The Global Molecular Spectroscopy Market has been estimated to reach a value of USD 6,120.39 million in 2021 and is projected to grow at a CAGR of 6.3% during the forecast period. Molecular spectroscopy is quantum physics involving the interaction of electromagnetic radiation with materials to create an absorption pattern known as spectrum, from which compositional or structural data can be deduced.
In molecular spectroscopy, molecules undergo changes from one quantized energy to the other energy state. It comprises excitation of molecular vibration or movement as used with infrared (IR) spectroscopy or the excitation of an electron in a higher π-orbital as used for visible/ultraviolet (UV/VIS) spectroscopy.
Rapid penetration of technology in the R&D field of several segments and drug research are expected to drive demand for the molecular spectroscopy market during the forecast period. Application of molecular spectroscopy in environmental screening and increasing focus on confirming the quality of food products is are expected to contribute to market growth.
In addition, enhanced governmental support for research purposes and rise in demand for hyper-sophisticated analytical instruments are expected to propel market growth. Also, growing application of molecular spectroscopy in environmental screening is expected to drive the molecular spectroscopy market growth during the forecast period.
Rapid developments across the life sciences and healthcare segment contribute significantly in increasing the development rate of the molecular spectroscopy market. Furthermore, the large-scale utilization of molecular spectroscopy in environmental screening can augment market growth. The rapid increase in the discovery of novel molecules by pharmaceuticals sectors is further increasing the development landscape across the market.
The emerging trend in the molecular spectroscopy market involves the extensive use of molecular spectroscopy across applications in pharmaceutical applications, academic research, environment testing, biotechnology and biopharmaceutical applications, and others, which can provide promising growth opportunities for the molecular spectroscopy market.
On the other hand, high price of maintenance, huge spending for initial administration and set-up, and limited awareness and lack of technically well skilled personnel are expected to limit the market growth. However, expansion in developing economies, and technological advancements can create opportunities for the development of the molecular spectroscopy market.
The QMI team is closely observing the impact of COVID-19 on molecular spectroscopy market. The growing COVID-19 pandemic has a positive impact on the molecular spectroscopy market as scientists are increasingly researching applications of Raman spectroscopy for the COVID-19 testing. For example, a Northern Arizona University (NAU) research team was found increasing a new test technology for SARS-CoV-2 i.e. COVID-19 using single-molecule surface-enhanced Raman spectroscopy (SM-SERS) technique. The development was termed “Development of a New Test for SARS-CoV-2 Using Single-Molecule Surface-Enhanced Raman spectroscopy” and was granted a USD 200,000 grant from the National Science Foundation’s Rapid Response Research (RAPID) funding scheme. Hence, with the rise in research and development activities by pharmaceutical companies, the demand for molecular spectroscopy is expected to grow during the forecast period.
TABLE 1: GLOBAL MOLECULAR SPECTROSCOPY MARKET OVERALL SNAPSHOT
The global molecular spectroscopy market is segmented based on technology, application, and region.
FIGURE 1: GLOBAL MOLECULAR SPECTROSCOPY MARKET SEGMENTATION
Global Molecular Spectroscopy Market, by Technology
Based on technology, the molecular spectroscopy market is segmented into nuclear magnetic resonance (NMR) spectroscopy, UV-visible spectroscopy, infrared (IR) spectroscopy, near-infrared spectroscopy, color measurement spectroscopy, and Raman spectroscopy.
The Raman spectroscopy segment is the fastest-growing segment in 2021 and is expected to remain the fastest-growing segment during the forecast period. The segment growth is attributed to extensive applications of this technique and the accessibility of technologically advanced products.
Global Molecular Spectroscopy Market, by Application
Based on application, the molecular spectroscopy market is segmented into pharmaceutical applications, biotechnology & biopharmaceutical applications, food & beverage testing, environment testing, academic research, and others. The pharmaceutical applications segment is the fastest-growing segment in 2021 and is expected to remain the fastest-growing segment during the forecast period. The segment growth is attributed to growing importance of molecular spectroscopy in numerous stages of drug development and growing R&D in pharmaceutical industries.
Global Molecular Spectroscopy Market, by Region
Based on region, the molecular spectroscopy market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America holds the largest market share in 2021, and anticipated to remain largest during the forecast period. The factors attributed to the market growth include high capitalization by federal government for research in the field of medical sciences, and technological advancement in molecular spectroscopy area.
Asia Pacific is expected to observe fastest growth during the forecast period due to rapidly growing population, and satisfactory government policies. Growing medical tourism industry in developing nations such as China, and India, and modernization of healthcare organization are also expected to boost regional market growth during the forecast period.
Additionally, rising focus on environmental safety, growing medical and biomedical research in Japan are expected to drive the demand in the forecast period.
TABLE 2: GLOBAL MOLECULAR SPECTROSCOPY MARKET OVERVIEW
FIGURE 2: GLOBAL MOLECULAR SPECTROSCOPY MARKET (USD MILLION), 2021-2030
Recent Developments in the Global Molecular Spectroscopy Market
- April 2020- Agilent Technologies introduced the handled Raman Spectroscopy instrument. The new Agilent Vaya Raman raw material individuality verification system is a handheld instrument that speeds up quality control testing in the biopharmaceutical and pharmaceutical industries.
