Overview and Scope
Ultraviolet-visible spectroscopy is a method used to measure light absorbance in the ultraviolet and visible ranges of the electromagnetic spectrum. The ultraviolet-visible spectroscopy devices find their application in analytical chemistry for the quantitative determination of different analytes, such as transition metal ions, highly conjugated organic compounds, and biological macromolecules.
Sizing and Forecast
The ultraviolet-visible spectroscopy market size has grown strongly in recent years. It will grow from $1.5 billion in 2023 to $1.59 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to pharmaceutical and biotechnology research, environmental monitoring, food and beverage quality control, materials analysis, chemical and petrochemical sector.
The ultraviolet-visible spectroscopy market size is expected to see strong growth in the next few years. It will grow to $2.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to biomedical and life sciences research, advancements in drug development, expanded environmental analysis, quality assurance in food and beverages, materials characterization in manufacturing. Major trends in the forecast period include pharmaceutical drug development, integration with data analytics, remote sensing and field applications, demand for compact and portable devices, collaborations for method development.
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Segmentation & Regional Insights
The ultraviolet-visible spectroscopy market covered in this report is segmented –
1) By Instrument type: Single-Beam System, Double-Beam System, Array Based System, Handheld System
2) By Application: Industrial Applications, Physical Chemistry Studies, Life Science Studies, Environmental Studies, Academic Applications, Life Science Research and Development, Quality Assurance and Quality Control
3) By End User: Pharmaceutical And Biotechnology Companies, Academic And Research Institutes, Agriculture And Food Industries, Environmental Testing Labs
North America was the largest region in the ultraviolet-visible spectroscopy market share in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the ultraviolet-visible spectroscopy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The outbreak of COVID-19 led to increase in the production of pharmaceutical drugs and the demand for vaccines and fueled the growth of the ultraviolet-visible spectroscopy market. Due to the increased demand for certain drugs during the pandemic, the demand for ultraviolet-visible spectroscopy instruments also grew for research and development of new medications and vaccines. UV Vis spectrophotometry provides fast, easy, and accurate characterization of components such as nucleic acids, proteins, and additives/preservatives and can impact the time-to-result for both downstream and upstream processes, including quality control. According to a study by Mettler Toledo, these instruments were extremely crucial for the development of the COVID-19 vaccines and thus supported the growth of the market.
Key Industry Players
Major companies operating in the ultraviolet-visible spectroscopy market report are PG Instruments Ltd., Thermo Fisher Scientific Inc., GE Healthcare Company, Agilent Technologies Inc., Ametek Inc., Hitachi High-Technologies Corporation, PerkinElmer Inc., Mettler-Toledo International Inc., Shimadzu Corporation, Bio-Rad Laboratories Inc., Bruker Corporation, HORIBA Ltd., Hamamatsu Hotonikusu Kabushiki-Kaisha, Hach Company, X-Rite Inc., Buck Scientific Inc., PERSEE PG Scientific Inc., Cole-Parmer Instrument Company, JASCO Inc., Biochrom Ltd., Cecil Instrument Ltd., Hunter Associates Laboratory Inc., GBC Scientific Equipment Pty Ltd., Kemtrak AB, Analytik Jena Shanghai Instruments Ltd., ColVisTec AG Inc., Applied Analytics Inc., Guided Wave Inc., ES Industry Pvt Ltd.
The ultraviolet-visible spectroscopy market report table of contents includes:
1. Executive Summary
2. Ultraviolet-Visible Spectroscopy Market Characteristics
3. Ultraviolet-Visible Spectroscopy Market Trends And Strategies
4. Ultraviolet-Visible Spectroscopy Market – Macro Economic Scenario
5. Global Ultraviolet-Visible Spectroscopy Market Size and Growth
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32. Global Ultraviolet-Visible Spectroscopy Market Competitive Benchmarking
33. Global Ultraviolet-Visible Spectroscopy Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Ultraviolet-Visible Spectroscopy Market
35. Ultraviolet-Visible Spectroscopy Market Future Outlook and Potential Analysis
36. Appendix
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