The global nuclear magnetic resonance spectroscopy market size was valued at USD 690 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030. Nuclear magnetic resonance (NMR) spectroscopy is considered to be an effective method to assess crystalline and amorphous materials in the sample. The manufacturing of generic drugs is anticipated to surge the requirement for NMR spectroscopy in the market. The growth of NMR spectroscopy is supported by universities, product developers, and service providers of pharmaceutical companies.
The outbreak of the COVID-19 pandemic led to an increase in the use of nuclear magnetic resonance spectroscopy by the universities and research institutes for COVID-19 research. For instance, in May 2021, researchers from TU Darmstadt and Goethe University Frankfurt collaborated to study the three-dimensional structures of COVID-19 molecules through NMR spectroscopy. However, the supply chain was significantly hit owing to government restrictions which had a negative impact on company revenues.
The global market for NMR spectroscopy is booming as a result of the rising demand for research and development in biomedicine. This technique assists in understanding the dynamics, structure, and interactions of macromolecules. According to a report published by WHO in January 2022, approximately USD 35,047.58 million were offered as grants for biomedical research. Out of this, 70.28% of funds were invested for non-communicable diseases, while 24.42% was for communicable, maternal, perinatal, and nutritional conditions.
Several factors such as 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. The increasing number of buyers with limited manufacturers impacts the pricing strategy of the product. Hence, players in the market are anticipated to be the price leaders by setting it to their advantage.
Increased initiatives by universities and research centers for advancing the scope of diagnostics and biomedical research by integrating technologies are anticipated to support market growth throughout the projected timeframe. For instance, the EU-sponsored TISuMR project was completed in December 2021, with an overall budget of USD 318.48 million. The project developed a technological platform, which combines NMR spectroscopy with cultured tissue in a lab-on-a-chip.
NMR spectroscopy is a mature and niche market with a limited number of players. However, it is considered to be an attractive opportunity for investors, including high barriers to entry and limited competition. The major companies such as Bruker and Thermo Fisher prefer mass markets with abilities to sell in bulk quantity. Similarly, NMR needs a specialized understanding of high-powered magnet technology, which restrains players to enter the market space.
The high-field segment held the dominant share of the market at 88.7% in 2022, owing to factors such as better sensitivity and resolution. 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.
Similarly, in June 2022, UK Research and Innovation (UKRI) announced its plans to invest USD 576.61 million for over 30 research infrastructure projects. This also includes USD 19.18 million investment in securing a 1.2 GHz NMR spectrometer. The authority stated that the use of NMR spectroscopy is anticipated to stay competitive across biological, health, materials, and environmental science spaces.
Furthermore, it has been observed that major demand for high-field NMR spectroscopy is from research centers and universities. For illustration, RIKEN Center for Biosystems Dynamics Research in Japan raised the requirement for high-field NMR spectroscopy to understand the dynamic structures of biomolecules in the sample and to assess the relationship between biological functions and dynamical structures.
The pharma and biotech companies segment is poised to advance at the highest CAGR of 5.5%. However, the academic segment captured the highest revenue share of 46.8% of the market in 2022. The increasing initiatives by universities to establish in-house NMR spectroscopy facilities as a competitive advantage, with the financial support of the government, is considered to be a key growth determinant of this market. Facilities such as Universitat Politècnica de Catalunya, University of Oxford, and Universidad Complutense Madrid, have set up Nuclear Magnetic Resonance Centers for research.
The agriculture and food segment is poised to advance at the highest CAGR of 5.7% during the forecast period. Furthermore, various device manufacturers and distributors collaborate with universities for research and development in the field of diagnostics. For instance, Lab Manager has multiple collaborations with academic and research centers, including Oxford University and Mayo Clinic labs, to develop a clinical diagnostic test using NMR technology. These factors are anticipated to increase the adoption of NMR spectroscopy among hospitals and clinics.
The instruments segment held the larger market share of 80.3% in 2022. Innovative development in instruments that extends their use is a significant growth factor for this market. 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.
