According to the latest report by IMARC Group, titled “Molecular Spectroscopy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global molecular spectroscopy market size reached US$ 6.6 Billion in 2022. Molecular spectroscopy is a branch of science that studies the interaction of electromagnetic radiation with matter. Infrared (IR), ultraviolet-visible (UV-Vis), Raman, nuclear magnetic resonance (NMR), electron paramagnetic resonance (EPR), and mass are some of the common types of molecular spectroscopy techniques. They are widely used in chemical analysis, material characterization, biochemistry, environmental testing, disease monitoring, medical diagnostics, drug development, quality control, and forensic analysis. Molecular spectroscopy is a versatile, reliable, and highly sensitive technique that requires minimal sample preparation and helps to save time, improve efficiency, and provide accurate results. It also offers non-invasive and non-destructive analysis capabilities, which aids in preserving samples for further experiments and enhances the understanding of biological processes.
Molecular Spectroscopy Market Trends:
The significant growth in the pharmaceutical industry across the globe is one of the key factors creating a positive outlook for the market. Molecular spectroscopy is widely used to analyze drug molecules, optimize formulations, study the interaction of drugs with excipients, monitor manufacturing processes, and measure the purity, concentration, and stability of various pharmaceutical products. Furthermore, the widespread application of molecular spectroscopy in the food and beverage (F&B) industry to analyze the composition and quality of edible products, detect contaminants, identify adulterants, and monitor the progress of various processes, such as fermentation and baking is proving an impetus to the market growth. Additionally, the recent development of portable and handheld molecular spectroscopy devices that are cost-effective, energy efficient, user-friendly, and provide rapid analysis of samples is positively influencing the market growth. Apart from this, the increasing adoption of molecular spectroscopy in academic research to study the structure, dynamics, and interactions of organic and inorganic compounds, proteins, nucleic acid, polymers, nanomaterials, and semiconductors, with high precision and accuracy is favoring the market growth. Moreover, the widespread adoption of molecular spectroscopy in the healthcare industry to monitor disease progression and analyze bodily fluids, such as blood and urine, is propelling the market growth. Other factors, including the rising concerns among the masses regarding food safety, the implementation of various government initiatives to promote research and development (R&D) activities, and the widespread utilization of molecular spectroscopy in the petrochemical industry, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 8.3 Billion by 2028, exhibiting a CAGR of 3.1% during 2023-2028.
- On the basis of the product type, the market has been bifurcated into consumables and instruments.
- Based on technology, the market has been classified into NMR, Raman, UV-Visible, mass, infrared, near-infrared, and other spectroscopy.
- On the basis of application, the market has been divided into pharmaceutical applications, food and beverage testing, biotechnology and biopharmaceutical applications, environmental testing, academic research, and others.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being ABB Ltd., Agilent Technologies Inc., Bruker Corporation, Hitachi Ltd., Horiba Ltd., JASCO Inc., JEOL Ltd., Medtronic plc, Merck KGaA, PerkinElmer Inc., Shimadzu Corporation, Thermo Fisher Scientific Inc. and VIAVI Solutions Inc.
|Base Year of the Analysis
||Product Type, Technology, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ABB Ltd., Agilent Technologies Inc., Bruker Corporation, Hitachi Ltd., Horiba Ltd., JASCO Inc., JEOL Ltd., Medtronic plc, Merck KGaA, PerkinElmer Inc., Shimadzu Corporation, Thermo Fisher Scientific Inc. and VIAVI Solutions Inc.
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