With the emergence and long-term Impact of COVID-19, the Global Laser-induced Breakdown Spectroscopy Market to reach USD 420.4 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Laser-Induced Breakdown Spectroscopy Market is poised to raised USD 420.4 billion by 2030. The concentration of main components may be determined in solid, liquid, and air samples using the LIBS (laser-induced breakdown spectroscopy) approach. Furthermore, it makes it easier to capture chemical traces on any kind of substance. Due to the numerous applications, the laser-influenced breakdown spectrometer has significant development potential. Elements in food, fingernails, soil, mineral deposits, and a variety of other materials analyzed using laser-induced breakdown spectrometers. The market growth is driven by key factors such as the increasing use of LIBS in the pharmaceutical industry and technological advancements in Spectroscopy.
The demand for laser-induced breakdown spectroscopy (LIBS) technology has been driven by the portability and user-friendly features of handheld devices. This has opened up new opportunities for smaller laboratories, field researchers, and industries that previously had limited access to elemental analysis capabilities. One such innovation in this field was made by Rigaku Analytical Devices in May 2021 when they introduced the KT-500, a handheld LIBS analyzer.
The KT-500 incorporates miniaturized components, advanced carbon analysis capabilities, and a high-resolution echelle spectrometer (known as HiRES technology), resulting in enhanced performance and on-site elemental analysis capabilities with improved portability. This development allows users to conduct efficient and accurate elemental analysis in various settings using laser-induced breakdown spectroscopy technology. According to Statista, the pharmaceutical industry has grown significantly worldwide in recent years. The whole global pharmaceutical market was valued at 1.48 trillion dollars in 2022. This is a marginal increase from the market’s 2021 valuation of USD 42 trillion. However, High Cost and lack of Standardization stifle market growth throughout the forecast period of 2023-2030
The regional analysis of the global Laser-Induced Breakdown Spectroscopy Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World (ROW). North America is leading the overall market share owing to the presence of several academic and research institutions in the region and strong research and academic environment. On the other side, The Asia Pacific Laser-induced Breakdown Spectroscopy market is expanding as a result of rapid industrialization, the rising need for quality control and process optimization, and government programs promoting technical improvements
The Global Laser-Induced Breakdown Spectroscopy Market is highly competitive owing to the presence of several key manufacturers such as SECOPTA analytics GmbH, Thermo Fisher Scientific Inc., Hitachi High-Tech Analytical Science, SciAps, Inc., Rigaku Corporation, TSI Incorporated,Princeton Instruments Inc.,Avantes BV, B&W Tek, Applied Spectra Inc.
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Global Laser-induced Breakdown Spectroscopy Market Size study & Forecast, by Product (Handheld, Desktop), by End-user (Academic and Research Institutes, Pharmaceuticals and Biotechnology Companies, Others ), and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Laser-Induced Breakdown Spectroscopy Market is anticipated to grow with a healthy growth rate of more than 6.20% over the forecast period 2023-2030
- In the Application segment, Handheld emerged as the leading market segment in 2022.
- North America is leading the overall market share owing to the presence of several academic and research institutions in the region and strong research and academic environment.
- Asia-Pacific is expected at a high CAGR followed by North America during 2023-2030
Bizwit Research & Consulting has considered the following segments for the study:
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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