Trace Metal Analysis Market Worth $6.9 Billion by 2024 - Exclusive Report by MarketsandMarkets

CHICAGO, April 18, 2019 /PRNewswire/ -- According to the new market research report "Trace Metal Analysis Market by Technology Instrument (Atomic Absorption Spectroscopy, X-Ray Fluorescence, ICP-MS), Service (FAAS, ICP-OES)), Application (Food & Beverage, Pharmaceutical & Biotechnology, Environmental Testing) - Global Forecast to 2024", published by MarketsandMarkets, the Trace Metal Analysis Market is projected to reach USD 6.9 billion by 2024 from an estimated USD 4.4 billion in 2019, at a CAGR of 9.5%.

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The major factors driving the growth of this market include 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.

By technology, the ICP-MS segment accounted for the largest share of the trace metal analysis services market

Based on technology, the services market is divided into AAS, ICP-MS, optical emission spectroscopy, FTIR, XRF, and other technologies. The ICP-MS segment accounted for the largest market share in 2018. The increasing demand for the analysis of a diverse range of sample matrices; growing focus on the identification of low-level contaminants in chemical products; increased stringency of quality assessment and testing in the beverages, foods, cosmetics, and pharmaceutical industries; and the growing demand for metal speciation are the key factors driving the growth of the ICP-MS segment.

Browse in-depth TOC on "Trace Metal Analysis Market"

181 – Tables
44 – Figures  
276 – Pages  

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X-ray fluorescence spectroscopy (XRF) segment to witness the highest growth in the trace metal analysis instrument market, by technology

Based on technology, the trace metal analysis instrument market is segmented into atomic absorption spectroscopy (AAS), inductively coupled plasma mass spectroscopy (ICP-MS), optical emission spectroscopy (OES), Fourier transform infrared spectroscopy (FTIR), X-ray fluorescence spectroscopy (XRF), and other technologies. The XRF segment accounted for the largest share of the trace metal analysis instrument market in 2018. The large share of this segment can be attributed to the increasing demand for advanced XRF applications in applied markets; advantages of XRF such as high-speed, accuracy, and high-resolution analysis; and the high demand for XRF in emerging countries.