Molecular spectroscopy is a technique used to analyze organic or inorganic molecules by absorption, emission, or scattering of electromagnetic radiations such as ultraviolet visible, infrared, microwave or nuclear magnetic resonance spectroscopy. Molecular spectroscopy finds widespread applications in pharmaceutical industry for new drug development. These techniques help analyze molecular structures and enable detection of impurities in drug formulations.
Molecular spectroscopy analyzes fundamental properties of molecules, their structure and how they interact with electromagnetic radiations. In pharmaceutical industry, these techniques are extensively used at various stages including drug discovery, quality control, stability testing and process development. Nuclear magnetic resonance spectroscopy enables non-invasive analysis of atomic level structures. Infrared spectroscopy is a rapid technique used for identification of functional groups in organic and inorganic molecules. The applications aid in understanding metabolic pathways and identifying biological targets for drug actions. With advancements in combinational chemistry and high throughput screening techniques, molecular spectroscopy assists in selection of drug candidates and optimization of chemical structures.
The global molecular spectroscopy market is estimated to be valued at US$ 6.5 billion in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key opportunities of molecular spectroscopy market size comprises advancements in pharmaceutical industry. Growing demand for personalized medicines along with focus on new drug development is prompting pharmaceutical companies to invest extensively in research activities. Molecular spectroscopy plays a vital role in drug discovery by enabling screening of compound libraries, identification of biological targets and determination of drug binding sites. This is significantly augmenting the demand for molecular spectroscopy techniques across research laboratories and pharmaceutical manufacturing facilities. Technological innovations are further expanding the applications of molecular spectroscopy tools in analytical testing and quality control processes.
Segment Analysis
The global molecular spectroscopy market is dominated by the spectroscopy segment, which holds over 60% share. Spectroscopy technique finds wide application in pharmaceutical, biotechnology, chemical, food and environmental testing sectors for identifying and verifying molecular structures. Within spectroscopy, nuclear magnetic resonance (NMR) spectroscopy sub-segment leads the market and is expected to continue its dominance over the forecast period. NMR spectroscopy provides detailed information about molecular structure at the atomic level and is used extensively in pharmaceutical drug discovery and development processes.
PEST Analysis
Political: Regulations ensuring product safety and quality are driving increased adoption of molecular spectroscopy technologies across regions. Various agencies mandate spectroscopic technique-based testing for drugs, foods and chemicals.
Economic: Growing biotechnology and pharmaceutical industries are fueling demand for advanced analytical tools for new drug development and production quality checks. Molecular spectroscopy helps reduce costs associated with product failure and recalls.
Social: Increased health awareness is raising standards for drug safety and purity of consumer goods. Molecular spectroscopy helps manufacturers comply with stringent social and regulatory norms.
Technological: Advancements in spectroscopy technologies such as hyphenated techniques and miniaturization of instruments are enhancing capabilities to analyze complex chemical compositions rapidly and accurately. Portable devices enable field-based application and on-site quality monitoring.
Key Takeaways
The global molecular spectroscopy market is expected to witness high growth over the forecast period supported by expanding application sectors.
The market is led by North America currently owing to strong presence of pharmaceutical and biotechnology companies in the region adopting spectroscopic techniques extensively for R&D and quality assurance.
Key market players operating in the molecular spectroscopy market are Thermo Fisher Scientific, Agilent Technologies, Bruker, Danaher, Waters Corporation and PerkinElmer.