According to a report by Grand View Research, Inc., global x-ray photoelectron spectroscopy (XPS) market is anticipated to value USD 712.4 million by 2022. Growing requirement for pure and safe drugs coupled with minimal medication error is anticipated to propel demand for x-ray photoelectron spectroscopy.
Growing adoption of hyphenated technologies such as LC-MS, GC-MS, and LC_NMR can fuel growth of market over next few years. Continual technological advancements through R&D in medical sector coupled with high demand for safe and pure drugs can augment market growth. Supportive government initiatives to create awareness regarding contamination level in drugs & formulations, R&D, chemical analysis can influence growth of market. Agencies such as Agency for Health Care Research and Quality (AHRQ), Drug Enforcement Agency (DEA), the Centers for Disease Control and Prevention (CDC), and food & drug administration (FDA) are likely to emphasize on drug safety. It can provide for limits of contaminations and other chemicals in various raw materials and formulations, which can be identified using XPS. This, in turn, can spur growth of market during the forecast period (2012 to 2022).
Full Research Report On X-ray Photoelectron Spectroscopy (XPS) Market Analysis:
High initial cost required for set up is likely to obstruct entry of new firms. This market is expected to be oligopolistic in nature, where major companies are expected to rule the market with strong price interdependency. This can lead to increase in overall cost of procedure and can hamper growth of market during the forecast period. In addition, emerging economies are likely to face setback attributed to high cost for importing XPS devices. However, technological advancement including Hard X ray photoelectron spectroscopy (HAXPES) and hyphenated techniques can create lucrative opportunities for growth of market over the forecast period.
The x-ray photoelectron spectroscopy market can be segregated on the basis of usage type, application type, and region. Based on usage type, the market can be categorized into contamination detection, density estimation, element detection, and empirical formula determination. In 2014, element detection segment dominated the market and accounted for highest market share. It can grow at similar pace during the forecast period attributed to diverse applicability. Element detection using XPS can detect more than 6000 binary system using magnesium and aluminum.
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Similarly, contamination detection is expected to follow element detection in terms of market share. Contamination detection by XPS is likely to be possible for organic as well as inorganic contaminations. Composites meals, surface analysis of glasses, gases & strongly absorbed liquids are possible by XPS application. High demand for systems and technologies offering accurate results can boost growth of market.
Based on application type, the market can be classified into electronics, semiconductors, healthcare, aerospace, automotive, and others. Healthcare segment is estimated to dominate the market over the forecast period attributed to stringent regulations to reduce medication errors. In addition, permissible level of contaminants in healthcare products can fuel growth of segment. Moreover, increasing healthcare expenditure by individuals coupled with technological advancements such as hyphenated techniques can fuel market growth.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA). In 2016, North America dominated the market and accounted for largest market share. It is expected to grow at similar pace during the forecast period. Increasing application of XPS for medical research and drug safety can influence growth of market. In addition, growing popularity of hyphenated technology can fuel growth of market over next few years. Moreover, continual technological advancements coupled with rising demand for spectroscopy in industrial and environmental sector are anticipated to impel growth of market during the forecast period.
Similarly in Europe, the market is predicted to witness significant growth over the forecast period attributed to high demand for spectroscopy in environmental and industrial sector. In addition, favorable reimbursement policies coupled with popularity of hyphenated technologies can fuel growth of market.
In Asia Pacific, the market is expected to grow at fastest CAGR during the forecast period. High prevalence of untapped opportunities in emerging economies such as China and India can improve healthcare infrastructure in the region.
Some of the leading companies offering x-ray photoelectron spectroscopy technology are Evan Analytical Group (EAG), Thermo Fisher Scientific, Kratos Analytical, V G Scienta, and Intertek.
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