Market Size –
The molecular spectroscopy market size has grown strongly in recent years. It will grow from $5.95 billion in 2023 to $6.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to increased demand for molecular analysis in pharmaceutical, focus on environmental monitoring, expansion of academic and research institutions, food safety regulations, and increased emphasis on quality control.
The molecular spectroscopy market size is expected to see strong growth in the next few years. It will grow to $9.1 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to increasing focus on quality control and process optimization across industries, expansion of the global pharmaceutical and biotechnology sectors, increasing focus on sustainability and green chemistry, emerging markets driving demand for molecular spectroscopy in healthcare diagnostic, rising investments in healthcare and life sciences research. Major trends in the forecast period include miniaturization and portability, integration with data analytics and Ai, rapid screening and real-time analysis, sustainability and green chemistry, customization and modular systems.
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Scope Of Molecular Spectroscopy Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Molecular Spectroscopy Market Overview
Market Drivers –
The rapid growth of the pharmaceutical industry is expected to propel the growth of the molecular spectroscopy market going forward. The pharmaceutical sector involves discovering, developing, producing, and marketing medications. The pharmaceutical industry has seen rapid growth due to technological advances, increased R&D investment, rising global healthcare demands, and the prevalence of chronic illnesses requiring innovative treatments. Molecular spectroscopy enables precise analysis of drug compounds, accelerates development, and ensures quality control. For instance, in June 2023, according to the European Federation of Pharmaceutical Industries and Associations, a Europe-based pharmaceutical manufacturing company, pharmaceutical production reached approximately $374.00 billion in 2022, compared to $356.35 billion in 2021. Therefore, the rapid growth of the pharmaceutical industry will drive the development of the molecular spectroscopy market.
Market Trends –
Major companies operating in the molecular spectroscopy market are focusing on advancements with electronic and optical technologies, to enhance their spectroscopy instruments’ accuracy, efficiency, and capabilities. Electronic and optical technologies in molecular spectroscopy strengthen the analysis of molecular structures and dynamics through advanced techniques such as laser spectroscopy, fluorescence spectroscopy, and electronic absorption spectroscopy. For instance, in March 2021, JASCO Corporation, a Japan-based manufacturer of instrumentation for molecular spectroscopy and chromatography, launched the FP-8050 Series, a new line of fluorescence spectrophotometers prioritizing sensitivity with advanced electronic and optical technologies, featuring a long-life xenon arc lamp lasting up to 3000 hours for superior performance. This updated version includes enhanced features for faster data analysis and storage and a 21 CFR Part 11-compliant Spectra Manager to meet FDA requirements.
The molecular spectroscopy market covered in this report is segmented –
1) By Product Type: Consumables, Instruments
2) By Technology: Nuclear Magnetic Resonance Spectroscopy, UV-Visible Spectroscopy, Infrared Spectroscopy, Near-Infrared Spectroscopy, Color Measurement Spectroscopy, Raman Spectroscopy, Other Technologies
3) By Application: Pharmaceutical Applications, Food and Beverage Testing, Biotechnology And Biopharmaceutical Applications, Environmental Testing, Academic Research, Other Applications
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Regional Insights –
North America was the largest region in the molecular spectroscopy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the molecular spectroscopy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the molecular spectroscopy market are Thermo Fisher Scientific Inc., Danaher Corporation, ABB Ltd., Merck KGaA, Agilent Technologies Inc., Olympus Corporation, Keyence Corporation, Teledyne Technologies Incorporated, PerkinElmer Inc., Shimadzu Corporation, Coherent Inc., Endress+Hauser Group Services AG, Bio-Rad Laboratories Inc., Bruker Corporation, Horiba Ltd, Hamamatsu Photonics K.K., VIAVI Solutions Inc., Jeol Ltd, Renishaw plc., Metrohm India Limited, Thorlabs Inc., B&W Tek., JASCO International Co. Ltd., Digilab Inc., Keit Ltd
Table of Contents
1. Executive Summary
2. Molecular Spectroscopy Market Characteristics
3. Molecular Spectroscopy Market Trends And Strategies
4. Molecular Spectroscopy Market – Macro Economic Scenario
5. Global Molecular Spectroscopy Market Size and Growth
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31. Molecular Spectroscopy Market Other Major And Innovative Companies
32. Global Molecular Spectroscopy Market Competitive Benchmarking
33. Global Molecular Spectroscopy Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Molecular Spectroscopy Market
35. Molecular Spectroscopy Market Future Outlook and Potential Analysis
36.Appendix
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