Nuclear Magnetic Resonance Spectroscopy Market Size, Share & Trends Analysis Report By Type (Low-field, High-field), By Products (Instruments, Consumables), By End-use (Academic, Pharmaceutical)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global Nuclear Magnetic Resonance Spectroscopy market size was estimated at USD 657.1 million  in 2021 and is expected to surpass around USD 1,025.3  million by 2030 and poised to grow at a compound annual growth rate (CAGR) of 5.1% during the forecast period 2022 to 2030.

Key Takeaways:

• By End-Use, the U.S. Nuclear Magnetic Resonance Spectroscopy market was valued at USD 187 million in 2021 and expected to witness growth at a CAGR of 4.9% from 2022 to 2030.
• By product, the instruments segment held the dominant share of the NMR spectroscopy industry, owing to the increasing demand by universities and research centers for high-field NMR spectroscopy
• The steadily increasing scope of the product has a significant impact on the market. For instance, solid-state NMR spectroscopy (SSNMR) is considered an analytical tool for drug characterization, hence propelling the market growth
• By type, the high-field NMR spectroscopy segment dominated the market in 2021, since it offers better sensitivity to the researchers
• By end-use, the academic segment held a larger share in 2021; numerous universities employ NMR analysis to enhance chemical identification in pharmaceutical and chemical industries
• North America held a substantial share in the global market in 2021 due to the presence of a large number of universities and increasing funding support by the government to enhance research infrastructure
• The Asia Pacific region is projected to grow considerably in the future, owing to the rising availability of raw materials and increasing biomedical research in the pharma and biotech industry

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.

Report Scope of the Nuclear Magnetic Resonance Spectroscopy Market

Type Insights

The high-field segment held the dominant share of the market at 87.6% 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.

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 4.9% 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 38.11% 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.

Some of the prominent players in the 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 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Nuclear Magnetic Resonance Spectroscopy market

• Product
• Instruments
• Consumables
• Type
• Low-field NMR Spectroscopy
• High-field NMR Spectroscopy
• End-use
• Academic
• Pharmaceutical & Biotech Companies
• Agriculture & Food
• Chemical Industry
• Others

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Points Covered in Nuclear Magnetic Resonance Spectroscopy Market Study:

• Growth of Nuclear Magnetic Resonance Spectroscopy in 2022
• Market Estimates and Forecasts (2017-2030)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for Nuclear Magnetic Resonance Spectroscopy and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  Nuclear Magnetic Resonance Spectroscopy Consumption Analysis
•  Nuclear Magnetic Resonance Spectroscopy Production Analysis
•  Nuclear Magnetic Resonance Spectroscopy and Management