Market Size of Elemental Analysis Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Elemental Analysis Market Analysis
The elemental analysis market is expected to register a CAGR of 6.2% over the forecast period.
The elemental analysis market was significantly impacted by the COVID-19 pandemic. In the case of COVID-19 patients, there was an abnormal amount of trace elements in the body, and the respiratory system was at risk of infection due to the higher concentrations of heavy metals in the blood. For instance, as per the study report published by the American Journal of Analytical Chemistry in May 2021, the elemental analysis in COVID-19 patients was performed using an atomic absorption (AA) spectrophotometer, which revealed that COVID-19 patients have abnormal levels of essential trace metals (zinc, iron, and copper) versus toxic elements (cadmium and nickel) in the biological samples. As a result of the COVID-19 effect on elements in the bloodstream, the demand for elemental analysis was significant, which drove the market's growth during the pandemic phase. Currently, the number of COVID-19 cases is relatively low throughout the world; its impact on the market is stable, and the trend is expected to continue due to the ongoing research activities on COVID-19 and emerging viral strains, as per the analysis.
Over the forecast period, the major growth drivers of the elemental analysis market are growing research and development funding in life sciences and mandated government regulations for elemental analysis of pharmaceutical and healthcare products. According to the National Institutes of Health (NIH), Estimates of Funding for Various Research Categories in 2022, it is estimated that the clinical research funding under the life sciences in the United States for 2021 was USD 17,681 million, and it is expected to increase to USD 18,405 million in 2022 and USD 18,383 million in 2023. Thus, the gradual rise in research and development funding is expected to positively impact the market over the forecast period, as elemental analysis is one of the techniques used in clinical research for testing samples of body fluids.
Furthermore, in August 2022, Analytik Jena published that, in a few years, Germany's legislation will make phosphorus recovery from sewage sludge mandatory. The Analytik Jena PlasmaQuant 9100 ICP-OES instrument detects the included nutrients and essential elements in a single measurement cycle, eliminating the need for time-consuming analysis.
However, a lack of skilled personnel is expected to restrain the elemental analysis market's growth during the forecast period.
