The global 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.
Molecular spectroscopy refers to the study of interaction of electromagnetic radiation and matter which provides information about structure and interactions in molecules. The products associated with molecular spectroscopy such as IR, UV-VIS, NMR, mass spectrometry are widely used in pharmaceutical, biotechnology, polymer, food and environment industry to study molecular level interactions and identification of molecules.
Market key trends:
One of the key trends in the Global Molecular Spectroscopy Market Size is the development of portable instruments. The portable spectroscopic instruments are being developed to perform analysis at the point of sampling without requiring transportation of samples to the laboratory. This helps in saving time and resources. For instance, Thermo Fisher Scientific offers portable Raman spectrometers such as TruScan Raman which can be used for various applications including identification of unknown substances, verification of authenticity and identification of counterfeits. The portable instruments are gaining popularity especially in applications such as forensic analysis, pharmaceutical quality control, and agrochemical analysis.
Strength: Molecular Spectroscopy provides non-destructive testing capabilities that allow precise analysis of molecular composition without damaging samples. This enables industries to gain valuable insights while preserving product quality.
Weakness: The high costs of molecular spectroscopy instruments and maintenance limits their adoption among small and mid-sized companies. Complex data analysis also requires specialized expertise that may not always be available.
Opportunity: Growing demand from industries like pharmaceuticals, polymers, food and agriculture for detailed molecular analysis is driving the adoption of spectroscopy technologies. The life sciences sector in particular relies on molecular spectroscopy for drug discovery and development.
Threats: Availability of cheaper substitutes like chromatography can threaten market share of molecular spectroscopy. Economic slowdowns may cause industries to delay investments in expensive analytical equipment.
The global molecular spectroscopy market is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing demand from industries for non-destructive analysis techniques.
North America dominated the global market in 2023 and is expected to continue its strong position during the forecast period. This is attributed to extensive R&D spending and a large base of key life sciences companies in the region. Asia Pacific is poised to be the fastest growing market for molecular spectroscopy supported by increasing investments in pharmaceutical and biotechnology sectors from countries like China, India and South Korea.
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, 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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it