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Global Process Spectroscopy Market to Reach US$ 32.4 Billion by 2027, Impelled by Expanding Pharmaceutical Industry

Published on Oct 14, 2022

The latest report by IMARC Group, titled "Process Spectroscopy Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," finds that the global process spectroscopy market size reached a value of US$ 21.4 Billion in 2021. Process spectroscopy refers to a technique that involves the application of spectroscopy to study the interaction between matter and electromagnetic radiation. It uses various devices, such as benchtop, portable and hyphenated spectroscopes, amplifiers, signal processors, display units, and microscopes that assist in splitting the radiation into a spectrum of its wavelengths to study electrons, protons, and ions, and the generated collision energy. As a result, process spectroscopy finds extensive applications across healthcare, pharmaceuticals, biological research, and electronics industries.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Process Spectroscopy Market Trends:

The market is primarily driven by the expanding pharmaceutical industry, as process spectroscopes are widely utilized to evaluate the material porosity of a substance for quality control and to examine the state of the formulations. In addition, the increasing utilization of this technique for analyzing, monitoring, and controlling various manufacturing processes and identifying defects in product materials represent another major growth-inducing factor. Besides this, professionals widely use spectroscopic techniques in the forensic sector to identify organic compounds and substances at crime scenes. This, coupled with the increasing applications of process spectroscopes in bioreactors, slipstreams, reaction vessels, and large volumetric probes for drug manufacturing and water and wastewater treatment, is also creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market to reach a value of US$ 32.4 Billion by 2027, exhibiting a CAGR of 7.11% during 2022-2027.  

Market Summary:

  • Based on technology, the market has been classified into molecular, mass, and atomic spectroscopy.
  • On the basis of the component, the market has been bifurcated into hardware and software.
  • Based on the application, the market has been segmented into polymer, oil and gas, pharmaceuticals, food and agriculture, chemicals, water and wastewater, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being ABB Ltd, Agilent Technologies Inc., Bruker Corporation, Buchi Labortechnik AG, Danaher Corporation, Foss A/S, Horiba Ltd., Kett Electric Laboratory, Sartorius AG, Shimadzu Corporation, Thermo Fisher Scientific Inc. and Yokogawa Electric Corporation.
     

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