The global molecular spectroscopy market is estimated to be valued at US$2,640.7 million in 2021 and is expected to exhibit a CAGR of 4.2% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Molecular spectroscopy involves the study of interaction between molecules and electromagnetic radiation. It is widely used in various applications, including pharmaceuticals, biotechnology, food and beverages, environmental testing, and academic research. The market offers various products such as nuclear magnetic resonance (NMR) spectrometers, ultraviolet-visible (UV-Vis) spectroscopy, infrared spectroscopy, and Raman spectroscopy, among others. These technologies help in analyzing the structure, composition, and properties of molecules, enabling researchers and scientists in making accurate observations and measurements.
The molecular spectroscopy market is primarily driven by the growing application in the pharmaceutical industry. It plays a crucial role in drug discovery, quality control, and analysis. Rapid advancements in technology, such as the development of portable and handheld spectroscopy devices, are also contributing to market growth. These portable devices offer ease of use and faster results, making them highly preferred in various industries. Additionally, the increasing focus on research activities in biotechnology and academic institutes further fuels market expansion. However, the high cost associated with spectroscopy instruments and the complexity of data analysis may hinder market growth to some extent.
Strength: The molecular spectroscopy market is driven by the increasing demand for advanced analytical techniques in various industries such as pharmaceuticals and biotechnology. The market is characterized by the presence of key players that offer innovative spectroscopy solutions, contributing to the overall growth of the market.
Weakness: One weakness of the molecular spectroscopy market is the high cost associated with spectroscopy instruments and equipment, which can limit the adoption among small and medium-sized enterprises. Additionally, the complex nature of spectroscopy techniques may require specialized training and expertise, posing a challenge for end-users.
Opportunity: The molecular spectroscopy market presents opportunities for growth due to the increasing focus on drug discovery and development, and the need for quality control in the pharmaceutical industry. Additionally, the growing demand for spectroscopy techniques in environmental testing and food safety applications further expands the market potential.
Threats: The molecular spectroscopy market faces threats due to the presence of alternate analytical techniques such as chromatography, which may restrict the adoption of spectroscopy methods. Additionally, stringent government regulations and quality standards in various industries can pose challenges for market players.
The Global Molecular Spectroscopy Market Size is expected to witness high growth, exhibiting a CAGR of 4.2% over the forecast period of 2023-2030. This growth is primarily driven by the increasing demand for advanced analytical techniques in industries such as pharmaceuticals and biotechnology.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the molecular spectroscopy market. The presence of well-established pharmaceutical and biotechnology industries, along with significant investments in research and development, contributes to the market growth in this region.
Key players operating in the molecular spectroscopy market include Thorlabs Inc., VIAVI Solutions Inc., Keit Ltd., ABB Ltd., PerkinElmer Inc., Shimadzu Corporation, Horiba Ltd., Jeol Ltd., Jasco Inc., Danaher Corporation, Merck KgaA, Bruker Corporation, Agilent Technologies, Waters Corporation, Bio-Rad Laboratories Inc., Magritek Ltd., Thermo Fischer Scientific Inc., and Buck Scientific Instrument Manufacturing Company, among others. These companies are focused on product innovation and strategic collaborations to maintain their market position and gain a competitive edge.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it