in bioscience to optimize the stability and bioavailability of biological products and stringent government regulations is expected to positively impact the market growth
EUROPE NUCLEAR MAGNETIC RESONANCE SPECTROSCOPY MARKET BY COUNTRY
The Europe Nuclear Magnetic Resonance Spectroscopy market is studied for the following countries
United Kingdom
- Germany
- Spain
- France
- Italy
- Rest of Europe
The United Kingdom is expected to dominate the Nuclear Magnetic Resonance Spectroscopy market. The increasing number of funders in biomedical research, the strong presence of Universities with advanced research facilities, and the escalating usage of technological developments through strategic initiatives in the region. The increasing initiatives by universities to establish in-house NMR spectroscopy facilities as a competitive advantage, with the financial support of the government, is considered to e a key growth determinant of this market. For instance, Universitat Politecnica de Catalunya, University of Oxford and Universidad Complutense Madrid, have set up Nuclear Magnetic Resonance Centers for research. These, factors are expected to drive the market growth in the United Kingdom.
COVID-19 IMPACT ANALYSIS ON EUROPE NUCLEAR MAGNETIC RESONANCE SPECTROSCOPY MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the Europe Nuclear Magnetic Resonance Spectroscopy market. In addition, a complete analysis of changes on the Europe 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 pandemic on 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 COVID-19 pandemic impact the demand for the product. The supply shortages and accelerated prices of raw materials impacted the profitability of the players. Also, the prices of key raw materials impacted the profitability of the players. The prices of key raw materials such as copper, steel, and metallic used for superconductors have risen over the last decade. However, with the ease of government-imposed lockdown restrictions, the market is expected to have new growth opportunities in the upcoming years.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Nuclear Magnetic Resonance Spectroscopy market is primarily focused on expanding the growth of the Nuclear Magnetic Resonance Spectroscopy market through new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in the market has led to growing demand for the market. Besides, the market offers a range of products to fulfil the required demand of consumers, which further contributes to healthy growth in the market.
The key players studied in market are
- Thermo Fisher Scientific Inc.
- Bruker
- Magritek
- Oxford Instruments
- JEOL Ltd.
- Shimadzu Corporation
- Nanalysis Corp.
- Anasazi Instruments, Inc.
- QOneTec
- Advanced Magnetic Resonance Limited
- Acorn NMR
- Angstrom Advanced Inc.
- Ocean Insight
- Bruker
- Spinlock
- HORIBA Europe GmbH
RECENT DEVELOPMENT:
June 2022: UK Research and Innovation announced that it would invest USD 576.61 million in over 30 initiatives for research infrastructure. Additionally, an investment of USD 19.18 million was made to acquire a 1.2 GHz NMR spectrometer. According to the authorities, NMR spectroscopy will likely continue to be used in biological, health, materials, and environmental research fields.
