According to Vision Research Reports, the global nuclear magnetic resonance spectroscopy market was surpassed at USD 657.3 million in 2021 and is expected to hit around USD 1,025.6 million by 2030, growing at a CAGR of 5.07% from 2022 to 2030
According to Vision Research Reports, the global nuclear magnetic resonance spectroscopy market was surpassed at USD 657.3 million in 2021 and is expected to hit around USD 1,025.6 million by 2030, growing at a CAGR of 5.07% from 2022 to 2030
Report Highlights
- The high-field segment held the dominant share of the market at 87.5% in 2021.
- The pharma and biotech companies segment is poised to advance at the highest CAGR of 5.7%.
- The instruments segment is projected to expand at 4.97% CAGR during 2022-2030.
- Europe dominated the regional market with a share of 38.91% in 2021.
- The Asia Pacific is projected to be the fastest-growing region.
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The rising need for metabolomics-based diagnosis, coupled with increasing usage in various fields, is anticipated to surge the growth of the market. Bruker offers nuclear magnetic resonance (NMR) spectroscopy solutions for multi-omics, tissue SpatialOMx, proteomics, functional structural biology, biomolecular condensates, and biopharma and applied.
The market for NMR spectroscopy witnessed incremental growth in 2021 and is anticipated to showcase a similar trend in the forecast period. The instrument demand from academic and university research centers is a significant contributor to the revenue. For instance, in June 2021, National Science Foundation announced an investment of USD 40 million to develop the Network for Advanced NMR (NAN) between the University of Georgia, UConn School of Medicine, and UW–Madison’s National Magnetic Resonance Facility at Madison.
Other determinants such as the rapidly expanding demand for generic medicine, technical improvements in healthcare, as well as government initiatives and grants in the nuclear magnetic resonance spectroscopy industry are also contributing to the market’s growth. In the U.S., government-funded - S10 Instrumentation Programs have been formed to support the purchase of instruments, including NMR spectroscopy. There are three active funding programs with June 2023 as the deadline. These programs range from USD 25,000 to USD 2,000,000.
The COVID-19 pandemic is anticipated to positively impact the demand for the product. However, 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.
The increasing demand for cancer diagnostics is expected to majorly drive market growth in the coming years. Diagnosis for Parkinson’s disease, cancer, infectious diseases, and psychiatric disorders, has been investigated with the use of NMR spectroscopy. For instance, in January 2022, a study was conducted at the University of Oxford to develop a new blood test, through NMR metabolomics, that can identify a range of cancers.
On the other hand, this is a niche market with limited players. Additionally, NMR spectroscopy is considered to be bulky and expensive, as its cost ranges from around a few hundred thousand dollars for 400 MHz, to millions for higher field magnets. Additionally, the requirement of high-field magnets, filled with cryogenic fluids regularly, and routine maintenance of electronics and probes increases the cost.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 657.3 million |
| Revenue Forecast by 2030 | USD 1,025.6 million |
| Growth rate from 2022 to 2030 | CAGR of 5.07% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Type, product, end-use, region |
| Companies Covered | JEOL Ltd.; Thermo Fisher Scientific Inc.; Bruker; Magritek; Oxford Instruments; Nanalysis Corp.; Anasazi Instruments, Inc.; QOneTec; Advanced Magnetic Resonance Limited |
Type Insights
The high-field segment held the dominant share of the market at 87.5% in 2021, 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.
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End-Use Insights
The pharma and biotech companies segment is poised to advance at the highest CAGR of 5.7%. However, the academic segment captured the highest revenue share of the NMR spectroscopy market in 2021. 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.
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.
Product Insights
The instruments segment is projected to expand at 4.97% CAGR during 2022-2030. 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 fastest growth 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.
Regional Insights
Europe dominated the regional market with a share of 38.91% in 2021. 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 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 Players
- JEOL Ltd.
- Thermo Fisher Scientific Inc.
- Bruker
- Magritek
- Oxford Instruments
- Nanalysis Corp.
- Anasazi Instruments, Inc.
- QOneTec
- Advanced Magnetic Resonance Limited
Market Segmentation
- By Product Outlook
- Instruments
- Consumables
- By Type Outlook
- Low-field NMR Spectroscopy
- High-field NMR Spectroscopy
- By End-use Outlook
- Academic
- Pharmaceutical & Biotech Companies
- Agriculture & Food
- Chemical Industry
- Others
- By Regional Outlook
- North America
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- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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