MARKET OVERVIEW- ASIA PACIFICA NUCLEAR MAGNETIC RESONANCES SPECTROSCOPY MARKET
The nuclear magnetic resonance spectroscopy is considered to be an effective method to assess crystalline and amorphous material in the sample. Nuclear magnetic resonance has a wide application in determining DNA and protein structure, hydrogen bonding, solution structure, drug screening, metabolite analysis, and supporting market growth. The physical and chemical characteristics of the atom and the molecules are explained by NMR spectrometers are used in research activities to assess the content, purity, and molecular composition of samples as well as for quality control of the samples. NMR spectroscopy is important because it can be used to identify unknown compounds and determine their structures.
MARKET DRIVERS
The increasing number of funders to support biomedical research, the rising need for affordable generic medicines, and the growing scope of nuclear magnetic resonance spectroscopy in non-healthcare sectors are also contributing to the market growth. Also, the rising chronic diseases such as cancer, diabetes, and cardiovascular disorders across developing economies is likely to drive the market growth. There was a total of 58,09431 cases of cancer-related deaths in Asia. Lung Cancer has caused the highest number of deaths in 2020 with 11,12,517deaths, which accounted for 19.2% of all cancer deaths. Further, the advancement in healthcare technology related to medical imaging, such as CT scans, X-rays, MRI, and ultrasound, are expected to drive market growth. The developing healthcare infrastructure, especially in the rapidly developing economies such as India and China, and the high adoption rate of advanced medical imaging devices which in turn expected to drive the market growth.
MARKET OPPORTUNITY
The growing demand for drug delivery in emerging economies, the prevalence of better transportation facilities, low energy costs and more, the growing number of technological innovations are some of the factors that are likely to bolster the growth of the nuclear magnetic resonance spectroscopy market in the forecast period. Also, the increase in awareness among people about the benefits of nuclear magnetic resonance spectroscopy is expected to create profitable opportunities for market growth in the upcoming years.
MARKET RESTRAINTS
The Nuclear Magnetic Resonance Spectroscopy market is expected to have major restraining factors like high capital investment and service costs of nuclear magnetic spectroscopy equipment. Also, in terms of accuracy and sensitivity it has less sensitivity in comparison to mass spectroscopy equipment. This is another factor that is anticipated to limit the market growth over the forecast period.
MARKET GROWTH CHALLENGES
The high cost of equipment is expected to be major challenge for the market growth over the forecast period. Also, the NMR needs a specialized understanding of high-powered magnet technology, which pose a challenge on players to enter the market space.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the Nuclear Magnetic Resonance Spectroscopy Market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. The growing healthcare sector and demand from various biomedical universities and product manufacturers across the globe is fueling the growth of the market which is expected to witness growth at a specific CAGR from 2023-2029.
ASIA PACIFIC NUCLEAR MAGNETIC RESONANCE SPECTROSCOPY MARKET SEGMENTAL OVERVIEW
The Asia Pacific Nuclear Magnetic Resonance Spectroscopy market comprises of different market segment like Type, product, end users and Country.
ASIA PACIFIC NUCLEAR MAGNETIC RESONANCE SPECTROSCOPY MARKET BY TYPE
By type, the Nuclear Magnetic Resonance Spectroscopy includes key segments of
- Low-field NMR Spectroscopy
- High-field NMR Spectroscopy
The high-field NMR spectroscopy is expected to dominate the market over the forecast period. The increased strength of nuclear magnetic resonance spectroscopy has an immense impact on various fields, such as material science, structural biology, and imaging. For instance, in July 2021, Bruker announced that it had received orders for its new Ascend Evo 1.0 Ghz NMR magnet which is a compact instrument for clinical research and structural biology applications in single-story laboratories.
The low-field NMR spectroscopy segment is expected to grow at a high rate over the estimated time period. The development of low field NMR spectroscopy instruments has accelerated owing to combination of permanent magnet and radiofrequency electronics developments from mobile phone technology. The lower magnetic frequency, resolution, and sensitivity, that detects even tiny changes in the chemical structure of the compound. The low-field has wide applications in pharmaceuticals, research, and chemical analysis, which is driving the growth of the segment.
