by Raman spectroscopy utilizes laser light to probe molecular structures and chemical compositions. It is extensively used in pharmaceutical research for characterization of drugs and detection of impurities through non-destructive means. The technique also finds applications in biotechnology for identification of biomolecules and study of biomaterial properties.
The global Raman Spectroscopy Market is estimated to be valued at US$ 1.36 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of Raman spectroscopy in the pharmaceutical and biotechnology industries is one of the major trends propelling the growth of the global Raman Spectroscopy Market. Raman spectroscopy enables non-invasive and non-destructive analysis of chemical and structural properties of drugs and biomolecules. It has emerged as a powerful analytical tool for various applications in drug discovery, quality control, and characterization of protein structures. The ability of Raman spectroscopy to provide molecular fingerprinting is augmenting its usage in these industries.
SWOT Analysis
Strength: The global Raman spectroscopy market exhibits non-destructive methodology for molecular spectroscopic analysis and has broad applications in pharmaceutical, chemical, forensic science fields.
Weakness: High costs of Raman spectroscopy instruments and need for skilled professionals to operate the devices are key challenges.
Opportunity: Emerging sectors like biomedical imaging, tissue engineering and diagnostics present significant growth opportunities. Also, technological advancements are making instruments more affordable and user-friendly.
Threats: Presence of alternative technologies like IR spectroscopy and presence of local players offering low-cost substitutes poses threats.
Key Takeaways
The Global Raman Spectroscopy Market Size is expected to witness high growth over the forecast period driven by increasing R&D investments and expansions in end-use industries. The global Raman Spectroscopy Market is estimated to be valued at US$ 1.36 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.
Regional analysis indicates North America dominates currently due to strong foothold of pharmaceutical and biotechnology industries in the region. The region is expected to continue leading over the next few years. Europe is another major market owing to presence of key players. However, Asia Pacific is likely to witness fastest growth aided by growing biomedical sector and increasing laboratory infrastructure in countries like China and India.
Key players operating in the Raman spectroscopy market are Quintiles IMS Holdings, Inc. (now IQVIA Holdings Inc.), PAREXEL International Corporation, ICON plc, PPD, LLC. These players are focusing on new product launches and collaborations to expand their offerings and geographic footprint
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
