June 25, 2024
Spectrophotometer Market

Global Spectrophotometer Market Driven By Increasing Demand From Pharmaceutical And Biotechnology Industries

The spectrophotometer is a versatile analytical instrument used widely across industries like pharmaceutical, biotechnology, chemicals, food testing and more. A spectrophotometer analyzes the concentration of solutes by passing electromagnetic waves through a sample and measuring its absorbance against a reference substance. It provides quick and accurate analysis of different compounds present in complex mixtures. Industries rely on spectrophotometers to test purity and potency of drugs, determine vitamin content in food products, and analyze DNA/RNA and protein samples. The global spectrophotometer market witnesses rising adoption as it offers fast, cost-effective and non-destructive testing compared to traditional analytical methods.

The global Spectrophotometer Market is estimated to be valued at US$ 21.6 Bn in 2024 and is expected to exhibit a CAGR of 30.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The Global Spectrophotometer Market Size is witnessing increasing demand driven by the biotechnology and pharmaceutical industries. These industries extensively utilize spectrophotometers for R&D, quality control and manufacturing of drugs and biologics. growing prevalence of chronic diseases is prompting industries to accelerate drug development through innovative techniques like high throughput screening (HTS), further driving uptake of high capacity spectrophotometers. Additionally, market players are focusing on developing portable, affordable and easy to use spectrophotometers to increase accessibility and adoption across small to medium scale end users like diagnostics labs, food testing facilities etc. Integration of novel technologies like artificial intelligence and internet of things (IoT) is also expected to transform spectrophotometer devices with enhanced data analysis capabilities.

Porter’s Analysis

Threat of new entrants: Low economies of scale and high costs of R&D drive barriers for new entrants in the spectrophotometer market. Bargaining power of buyers: Sophisticated buyers can negotiate low prices from suppliers due to the availability of substitutes. Bargaining power of suppliers: Major suppliers hold significant bargaining power due presence of differentiation in product offerings. Threat of new substitutes: Products like FT-IR and NMR spectroscopy pose a moderate threat as substitutes for spectrophotometers. Competitive rivalry: Intense competition exists among the key players to launch technologically advanced spectrophotometers with enhanced features.

Key Takeaways

The global spectrophotometer market is expected to witness high growth.

Regional analysis shows that Asia Pacific is expected to witness the fastest growth during the forecast period owing to increasing investments by regional governments to enhance life science research infrastructure. North America dominated the global market in 2024 and is expected to continue its dominance during the forecast period.

Key players operating in the spectrophotometer market are Amazon Robotics, Bossa Nova, Simbe Robotics, ABB Robotics, Greyorange, and Softbank Robotics. Amazon Robotics offers advanced robotic arms for warehouse automation. Bossa Nova provides AI-enabled shelf scanning robots for retail inventory management. Simbe Robotics’ Tally robot automates inventory auditing and analysis in retail stores.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it