Globally, the market for molecular spectroscopy was priced at US$ 2,640.7 Mn in the year of 2022 and is predicted to the extent of US$ 3,499.9 Mn by the year 2028 at a CAGR of 4.2% from 2023 to 2030. The market for molecular spectroscopy worldwide is witnessing a robust growth owing to the increase in the usage of molecular spectroscopy in the world and the increase in infiltration of molecular spectroscopy (MS) in several industries. Furthermore, rise in the research & development (R&D) activities and rise in discovery of drugs and expansion is anticipated to fuel the development of the market growth. Though, many issues like lack of professional and expert personnel and high maintenance cost and installation are anticipated to hinder the market growth.
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Rise in the use of MS worldwide is anticipated to increase the market growth for molecular spectroscopy across the globe in the predicted period. Molecular spectroscopy aids encounter the change of pharmaceutical and biopharmaceutical requirements. For example, NMR spectroscopy is regarded as a very strong tool and the application of this method has risen for evolving new therapeutics. Bruker Corp, in March 2021, announced the introduction of the appropriate and permanent-magnet Fourier 80 system. The Fourier 80 system is a next-gen, high-performance 80 MHz Fourier Transform Nuclear Magnetic Resonance (NMR) benchtop spectrometer for multinuclear gradient spectroscopy, having industry-standard automation options. This is pushing the growth of the market.
Infiltration of molecular spectroscopy (MS) in many industry verticals is anticipated to fuel the market growth of MS in the predicted period. For example, molecular spectroscopy is frequently used in the application of pharmaceuticals, biotechnology or biopharmaceutical usage, testing of food & beverage, researches in the academic field, testing of environmental and other usages. PerkinElmer in March 2022 launched its novel FT-IR platform for liquid food testing, which includes instruments, streamlined workflows and software. The LactoScope 300 system helps in detecting key markers like protein, fat, and lactose level in cream, milk, and whey. Adulterants like ammonium sulfate, water, maltodextrine, urea, and sucrose can be found in raw and processed milk.
Rise in R&D activities across the world is anticipated to provide substantial opportunities of growth for the companies in the market for molecular spectroscopy. For example, the need for molecular spectroscopy has risen substantially in the pandemic. Bruker in July 2022, launched PhenoRisk PACS RuO is a research-use-only NMR test for research on molecular phenomics on the blood samples of ‘Long COVID’. PhenoRisk PACS RuO test is favorable for carrying out research on early-risk factors, on the monitor of longitudinal recovery and damage of potential secondary organ in CVD or cardiovascular disease, type II diadetes, kidney dysfunction and inflammation. This is anticipated to boost the market growth.
Rise in discovery of drug and the growth is anticipated to provide profitable opportunities for companies in the market of molecular spectroscopy worldwide. MS plays a very important part in discovery of drug and growth. Raman spectroscopy has been confirmed as a robust technique for drug analysis and pharmaceutical growth. An American-Chinese biotech company Xtalpi, in September 2020, raised US$ 319 million in finance, for the development in its smart discovery of digital drug and development (ID4) platform that offers the forecast of small molecule candidates properties, and other service area. Xtalpi wants in building a system that would generate more candidates for drug with less experiment in less time.
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The application of Nuclear magnetic resonance (NMR) spectroscopy has risen across the world. Nuclear magnetic resonance is an analytical method to use in controlling quality and determining content research and sample purity and its structure of molecule. In analytical chemistry and condensed matter science and also for structure elucidation, macromolecules dynamics, NMR is considered a great tool. This tendency is anticipated to last in the predicted period, pushing the growth of the market.
Furthermore, the application of molecular spectroscopy has augmented substantially owing to the rise in research in the conservation field and promising government initiatives that stimulate studies of the environment. MS is extensively applied as a tool in analytical and environmental studies. Therefore, companies in the market are finding out new innovative methods for molecular spectroscopy for many kinds of environmental studies. This tendency is anticipated to last in the predicted period, pushing the market growth of molecular spectroscopy.
Lack of technically expert personnel is anticipated to hinder the market growth of the molecular spectroscopy worldwide. For example, expert personnel with proper experience and knowledge are needed for the effective usage of equipment of spectroscopy. Furthermore, with the rise in use of molecular spectroscopy and some developments, there is a rising demand for the techniques in expert personnel to infer the results.
Maintenance cost and installation being very high is anticipated to restrict the market growth of the molecular spectroscopy worldwide. For example, spectroscopic instruments are fitted with innovative features and functionality and thus the spectroscopic instruments cost is high. Furthermore, spectroscopic instruments maintenance and its installation are linked always with high capital expenses. Normally, the cost of a simple spectrophotometer for laboratory purposes costs around US$ 5000-14000 and this cost will rise with more development in technology.
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JASCO Corporation in March 2021 introduced a new array of flurescence spectrophotometers. The FP-8050 Series consists of instruments that have the full array of uses for biological, chemical, environmental and materials analysis.
Agilent Technologies in April 2020, pronounced the launch of its Raman technology portfolio. The novel Agilent Vaya Raman raw material identity verification system is an instrument held in hand that augments in controlling the quality testing in the industries of pharmaceutical and biopharmaceuticals.
Bruker in October 2020, pronounced the launch of the Routine Gradient Spectroscopy and Robust, Industry-Standard PAL Automation on Hig Performance Fourier 80 Benchtop FT-NMR System.
SCIEX in June 2019 pronounced the introduction of the TripleTOF 6600+ LC-MS/MS System with Scanning SWATH Acquisition and OneOmics in SCIEX Cloud.
Globally, the market of molecular spectroscopy market is very competitive in nature. This is accredited to the rise in saturation of MS in several industry verticals, consequently, companies operating in the market are emphasizing on the introduction of new products.
The main companies in the market for molecular spectroscopy worldwide include Thorlabs Inc., VIAVI Solutions Inc., Keit Ltd., ABB Ltd., PerkinElmer Inc., Shimadzu Corporation, Horiba Ltd., Jeol Ltd., Jasco Inc., Danaher Corporation, Merck KgaA, Bruker Corporation, Agilent Technologies, Waters Corporation, Bio-Rad Laboratories Inc., Magritek Ltd., Thermo Fischer Scientific Inc., and Buck Scientific Instrument Manufacturing Company, among others.
Table of Content
Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Molecular Spectroscopy Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Molecular Spectroscopy Industry Impact
Chapter 2 Global Molecular Spectroscopy Competition by Types, Applications, and Top Regions and Countries
2.1 Global Molecular Spectroscopy (Volume and Value) by Type
2.3 Global Molecular Spectroscopy (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Molecular Spectroscopy Sales, Consumption, Export, Import by Regions (2017-2030)
Chapter 5 North America Molecular Spectroscopy Market Analysis
Chapter 6 East Asia Molecular Spectroscopy Market Analysis
Chapter 7 Europe Molecular Spectroscopy Market Analysis
Chapter 8 South Asia Molecular Spectroscopy Market Analysis
Chapter 9 Southeast Asia Molecular Spectroscopy Market Analysis
Chapter 10 Middle East Molecular Spectroscopy Market Analysis
Chapter 11 Africa Molecular Spectroscopy Market Analysis
Chapter 12 Oceania Molecular Spectroscopy Market Analysis
Chapter 13 South America Molecular Spectroscopy Market Analysis
Chapter 14 Company Profiles and Key Figures in Molecular Spectroscopy Business
Chapter 15 Global Molecular Spectroscopy Market Forecast (2023-2030)
Chapter 16 Conclusions
Research Methodology
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