Global X-Ray Photoelectron Spectroscopy market trends: Healthcare sector to display heavy growth potential
Mounting need for analyzing surface chemistry of materials will drive X-Ray Photoelectron Spectroscopy (XPS) market size over the coming years. Escalating demand for XPS across pharmaceuticals, medical research, mining, chemical, and food sectors is expected to boost the industry trends. According to Global Market Insights, Inc., “Worldwide X-ray photoelectron spectroscopy market worth 475 million in 2015, is predicted to record a CAGR of 6% over the period of 2016 to 2023.” Growing requirement for detecting defects such as dewetting, craters, etc., along with the need to identify the problems during automotive coatings will further propel the industry growth. Furthermore, favorable compensation policies, the presence of laboratories equipped with new technologies, and rising health awareness are other pivotal growth drivers of the industry.
U.S. X-ray Photoelectron Spectroscopy Market Size, By Application, 2012-2023 (USD Million)
X-ray photoelectron spectroscopy has noteworthy usages such as empirical formula determination, element detection, density estimation and contamination detection. X-ray photoelectron spectroscopy market in the contamination detection will exhibit fastest growth rate of more than 6% over the coming years of 2016 to 2023. The growth can be attributed to its surging demand across pharmaceutical, semiconductor, biotechnology, and electronics industries. Density estimation, element detection, and empirical formula determination will also contribute substantially towards the industry growth.
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Among the various notable applications such as bioengineering, automotive, electronics, semiconductor, aerospace, and healthcare of the X-ray photoelectron spectroscopy industry, healthcare application exhibited the eye-catching revenue and accounted for 40% of the global share in 2015. The escalating technological advancements and growing healthcare spending will further drive X-ray photoelectron spectroscopy industry size in the bioengineering sector.
X-ray photoelectron spectroscopy market size in the automotive sector will register an annual growth rate of 6.7% over the coming six years, primarily driven by its increasing use for finding defects and detecting contaminants.
Geographically, Asia Pacific X-ray photoelectron spectroscopy market share is anticipated to grow noticeably over the coming timeframe, owing to the developing infrastructure sector as well as expanding healthcare industry. China and India will be major revenue drivers for the APAC. India X-ray photoelectron spectroscopy industry will exhibit a growth rate of more than 8% over the coming years.
Supportive government rules & regulations as well as availability of fully developed laboratories will fuel the UK X-ray photoelectron spectroscopy industry size over the period of 2016 to 2023.
U.S. X-ray photoelectron spectroscopy industry share is projected to surpass revenue of USD 250 million by 2023. The surging installation of the instruments, which are incorporated with new innovative and enhanced technology are expected to fuel the regional demand growth. In addition, favorable government norms along with the implementation of FDA approved health policies regarding drug safety and quality will influence the X-ray photoelectron spectroscopy market noticeably.
Market giants are adopting various growth strategies like collaborations, mergers & acquisitions to maintain their business position across the globe. Intertek, Kett, Evans Analytical Group LLC, VG Scienta, Kratos Analytical Ltd, Yokogawa, Mitsubishi Electric, and Thermo Fisher Scientific are some of the noteworthy players in the X-ray photoelectron spectroscopy market.
Author Name : Sunil Hebbalkar