The Global Raman Spectroscopy Market is estimated to be valued at US$ 1.18 Bn or in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Raman spectroscopy is a molecular spectroscopic technique based on inelastic scattering of monochromatic light. It provides detailed information about molecular structure and characteristic vibrations between chemical bonds. Raman spectroscopy is increasingly used in various application areas including pharmaceutical, life science research, material science, homeland security, forensic science, and others. It enables non-destructive and non-invasive analysis of samples without any complex and time-consuming sample preparation. Key advantages of Raman spectroscopy over other techniques include minimal or no sample preparation, direct molecular fingerprinting capability, and compatibility with aqueous solutions.
Market Dynamics:
Growing demand from pharmaceutical industry and life science research is a major driver for the growth of global Raman spectroscopy market. Pharmaceutical and life science industry widely employs Raman spectroscopy technique for identification and quantification of components in complex mixtures like biological cells, tissues and complex chemical mixtures. Large applications are found in analysis of polymorphism, purity, and stability of drugs. Additionally, increasing funding and investment by government and private organizations in research and development of advanced molecular spectroscopy techniques is also fueling the market growth. However, high cost of Raman spectroscopy instruments and lack of skilled professionals to operate these instruments remains a major challenge for market players. To overcome this challenge, market players are focusing on development of affordable and user-friendly benchtop Raman spectrometers which is further expected to support the market growth.
Segment Analysis
The global Raman spectroscopy market is dominated by the pharmaceutical and biotechnology segment. This segment holds around 35% of the total market share due to extensive usage of Raman spectroscopy in drug discovery, development, and production. Raman spectroscopy helps in identifying counterfeit medicines and detecting toxic materials and contaminants in biopharmaceuticals, which is driving the growth of this sub-segment.
PEST Analysis
Political: Governments across regions are supporting the pharmaceutical and biotechnology industries through funding and projects for new drug developments. This has encouraged the adoption of new techniques like Raman spectroscopy.
Economic: The rising healthcare spending globally has driven investments towards drug developments. This increasing R&D expenditure in the pharmaceutical sector is positively impacting the demand for Raman spectroscopy systems.
Social: Growing awareness about new diagnostic techniques and rising demand for better healthcare facilities are augmenting the market growth.
Technological: Advancements in Raman spectroscopy technologies like miniature probes, surface-enhanced techniques, and integration with microscopic systems have enhanced capabilities and fuelled the adoption.
Key Takeaways
Global Raman Spectroscopy Market Demand was valued at US$ 1.18 Bn in 2023 and is expected to reach US$ 2.05 Bn by 2030, expanding at a CAGR of 7.6% during the forecast period. North America dominated the market with around 35% share in 2023 owing to strong foothold of key players and increasing funding for R&D activities in the region. The pharmaceutical and biotechnology segment accounted for over 35% market share due to extensive applicability in drug discovery, development and production processes. Key players operating in the Raman spectroscopy market are Thermo Fisher Scientific, Bruker Corp, Renishaw plc, Horiba Ltd, JASCO Corp, Shimadzu Corp, Kaiser Optical Systems, Inc, PerkinElmer Inc, JEOL Ltd, and Agilent Technologies.
Regional analysis
North America held the largest market share of around 35% in 2023 owing to increasing government funding for research projects, strong presence of leading manufacturers and adoption of advanced technologies. Asia Pacific is expected to witness the fastest growth over the forecast period owing to rising healthcare infrastructure, increasing research activities and growing patient pool in countries like India and China.
Key players
Key players operating in the Raman spectroscopy market are Thermo Fisher Scientific, Bruker Corp, Renishaw plc, Horiba Ltd, JASCO Corp, Shimadzu Corp, Kaiser Optical Systems, Inc, PerkinElmer Inc, JEOL Ltd, and Agilent Technologies. Thermo Fisher Scientific dominates the market owing to its wide product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it