The product segment is bifurcated into instruments and consumables. The consumables segment is anticipated to witness the faster growth rate of 6.1% during the forecast period, owing to the increasing frequency of usage by biotech and pharmaceutical companies for clinical research. For instance, 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.
Europe dominated the regional market with a share of 38.8% in 2022. This major share can be attributed to an increasing number of funders in biomedical research, the strong presence of universities with advanced research facilities, and the escalating usage of technological developments through strategic initiatives in the region.
The Asia Pacific is projected to be the fastest-growing region with 5.4% CAGR during 2023-2030 due to substantial developments by India and Japan in the technological integration of the NMR spectroscopy technique. However, the tariff imposed by Chinese regulators on various products is anticipated to restrain the regional growth of the product. The high tariff accelerates the cost and results in lower gross margin profit for manufacturers.
Key companies in this market are executing numerous strategies, including developing distribution networks, regional expansions, and strategic collaborations to inflate their market presence. For instance, in March 2021, Oxford Instruments plc announced its collaboration with the Henry Royce Institute (Royce) and the University of Oxford’s Department of Materials. The initiative utilizes benchtop NMR to accelerate research in future battery technologies. Some of the key players in the global nuclear magnetic resonance spectroscopy market include:
JEOL Ltd.
Thermo Fisher Scientific Inc.
Bruker
Magritek
Oxford Instruments
Nanalysis Corp.
Anasazi Instruments, Inc.
QOneTec
Advanced Magnetic Resonance Limited
Report Attribute |
Details |
Market size value in 2023 |
USD 724.7 million |
Revenue forecast in 2030 |
USD 1,025.3 million |
Growth rate |
CAGR of 5.1% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical data |
2018 - 2021 |
Forecast period |
2023 - 2030 |
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2030 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Type, product, end-use, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
Country scope |
U.S.; Canada; Germany; UK; France; Italy; Spain; China; Japan; India; South Korea; Brazil; Mexico; South Africa; Saudi Arabia |
Key companies profiled |
JEOL Ltd.; Thermo Fisher Scientific Inc.; Bruker; Magritek; Oxford Instruments; Nanalysis Corp.; Anasazi Instruments, Inc.; QOneTec; Advanced Magnetic Resonance Limited |
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail of customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global nuclear magnetic resonance spectroscopy market report on the basis of product, type, end-use, and region:
Product Outlook (Revenue, USD Million, 2018 - 2030)
Instruments
Consumables
Type Outlook (Revenue, USD Million, 2018 - 2030)
Low-field NMR Spectroscopy
High-field NMR Spectroscopy
End-use Outlook (Revenue, USD Million, 2018 - 2030)
Academic
Pharmaceutical & Biotech Companies
Agriculture & Food
Chemical Industry
Others
Regional Outlook (Revenue, USD Million, 2018 - 2030)
North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Asia Pacific
Japan
China
India
South Korea
Latin America
Brazil
Mexico
Middle East & Africa
South Africa
Saudi Arabia
b. The global nuclear magnetic resonance spectroscopy market size was estimated at USD 690.0 million in 2022 and is expected to reach USD 724.7 million in 2023.
b. The global nuclear magnetic resonance spectroscopy market is expected to grow at a compound annual growth rate of 5.1% from 2023 to 2030 to reach USD 1,025.3 million by 2030.
b. Europe dominated the NMR spectroscopy market with a share of 38.80% in 2022. This is attributable to the presence of a large customer base such as academic and research institutes
b. Some key players operating in the nuclear magnetic resonance spectroscopy market include JEOL Ltd., Thermo Fisher Scientific Inc., Bruker; Magritek; Oxford Instruments; Nanalysis Corp.; Anasazi Instruments, Inc.; QOneTec; and Advanced Magnetic Resonance Limited
b. Key factors that are driving the nuclear magnetic resonance spectroscopy market growth include growth in generic drug manufacturing along with spur in biomedical research
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