PRESS RELEASE
Published February 6, 2023
The latest research study “Molecular Spectroscopy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global molecular spectroscopy market reached a value of US$ 6.25 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 8.23 Billion by 2027, exhibiting a CAGR of 4.50% during 2022-2027.
Molecular Spectroscopy Industry Outlook:
Molecular spectroscopy measures the interchange between electromagnetic radiations with several frequencies, energies, and light. It studies the quantitative and qualitative characteristics of molecules and is analyzed by visible light, ultraviolet (UV) light, and infrared radiation using an instrument called a spectrometer. It also aids in producing an absorption pattern or spectrum to conclude compositional and structural information. Some commonly used spectroscopy technologies are Raman, mass, nuclear magnetic resonance (NMR), ultraviolet/visible (UV/VIS), infrared and near-infrared spectroscopy. As a result, molecular spectroscopy finds extensive applications across environmental testing, academic research, food and beverage (F&B) assessments, and biotechnology.
Market Trends:
The market is primarily driven by the extensive application of molecular spectroscopy across biotechnology and food and beverage (F&B) industries. In addition, the rising adoption of several efficient and accurate hybrid imaging systems in the healthcare sector, such as computed tomography (CT) and positron-emitted tomography (PET) devices, represents another growth-inducing factor.
Moreover, various technological advancements in molecular spectroscopy and its widespread adoption in the pharmaceutical industry to discover newer molecules are also augmenting market growth. Besides this, several favorable initiatives undertaken by governments of numerous industries to promote the employment of molecular spectroscopy for evaluating polycyclic aromatic hydrocarbons (PAH) levels, treating wastewater, and environmental screening are propelling the market growth.
Furthermore, the rising usage of nuclear magnetic resonance (NMR) spectroscopy technology for executing quality control, determining the molecular structure of organic compounds, and assessing the content purity is providing a positive thrust to the market growth. Other factors, including the significant expansion of the biotechnology industry, rising food safety concerns among the masses, and the increasing application of Raman spectroscopy for coronavirus disease (COVID-19) testing, are creating a positive market outlook across the globe.
Key Market Segmentation:
The report has segmented the global molecular spectroscopy market on the basis of product type, technology, application and region.
Breakup by Product Type:
• Consumables
• Instruments
Breakup by Technology:
• NMR Spectroscopy
• Raman Spectroscopy
• UV-Visible Spectroscopy
• Mass Spectroscopy
• Infrared Spectroscopy
• Near-Infrared Spectroscopy
• Others
Breakup by Application:
• Pharmaceutical Applications
• Food and Beverage Testing
• Biotechnology and Biopharmaceutical Applications
• Environmental Testing
• Academic Research
• Others
Breakup by Geography:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
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List of Key Companies Covered in this Market Report:
The major players in the market are ABB Ltd., Agilent Technologies Inc., Bruker Corporation, Hitachi Ltd., Horiba Ltd., JASCO Inc., JEOL Ltd., Medtronic plc, Merck KGaA, PerkinElmer Inc., Shimadzu Corporation, Thermo Fisher Scientific Inc. and VIAVI Solutions Inc.
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About IMARC Group:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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