The key factors driving the growth of this market include the growth of the pharmaceutical and biotechnology industry and technological advancements in molecular spectroscopy are driving the growth of the global Molecular Spectroscopy Market during the forecast period. The market is expected to reach $6.85 Billion by 2022 from an estimated $4.98 Billion in 2017, at a CAGR of 6.6%.
The growing use of molecular spectroscopy in emerging markets and the rising potential for the application of terahertz spectroscopy in healthcare are the key areas of opportunity in this market.
By Technology, the raman spectroscopy segment is expected to grow at the highest growth rate during the forecast period
Based on technology, the molecular spectroscopy market is segmented into Nuclear magnetic resonance (NMR) spectroscopy, UV-visible spectroscopy, infrared (IR) spectroscopy, near-infrared spectroscopy, color measurement spectroscopy, raman spectroscopy, and other technologies (fluorescence spectroscopy and hybrid spectroscopy).
The raman spectroscopy segment is expected to grow at the highest CAGR of the global market in 2017.
The wide applications of this technique coupled with the availability of technologically advanced products are driving the growth of this segment.
In 2017, the NMR spectroscopy segment is expected to account for the largest share of this market.
The extensive applications of NMR spectroscopy coupled with the technological advancements in molecular spectroscopy are driving the growth of this segment.
By application, the pharmaceutical application industry held the largest market share in 2017
Based on application, the Molecular Spectroscopy Market is further segmented into pharmaceutical application, biotechnology and biopharmaceutical applications, environmental testing, food and beverage testing, academic research, and other applications.
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In 2017, the pharmaceutical applications segment is expected to account for the largest share.
Extensive use of molecular spectroscopy technologies at various stages of drug development processes and increase in R&D investments by pharmaceutical industries is driving the growth of the market.
North America dominated the market in 2017
North America accounted for the largest share of the Molecular Spectroscopy Market in 2016, followed by Europe.
High usage of molecular spectroscopy in the pharmaceutical sector, growing funding for environmental testing in the US, growing food safety concerns in the US, and government initiatives to improve lab infrastructure and propel fundamental scientific research in Canada will drive market growth during the forecast period.
Factors such as rising importance of food safety, growing biotechnology and pharmaceutical industry in UK, Germany and Italy, funding in the life science sector, Russia’s booming pharmaceutical industry and rising research investment in European countries; are significant growth opportunities for the players competing in the global Molecular Spectroscopy Market during the forecast period.
Bruker Corporation (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer, Inc. (US), and Agilent Technologies, Inc. (US) are the key players in the Molecular Spectroscopy Market. Other players include Shimadzu Corporation (Japan), Danaher Corporation (US), ABB (Switzerland), Merck KGaA (Germany), JEOL Ltd (Japan), FOSS (Denmark), JASCO, Inc. (US), and HORIBA Ltd. (US).