by Molecular spectroscopy refers to the analytical technique that is used for the identification and quantification of various molecules present in a sample through the interaction of electromagnetic radiation with molecular structures. It provides detailed information about the distribution of energy levels and structural changes in molecules. It finds wide applications in various industries including healthcare, food and beverage testing, pharmaceuticals, and chemistry research. It helps in molecular fingerprinting to identify compounds present in complex biological and chemical samples. Some common technologies used in molecular spectroscopy include infrared spectroscopy, Raman spectroscopy, UV-Vis spectroscopy, fluorescence spectroscopy and near-infrared spectroscopy.
The global Molecular Spectroscopy Market is estimated to be valued at US$ 5.2 billion in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Near-infrared spectroscopy is gaining popularity in the molecular spectroscopy market size owing to its advantages over other techniques. It requires minimal or no sample preparation and allows non-destructive, non-invasive analysis of whole samples at high speeds. This has led to its adoption in various industries like pharmaceuticals, food and beverages, and agriculture. Pharmaceutical manufacturers are using near-infrared spectroscopy for rapid analysis of drugs and ingredients without destroying the sample structure. It is also being integrated with handheld devices for on-site quality checks and process monitoring applications. The trend of miniaturization and development of portable spectroscopy devices is further expected to drive the demand.
Porter’s Analysis
Threat of new entrants: Low capital requirements and the presence of few large players makes threat of new entrants low in this market.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes. Switching costs are low.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative suppliers.
Threat of new substitutes: Potential threat from new substituting technologies like mass spectroscopy.
Competitive rivalry: Fierce competition among existing global players like Thermo Fisher Scientific, Agilent Technologies, Danaher Corporation and PerkinElmer.
Key Takeaways
The global Molecular Spectroscopy market is expected to witness high growth. Advances in molecular spectroscopy techniques are driving the growth of the market. Rising demand from various industries like pharmaceutical, biotechnology, chemical, food and beverage is fuelling market expansion.
Regional analysis focused on North America dominates the global molecular spectroscopy market currently. Continuous technological advancements and significant investments by government and private sector are driving market growth in the region. Asia Pacific is identified as the fastest growing market. Rising production of generic drugs in countries like India and China is propelling molecular spectroscopy adoption.
Key players operating in the molecular spectroscopy market are Thermo Fisher Scientific, Agilent Technologies, Danaher Corporation, Shimadzu Corporation, Bruker Corporation, PerkinElmer and Waters Corporation. Major players are focusing on strategic partnerships and new product launches to consolidate their market position.
