Nuclear Magnetic Resonance Spectroscopy Market worth $1.4 billion by 2027
The report "Nuclear Magnetic Resonance Spectroscopy Market by Technology (C-wave, FT-NMR, Solid State, Multi-Dimensional), Product (Instruments, Reagents, Software), Type (Low Field, High Field), Application (Pharma, F&B, Biotech, Academia), End User (Chemicals, Academia, Pharma-Biotech, Agribio) – Global Forecasts to 2027", is projected to reach USD 1.4 billion by 2027 from USD 1.1 Billion in 2022, at a CAGR of 5% during the forecast period
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Factors such as the expansion of the research pipeline of pharma and biotech companies, the increased number of drug development initiatives, and the growing scope of nuclear magnetic resonance spectroscopy in non-healthcare sectors fuel the demand for the usage of NMR technology. The higher adoption of integrated NMR platforms (such as NMR-LC and NMR-MS) and greater patient demand for personalized medicine is expected to support the growth of the market
The reagents and consumables segment accounted for the largest share of the nuclear magnetic resonance spectroscopy market in 2021.
Based on product, the nuclear magnetic resonance spectroscopy market is segmented into instruments, reagents and consumables, software, and services. In 2021, the reagents and consumables segment accounted for the most significant nuclear magnetic resonance spectroscopy market share. The key factors driving the growth of this market include the increasing frequency of usage by biotech and pharma companies for clinical research. For instance, research studies on the preparation of new assays, pre and post-COVID -19 involving tests from an NMR spectroscopy system that can assess various biological mechanisms quickly.
North America to command the largest share of the nuclear magnetic resonance spectroscopy market in 2021
Based on region, the nuclear magnetic resonance spectroscopy market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the most significant nuclear magnetic resonance spectroscopy market in 2021. Increased investments in the biomedical industry primarily drive the growth of the North American market, rapid adoption of technological developments, increased clinical and academic research, and well-established players in the region.
Prominent players in the nuclear magnetic resonance spectroscopy market include Bruker Corporation (US), Thermo Fisher Scientific (US), Jeol Ltd (Japan), Oxford Instruments (UK), Nanalysis Corporation (Canada), Magritek (Germany), Niumag Corporation (China), Qone Tec AG (Switzerland), Cosa Xentaur (US) and Anasazi Instruments (US), among others.
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