by The molecular spectroscopy market is estimated to be valued at US$ 2867.18 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Molecular spectroscopy refers to the analysis of molecules and their chemical bonds based on the interaction of electromagnetic radiation with molecules. It helps in identification and chemical structure determination of molecules. The techniques are widely used in pharmaceutical, biotechnology, food and beverage, and forensic testing industries for analysis of chemical composition of drugs, biologics, food samples and more.
Market Dynamics:
Two major factors driving the growth of molecular spectroscopy market are increasing adoption of spectroscopy techniques in pharmaceutical industry for new drug development and quality testing and rising demand from biotechnology industry. Pharmaceutical companies are extensively using techniques like UV-Vis spectroscopy, IR spectroscopy and Raman spectroscopy for analyzing drug formulation, purity testing, identification and quantification of drug compounds during development and manufacturing. According to National Institutes of Health data, over 50% of new drug molecules are introduced using spectroscopy techniques. On the other hand, molecular spectroscopy finds significant usage in biotechnology industry for analysis of proteins, DNA sequencing and studying protein-protein interactions which is important for developing biologics. Additionally, technological advancements offering high resolution, sensitivity and portability are fueling the adoption of new spectroscopy instruments across industries. However, high costs of advanced spectroscopy instruments remains a major challenge.
SWOT Analysis
Strength: Molecular spectroscopy supports quick analysis of samples without complex sample preparation. It helps in identifying chemicals and compounds with high sensitivity and accuracy. It provides qualitative and quantitative analysis of unknown samples.
Weakness: High cost of molecular spectroscopy equipment limits its adoption. Requirement of skilled expertise to operate sophisticated molecular spectroscopy instruments.
Opportunity: Growing pharmaceutical and biotechnology industries are generating demand for advanced analytical techniques like molecular spectroscopy for new drug development and quality testing. Rising food safety concerns are propelling the use of molecular spectroscopy in food testing applications.
Threats: Availability of cheaper alternate technologies may hamper the demand. Stringent regulatory guidelines associated with molecular spectroscopy applications increase compliance burdens.
Key Takeaways
The Global Molecular Spectroscopy Market Demand is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing demand from the pharmaceutical and biotechnology industries for new drug development.
Regional analysis: North America dominated the global molecular spectroscopy market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to growing R&D expenditure, presence of major pharmaceutical companies, and stringent regulatory framework in the region. Asia Pacific is expected to witness the fastest growth rate during the forecast period due to increasing generics production, heavy investments in biomedical research in China and India.
Key players: Key players operating in the molecular spectroscopy market are Thorlabs Inc., VIAVI Solutions Inc., Keit Ltd., ABB Ltd., PerkinElmer Inc., Shimadzu Corporation, Horiba Ltd., Jeol Ltd., Jasco Inc., Danaher Corporation, and Merck KgaA. The molecular spectroscopy market is highly competitive with major players focusing on new product launches and partnerships to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
