The global trace metal analysis market is projected to reach USD 6.9 billion by 2024 from USD 4.4 billion in 2019, at a CAGR of 9.5%. The growth of this market is mainly driven by the stringent safety and quality regulations and new international cGMP & cGDP certification for pharmaceutical excipients, increasing spending on life science R&D, advancements in technologies, growing preference to outsource analytical requirements to third-party service providers, increasing demand from applied markets, rising opportunities in emerging countries, and the need to comply with revised USP guidelines.
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Prominent players in the global trace metal analysis industry are Agilent Technologies (US), Thermo Fisher Scientific (US), PerkinElmer, Inc. (US), Analytik Jena AG (Germany), Bruker Corporation (US), Hitachi Hi-Technologies Corporation (Japan), Rigaku Corporation (Japan), Shimadzu Corporation (Japan), Eurofins Scientific (Luxembourg), Intertek Group PLC (US), SGS S.A. (Switzerland), Bureau Veritas S.A. (France), TÜV SÜD (Germany), and LGC Ltd. (UK).
The trace metal analysis market in APAC is expected to grow at the highest CAGR during the forecast period. This is due to the growing use of trace metal analysis in the food industry, strategic expansion by market players in the Asia Pacific region, emerging biotech industry, increasing focus on soil testing, and the growing food safety and environmental safety concerns in several Asia Pacific countries. The increasing R&D funding, a growing number of CROs, and favorable government initiatives to promote the growth of pharmaceutical and biotechnology industries are some of the other major factors driving the growth of the Asia Pacific market.
Premium Insights of Trace Metal Analysis Market:
1. Trace Metal Analysis Industry Overview
2. Asia Pacific: Trace Metal Analysis Industry, By Application and Country, 2018
3. Geographic Snapshot of the Trace Metal Analysis Industry
4. Geographic Mix: Trace Metal Analysis Industry
5. Trace Metal Analysis Industry: Developing vs Developed Markets
Trace Metal Analysis Market Drivers:
1. Stringent Safety and Quality Regulations
2. Technological Advancements
3. Increasing Demand From Applied Markets
4. Rising Life Science R&D Expenditure
Trace Metal Analysis Market Opportunities:
1. Growing Preference to Outsource Analytical Requirements to Third-Party Service Providers
2. Emerging Countries
3. Need to Comply With Revised USP Guidelines
Agilent is the leading provider of trace metal analysis solutions across the globe. The company offers an extensive product portfolio of products and software for all the trace metal analysis technologies such as ICP-MS, ICP-OES, and AAS. The company focuses on developing technologies that enable in detecting trace metal from various samples for various industries in order to serve the customer base.
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Thermo Fisher Scientific is a leading provider of superior quality analytical instruments, software, and services for trace metal analysis. The company continuously increases its depth of capabilities in technologies, software & services, and leverages its extensive global channels to address its customers’ emerging needs. The company focuses on R&D to maintain its leading position in this market. Also, in the past three years, Thermo Fisher Scientific launched and enhanced 15 products with innovative technologies.
Applications of Trace Metal Analysis Market:
1. Environmental Testing
2. Food & Beverage Testing
3. Pharmaceutical & Biotechnology Products Testing
4. Oil & Gas Testing
5. Medical Device Testing
6. Semiconductor Testing
7. Clinical Diagnostics
