PUBLISHER: The Business Research Company | PRODUCT CODE: 1532018
PUBLISHER: The Business Research Company | PRODUCT CODE: 1532018
Molecular spectroscopy serves as a scientific method employed to examine and gauge the interactions occurring between molecules and electromagnetic radiation. This process encompasses the scrutiny of how molecules absorb, emit, or scatter electromagnetic radiation, aiding in the comprehension of their structure, composition, dynamics, and interactions. It plays a pivotal role across various disciplines such as chemistry, physics, biology, and materials science, facilitating a deeper understanding of molecular properties and behaviors.
The primary product categories comprise consumables and instruments. Consumables pertain to the disposable items or materials utilized in spectroscopic analysis, including cuvettes, sample holders, calibration standards, and reagents. The technologies encompass nuclear magnetic resonance spectroscopy, UV-visible spectroscopy, infrared spectroscopy, near-infrared spectroscopy, color measurement spectroscopy, Raman spectroscopy, among others. These are applied in diverse fields such as pharmaceuticals, food and beverage testing, biotechnology and biopharmaceuticals, environmental testing, academic research, among other domains.
The molecular spectroscopy market research report is one of a series of new reports from the business research company that provides molecular spectroscopy market statistics, including molecular spectroscopy industry global market size, regional shares, competitors with an molecular spectroscopy market share, detailed molecular spectroscopy market segments, market trends and opportunities, and any further data you may need to thrive in the molecular spectroscopy industry. This molecular spectroscopy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historic period can be attributed to several factors. These include the heightened demand for molecular analysis within the pharmaceutical sector, a stronger focus on environmental monitoring, the expansion of academic and research institutions, stricter food safety regulations, and an increased emphasis on quality control measures.
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%. In the forecast period, growth can be linked to several key factors. These encompass an escalating emphasis on quality control and process optimization across various industries, the global expansion of pharmaceutical and biotechnology sectors, a growing focus on sustainability and green chemistry practices, increasing demand for molecular spectroscopy in healthcare diagnostics driven by emerging markets, and rising investments in healthcare and life sciences research. Major trends anticipated in this period include the trends towards miniaturization and portability, integration with data analytics and AI technologies, rapid screening capabilities, real-time analysis capabilities, sustainability and green chemistry initiatives, and the adoption of customization and modular systems.
The molecular spectroscopy market is anticipated to experience significant growth, driven by the rapid expansion of the pharmaceutical industry. This industry encompasses various activities such as discovering, developing, manufacturing, and marketing medications. Its growth is fueled by technological advancements, increased investment in research and development, rising global healthcare needs, and the prevalence of chronic diseases necessitating innovative treatments. Molecular spectroscopy plays a crucial role in analyzing drug compounds accurately, expediting development processes, and ensuring quality control. For example, data from the European Federation of Pharmaceutical Industries and Associations in June 2023 showed that pharmaceutical production in Europe-based companies reached around $374.00 billion in 2022, compared to $356.35 billion in 2021, underscoring the rapid growth of this sector and its impact on the molecular spectroscopy market.
Key players in the molecular spectroscopy market are concentrating on advancing electronic and optical technologies to enhance the accuracy, efficiency, and capabilities of spectroscopy instruments. These technologies enable sophisticated analysis of molecular structures and dynamics using techniques such as laser spectroscopy, fluorescence spectroscopy, and electronic absorption spectroscopy. For instance, JASCO Corporation, a Japanese company specializing in instrumentation for molecular spectroscopy and chromatography, introduced the FP-8050 Series in March 2021. This new line of fluorescence spectrophotometers prioritizes sensitivity through advanced electronic and optical technologies, featuring a long-lasting xenon arc lamp for superior performance lasting up to 3000 hours. The updated version includes enhanced features for quicker data analysis and storage, along with a 21 CFR Part 11-compliant Spectra Manager to meet FDA regulations.
In April 2024, Specac Ltd., a UK-based manufacturer of spectroscopic accessories, acquired Harrick Scientific Inc. to expand its product range, improve customer service, and strengthen global distribution networks, thereby accelerating growth and enhancing operational efficiency. Harrick Scientific Inc., based in the US, specializes in designing and manufacturing molecular spectroscopy instruments.
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
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.
The countries covered in the molecular spectroscopy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The molecular spectroscopy market consists of revenues earned by entities by providing services such as installation, calibration, and maintenance services, analytical services, and software as a service (SaaS). The market value includes the value of related goods sold by the service provider or included within the service offering. The molecular spectroscopy market also includes sales instruments such as X-ray diffraction (XRD) and X-ray fluorescence, conventional CD spectrometers, and hyperspectral imaging. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Molecular Spectroscopy Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on molecular spectroscopy market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for molecular spectroscopy ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The molecular spectroscopy market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.