by The global Raman Spectroscopy Market is estimated to be valued at US$ 1.18 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Raman spectroscopy is a versatile analytical technique used for molecular fingerprinting and chemical identification in various industries like pharmaceuticals, life sciences, semiconductors, and security. It provides non-destructive chemical analysis without any sample preparation. This technique relies on inelastic scattering of monochromatic light from a laser source. When light interacts with molecular vibrations, the laser photons are shifted in optical frequency. This shift provides information about vibrational and rotational modes in molecules. Raman spectroscopy offers advantages like high spatial resolution, non-contact measurements and detection of all states of matter including gases, liquids and solids.
Market key trends:
Increased adoption in pharmaceuticals industry: Raman spectroscopy has emerged as a highly popular analytical technique in the pharmaceutical industry. It is widely used for identification and quantification of raw materials, in-process reaction monitoring, and finished product quality control. Non-destructive analysis capability has further boosted its usage for quality assurance in manufacturing. Growing regulatory requirements for new drug development and product innovation are propelling the demand for Raman spectroscopy in the pharmaceuticals sector.
Porter’s Analysis
Threat of new entrants: Low level of threat as the market requires huge investments and technologies for manufacturing Raman spectroscopy instruments.
Bargaining power of buyers: Moderate bargaining power as buyers have very few alternative options for Raman spectroscopy as techniques are highly specific.
Bargaining power of suppliers: Low bargaining power of suppliers as the industry has huge amount of suppliers for components and parts.
Threat of new substitutes: Low threat as Raman spectroscopy technique has irreplaceable applications in research, material characterization, biomedical field.
Competitive rivalry: High as the market is dominated by few major players and there is intense competition among these players to gain higher market share.
Key Takeaways
Global Raman Spectroscopy Market Demand is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period 2023 to 2030, due to increasing application of Raman spectroscopy technique in pharmaceutical, biotechnology and material science industries.
Regional analysis: North America dominated the global Raman Spectroscopy market in 2022, accounting for nearly 35% share. However, Asia Pacific is expected to witness fastest growth during forecast period due to growing pharmaceutical industry and increasing government R & D investment in countries like India and China.
Key players: Key players operating in the Raman Spectroscopy market are Thermo Fisher Scientific, Bruker Corp, Renishaw plc, Horiba Ltd, JASCO Corp, Shimadzu Corp, Kaiser Optical Systems, Inc, PerkinElmer Inc, JEOL Ltd, Agilent Technologies. Major players are focusing on new product development and geographical expansion strategies to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
