Agilent Technologies (US), Thermo Fisher Scientific (US), and PerkinElmer Inc. (US) are the Leading Players in the Trace Metal Analysis Market
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%. Factors such as the stringent safety and quality regulations and new international cGMP & cGDP certification for pharmaceutical excipients, increasing expenditure 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 are primarily driving the growth of this market. However, the high cost of equipment and services is expected to restrain the growth of this market during the forecast period.
Thermo Fisher Scientific (US), Agilent Technologies (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) are the leading players in the trace metal analysis market. These companies are focusing on increasing their presence in high-growth markets through both organic and inorganic growth strategies such as product and service launches, approvals, and enhancements; expansions; agreements, collaborations, and partnerships; and mergers & acquisitions.
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Agilent Technologies is the leading player in the trace metal analysis market. The company’s leading position in this market is attributed to its wide geographic presence across regions of North America, Europe, the Middle East & Africa, and the Asia Pacific. The company mainly focuses on product launches, agreements, and collaborations in order to maintain its leading position in the market. The company launched its products, the ICP-MS Water Analyzer8900 Triple Quadrupole ICP-MS and its 5110 ICP-OES, in 2018 and 2016 respectively. Apart from innovative product launches, Agilent also focuses on growth strategies of geographical expansions and acquisitions, which enable it to serve its customer base better. For instance, in June 2018, Agilent Technologies opened a new logistics hub in Shanghai, China. This development was aimed at enhancing faster delivery of parts, supplies, and consumables to laboratories in China. The new facility helped Agilent Technologies in developing a robust distribution network.
Thermo Fisher Scientific accounted for the second-largest share of the trace metal analysis market in 2018. The firm’s leading position in this market can be attributed to its wide product portfolio, which includes instruments with technologies such as AAS, ICP-MS, ICP-OES, XRF, and FTIR. The company has its geographical presence spanning across North America, Latin America, Europe, Africa, the Middle East, and the Asia Pacific. In the trace metal analysis market, the company launched and enhanced 15 products with innovative technologies in the past three years such as Sentinel Multiscan Metal Detector, Nexsa X-Ray Photoelectron Spectrometer (XPS) System, Ramsey Oretronic IV Tramp Metal Detector, Niton XL5 handheld XRF analyzer, ARL QUANT'X EDXRF (Energy Dispersive X-ray Fluorescence) Spectrometer, iCAP TQ ICP-MS, Nicolet iN5 FTIR microscope, CB Omni Fusion Online Elemental Analyzer, iCAP RQ ICP-MS, Qtegra Intelligent Scientific Data Solution (ISDS) Software, and the Nicolet iS5 FTIR Spectrometer. In order to sustain its leading position in the market, Thermo Fisher Scientific focuses on launching new products and increasing expansions in the trace metal analysis market.
PerkinElmer accounted for the third-largest share of the trace metal analysis market in 2018. Its product portfolio includes technology instruments such as ICP-OES, AA Spectrometry, and ICP-MS. The company heavily invested USD 139.4 million, USD 124.3 million, and USD 112.5 million in R&D activities in 2017, 2016, and 2015, respectively. The company’s rich pool of skilled R&D personnel ensures constant development and introduction of technologically advanced products in the trace metal analysis market. For instance, in 2017, PerkinElmer launched its Avio 500 ICP-OES and NexION 2000 Inductively Coupled Plasma Mass Spectrometer (ICPMS) series. The company mainly focuses on organic growth strategies in order to leverage its position in the market.
Related Reports:
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
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