- October 2020- Bruker Corporation introduced high-performance Fourier 80 system, a next-generation 80 MHz Fourier Transform Nuclear Magnetic Resonance (FT-NMR) benchtop spectrometer, in Europe.
- November 2018- Agilent Technologies Inc. introduced the Cary 3500 UV-Visible Spectrophotometer, intended for research communities in pharma, life sciences, and biopharma, that supports by optimizing laboratory productivity, simplifying the analyses, and lastly leading to the development of novel therapeutics.
- December 2016- Bruker partnered with International Phenome Centre Network (IPCN), U.K., to leverage Bruker's IVDr by NMR system to support International Phenome Center Network (IPCN) in translational and clinical research.
- January 2016- Thermo Fisher Scientific acquired Affymetrix, Inc. (U.S.), to surge the company's competences in genetic analysis and biosciences.
- March 2015- PerkinElmer collaborated with Johnson & Johnson Innovation (U.S.), to offer lab services and analytical instruments for J&J's life science incubator.
What Does This Report Provide?
A detailed understanding of the global molecular spectroscopy market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market. The major market drivers, challenges, and opportunities for the global molecular spectroscopy market have been covered in the report. This report further includes the market shares of the leading companies operating in the global market, along with their production capacities and the growth strategies adopted by them.
- Nuclear Magnetic Resonance (NMR) Spectroscopy
- Continuous-wave (CW) NMR Spectroscopy
- Fourier-transform NMR Spectroscopy (FTS)
- Solid-state NMR Spectroscopy (SSNMR)
- UV-Visible Spectroscopy
- Single-beam UV-Visible Spectroscopy
- Dual-beam UV-Visible Spectroscopy
- Array-based UV-Visible Spectroscopy
- Infrared (IR) Spectroscopy
- IR Spectroscopy, by Spectrum
- Mid-wave Infrared Spectroscopy
- Short-wave Infrared Spectroscopy
- Far-wave Infrared Spectroscopy
- IR Spectroscopy, by Type
- IR Microscopy
- Portable & Handheld
- Near-infrared Spectroscopy
- Filter or AOTF
- Color Measurement Spectroscopy
- Raman Spectroscopy
- Raman Spectroscopy, by Sampling Technique
- Surface-enhanced Raman Scattering
- Tip-enhanced Raman Scattering
- Other Sampling Techniques
- Raman Spectroscopy, by Type
- Micro-Raman Spectroscopy
- Probe-based Raman Spectroscopy
- FT-Raman Spectroscopy
- Other Technologies (Fluorescence Spectroscopy and Hybrid Spectroscopy).
Molecular Spectroscopy Market, by Application
- Pharmaceutical Applications
- Biotechnology & Biopharmaceutical Applications
- Food & Beverage Testing
- Environment Testing
- Academic Research
- Other Applications
North America Molecular Spectroscopy Market
- North America, by Country
- North America, by Technology
- North America, by Application
Europe Molecular Spectroscopy Market
- Rest of Europe
- Europe, by Technology
- Europe, by Application
Asia Pacific Molecular Spectroscopy Market
- South Korea
- Rest of Asia Pacific
- Asia Pacific, by Technology
- Asia Pacific, by Application
Middle East and Africa Molecular Spectroscopy Market
- Middle East and Africa, by Country
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Middle East and Africa, by Technology
- Middle East and Africa, by Application
South America Molecular Spectroscopy Market
- South America, by Country
- Rest of South America
- South America, by Technology
- South America, by Application
Major Companies: In this report, the major companies studied are: Bruker, Thermo Fisher Scientific, Inc., PerkinElmer, Inc., Agilent Technologies, Inc., Shimadzu Corporation, Danaher Corporation, ABB, Merck KGaA, JEOL Ltd., FOSS, JASCO, Inc., and HORIBA Ltd.
Objectives of this Report:
- To estimate the market size for the molecular spectroscopy market on a regional and global basis
- To identify major segments in the molecular spectroscopy market and evaluate their market shares and demand
- To provide a competitive scenario for the market with major developments observed by the key companies in the historic years
- To evaluate the key factors governing the dynamics of the molecular spectroscopy market with their potential gravity during the forecast period
- To evaluate the leading company-wise pricing analysis for the mentioned applications
Key Questioned Answered in the Study:
- What are major growth drivers and market trends that are impacting the global molecular spectroscopy market?
- What is the market size both in terms of value and volume for the global molecular spectroscopy market?
- Who are the leading market players and who are the new market players that operate in the global market with an estimated market share?
- What are the future investment pockets and opportunities in the global molecular spectroscopy market?
- Major list of customers and potential futuristic customer list along with an estimated buying volume
- Impact of COVID-19 on the global molecular spectroscopy market
This study is customized to meet your specific requirements:
- By sub-segment
- By client-specific country, type, and application market analysis
- Pricing analysis along with the potential list of customers
- Product-specific competitive analysis
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