Global Molecular Spectroscopy Market Growth, Size, Share, Trends, and Forecast 2030

The global molecular spectroscopy market size accounted for USD 2,500.15 Million in 2022 and is expected to reach USD 3,520.84 Million by 2030, growing at a CAGR of around 4.37% between 2023 and 2030.

Global Molecular Spectroscopy Market: Overview

Spectroscopy is an advanced analytical technique that is widely applicable in various industries such as healthcare and manufacturing. It measures and determines the mass, structure, and composition of substances for accurate analysis. Molecular spectrometry can be used for wastewater treatment and water safety analysis by various industries like food & beverage, biopharmaceuticals, biotechnology, and others. Raman's spectroscopy has recognized to be a robust analytical technique for drug development and discovery. However, molecular spectroscopy is widely adopted by the pharmaceutical sector due to increasing awareness of spectroscopy in this industry and rapidly increasing research & development activities for the new drug development.

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Global Molecular Spectroscopy Market: Growth Factors

The global molecular spectroscopy market is growing at a lucrative rate. Factors that are fueling the growth of the global market include rising concern for environmental pollution along with the severe reduction of natural resources. Stringent government laws & regulations to analyze & monitor environmental pollution levels and increasing applications of molecular spectroscopy for environmental screening are the key contributing factors for the market growth. Rapid technological innovations and advancements in molecular spectroscopy system drives the market. Further, an upsurge in demand for molecular spectroscopy in the field of biotechnology and pharmaceutical for new product development propels the market growth. Molecular spectroscopy is largely used in academic research, biopharmaceuticals, and biotechnology applications fuel the market growth. Moreover, increasing healthcare expenditure, owing to the need among individuals for quality healthcare services is projected to contribute to the market growth.

In addition, effective applications of terahertz spectroscopy in healthcare and pharma industry will offer potential growth to the molecular spectroscopy market in the coming years. However, high cost associated systems and processes according to industry need might hinder the market growth. Lack of skilled professionals with specific skills required may further restrain the molecular spectroscopy market growth. Furthermore, growing application areas of molecular spectrometry in the field of pharmaceuticals, food, & beverages and the increasing importance of molecular spectrometry in drug development processes will offer lucrative opportunities in the forecast period. The rapid rise in the discovery of novel molecules by pharmaceutical research is further expanding the growth across the molecular spectroscopy market.

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The outbreak of COVID-19 has had a positive impact on the molecular spectrometry market growth. Due to the increase in infection of COVID-19, the government organization and medical industry increased focus on research and development activities to find the effective solution to study the widely spreading infection. Hence, the global rise in R&D activities by pharmaceutical and biotechnology companies stimulated the demand for drug development which further propels the demand for the molecular spectroscopy market. Raman spectroscopy is widely used for inspecting COVID-19. However, many clinical researchers are investing in new technology for new drug development on COVID-19 with the help of Raman spectroscopy, which in turn enhances the demand of molecular spectroscopy in the market.

Molecular Spectroscopy Market: Report Scope

Global Molecular Spectroscopy Market: Segmentation

The global molecular spectroscopy market is divided based on technology, application, and region.

Based on technology, the global molecular spectroscopy market is split into Raman spectroscopy, color measurement spectroscopy, near-infrared spectroscopy, infrared (IR) spectroscopy, UV-visible spectroscopy, and nuclear magnetic resonance (NMR) spectroscopy.

The application segment is divided into pharmaceutical applications, food & beverage testing, biotechnology & biopharmaceutical applications, academic research, environment testing, and other applications.

Global Molecular Spectroscopy Market: Regional Analysis

North America is expected to grow at a faster rate and is anticipated to offer major opportunities for the growth of the molecular spectrometry market. Some of the factors that are fueling the growth of the market in this region include the increased usage of molecular spectroscopy in the medical and pharmaceutical industries. On the other hand, Asia Pacific is projected to hold the largest share in the global molecular spectroscopy market in the forecast period. Rising concerns related to food safety and a rising focus on environmental safety are boosting the growth of the market in this region. Increasing biotechnology and medical research in emerging countries such as Japan and China will also enhance the market growth. Moreover, rising consumer awareness, rapidly increasing population, and favorable government regulation will offer significant growth to molecular spectroscopy.

Global Molecular Spectroscopy Market: Competitive Players

• Thermo Fisher Scientific Inc.
• Agilent Technologies
• Bruker Corporation
• Danaher Corporation
• Merck KGaA
• Shimadzu Corporation
• ABB Ltd.
• JEOL Ltd.
• HORIBA Ltd.
• PerkinElmer, Inc

These are some of the prominent players that are functioning in the global molecular spectroscopy market. The leading players in the market are focusing on new product launches and product development capacities and facilitate other key strategies to gain a competitive edge in the market. These manufacturers are investing in R&D activities as well as strategic merger and acquisition to strengthen their base in the market.

Global Molecular Spectroscopy Market: Segment Analysis

By Technology

• Nuclear Magnetic Resonance Spectroscopy
• UV-Visible Spectroscopy
• Infrared Spectroscopy
• Near-Infrared Spectroscopy
• Colour Measurement Spectroscopy
• Raman Spectroscopy
• Other Technologies)

By Application

• Pharmaceutical Applications
• Food and Beverage Testing
• Biotechnology and Biopharmaceutical Applications
• Environmental Testing
• Academic Research
• Other Applications

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.