ASIA PACIFIC NUCLEAR MAGNETIC RESONANCE SPECTROSCOPY MARKET BY PRODUCT
By product, the Nuclear Magnetic Resonance Spectroscopy market is segmented into
The instruments segment is anticipated to dominate the market over the estimated time period. The innovative development of instruments that extend their use in a significant growth factor for this market. Also, the increase in spending for advanced research and development activities are also major factors expected to boost the market growth. For instance, in July 2022, Bruker announced the launch of a new assay for research on long COVID-19. The test involves an Avance IVDr NMR spectroscopy system that can assess various biological, mechanisms within 20 minutes.
ASIA PACIFIC NUCLEAR MAGNETIC RESONANCE SPECTROSCOPY MARKET BY END USERS
The Nuclear Magnetic Resonance Spectroscopy market has major end users like
Pharmaceutical and Biotech Companies
- Agriculture and Food
- Academics
- Chemical Industry
- Oil and Gas Industry
- Others
The pharmaceutical and biotech segment is anticipated to dominate the market over the estimated time period. NMR spectrometer is widely used in biomedical research to study molecular dynamics, molecular interactions, identify molecules, determine the structure and functions of important biological molecules, identify abnormal metabolites as biomarkers for specific diseases, study drugs and interactions with their targeting and diagnosing disease by imaging specific tissues and organs. The demand in bioscience to optimize the stability and bioavailability of biological products and stringent government regulations is expected to positively impact the market growth.
ASIA PACIFIC NUCLEAR MAGNETIC RESONANCE SPECTROSCOPY MARKET BY COUNTRY
The Asia Pacific Nuclear Magnetic Resonance Spectroscopy market is studied for the following countries
- India
- China
- Japan
- Rest of Asia Pacific
India is anticipated to dominate the market over the estimated time period. Substantial developments by India in the technological integration of the NMR spectroscopy technique. The growing biomedical research and raw material availability in the pharmaceutical and biotechnological industry in countries. The need for biomedical and research activities and the rising demand for environmental safety are factor leading to the market’s growth. In addition, nuclear magnetic resonance spectroscopy has massive demand in the food sector, and a rise in concern about food protection is expected to drive demand over the forecast period. Moreover, the growing medical tourism industry will also contribute to regional growth during the forecast period.
COVID-19 IMPACT ANALYSIS ON ASIA PACIFIC NUCLEAR MAGNETIC RESONANCE SPECTROSCOPY MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the Asia Pacific Nuclear Magnetic Resonance Spectroscopy market. In addition, complete analysis of changes on the Asia Pacific Nuclear Magnetic Resonance Spectroscopy market expenditure, economic and international policies on supply and demand side is included in this exclusive report. The report also studies the impact of pandemic on economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
The COVID-19 has certainly impacted the growth of the market to a significant extent. The supply shortages and accelerated prices of raw materials impacted the profitability of the players. The prices of key raw materials such as copper, steel, and metallic, used for superconductors, have risen over the last decade. Also, the outbreak of the COVID-19 pandemic has led to an increase in the use of nuclear magnetic resonance spectroscopy by universities and research institutes for COVID-19 research. However, with the ease of government-imposed lockdown restrictions, the market is expected to have new growth opportunities in the upcoming years.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Nuclear Magnetic Resonance Spectroscopy market is primarily focused on expanding the growth of the Nuclear Magnetic Resonance Spectroscopy market through new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in the market has led to growing demand for the market. Besides, the market offers a range of products to fulfil the required demand of consumers, which further contributes to healthy growth in the market.
The key players studied in market are
- Thermo Fisher Scientific Inc.
- Bruker
- Magritek
- Oxford Instruments
- JEOL Ltd.
- Shimadzu Corporation
- Nanalysis Corp.
- Anasazi Instruments, Inc.
- QOneTec
- Advanced Magnetic Resonance Limited
- Acorn NMR
- Angstrom Advanced Inc.
- Ocean Insight
- Bruker
- Spinlock
- HORIBA Europe GmbH
RECENT DEVELOPMENT:
April 2022: Horiba has collaborated with Digital surf to launch a new software range that will allow users to highlight the significant features of samples with the help of electron, probe, and optical microscopy.
January 2021: JEOL Ltd offers a range of probes in liquid and solid states for numerous applications, and each probe is supported by the company’s software.
