MARKET OVERVIEW- NORTH AMERICA 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, and metabolite analysis, 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 NMR spectroscopy market is expected to have a high demand owing to the growing demand for research and development in biomedicine. The increasing prevalence of infections in the region is expected to drive the NMR spectroscopy market. Also, the increasing demand in the chemical industry to analyses food and agricultural samples, academics and analyzing various others chemical structures is expected to drive the market. The United States is one of the largest producers of chemical products globally. The United States is one of the largest national producers of chemical products globally. Including the pharmaceutical sector, its chemical shipments value was almost 770 billion U.S. dollars in 2021. The value added by U.S. chemistry in that same year amounted to over 438 billion U.S. dollars.
MARKET OPPORTUNITY
The rapid expanding demand for generic medicine, technical improvements in healthcare, as well as government initiative and grants in the nuclear magnetic resonance spectroscopy industry are also contributing to the market growth. For instance, in the U.S. government-funded S10 instrumentation programs have been formed to support the purchase of instruments, including NMR spectroscopy. Also, there are three active funding programs with June 2023 as the deadline. These programs range from USD 25,00 to USD 2,000,000. Thus, the growing government support is expected to provide an ample opportunity for the market.
MARKET RESTRAINT
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.
NORTH AMERICA NUCLEAR MAGNETIC RESONANCE SPECTROSCOPY MARKET SEGMENTAL OVERVIEW
The North America Nuclear Magnetic Resonance Spectroscopy market comprises of different market segment like type, product, end users and Country.
NORTH AMERICA 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, which 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.
NORTH AMERICA 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 is also a major factor is 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.
NORTH AMERICA 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
NORTH AMERICA NUCLEAR MAGNETIC RESONANCE SPECTROSCOPY MARKET BY COUNTRY
The North America Nuclear Magnetic Resonance Spectroscopy market is studied for the following countries
- United States
- Canada
- Mexico
United States is expected to dominate the Nuclear Magnetic Resonance Spectroscopy market. The growing biomedical research and raw material availability in the pharmaceutical and biotechnological industry in country. The increasing demand for cancer diagnostics is expected to drive the market growth in the coming years. The rising burden of cancer, the development of new products, and the rising awareness of the disease. For instance, according to GLOBOCAN 2020, about 2,281,658 new cancer cases were reported, with a 5-year prevalence of about 8,432,938 in the same year in the United States of America. Also, increasing demand for Parkinson’s disease, infectious diseases, and psychiatric disorders, has been investigated with the use of NMR spectroscopy.
COVID-19 IMPACT ANALYSIS ON NORTH AMERICA NUCLEAR MAGNETIC RESONANCE SPECTROSCOPY MARKET
Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the North America Nuclear Magnetic Resonance Spectroscopy market. In addition, a complete analysis of changes on the North America 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 the 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 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. For example, in May 2021, researchers from TU Darmstadt and Goethe University in Frankfurt collaborated to study the three-dimensional structures of COVID-19 molecules using NMR spectroscopy. However, the supply chain was significantly impacted by government restrictions which negatively impacted the revenues of key players in the market. Further, 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:
JULY: Bruker had 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.
