MOLECULAR SPECTROSCOPY MARKET ANALYSIS

Market Size and Trends

The molecular spectroscopy market is estimated to be valued at USD 5.5 billion in 2024 and is expected to reach USD 8.7 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 6.8% from 2024 to 2031.

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The molecular spectroscopy market is expected to witness significant growth over the forecast period. The market growth is primarily fueled by rising demand for molecular spectroscopy across diverse sectors like pharmaceuticals, biotechnology, chemicals, food and beverage, environmental testing, and academic research. Molecular spectroscopy provides detailed information about the structure, dynamics, and quantitative or qualitative composition of molecules. Technological advancements in molecular spectroscopy tools in terms of miniaturization, portability, and higher efficiency are further expected to boost market revenues. The adoption of molecular spectroscopy for applications including drug discovery, disease diagnosis, organic material analysis and, pollutant monitoring will boost market revenues during the forecast period. For instance, in March 2024, in a publication in Nature, scientific journal researchers from the Max Born Institute in Berlin, Germany, and the Max-Planck Institute of Quantum Optics in Garching, presented a groundbreaking technique for analyzing the properties of matter using light. This innovative approach allows for the simultaneous detection and precise quantification of multiple substances with high chemical selectivity. Operating in the ultraviolet spectral region at extremely low light levels, the method utilizes two optical frequency combs and a photon counter. These experiments offer promising avenues for conducting dual-comb spectroscopy in low-light conditions, paving the way for novel applications in photon-level diagnostics. Potential applications include precision spectroscopy of individual atoms or molecules for fundamental physics tests, as well as studying ultraviolet photochemistry in the Earth's atmosphere or from space telescopes.

Technological Advancements in Spectroscopic Devices

Technological innovations over the past decade have significantly enhanced the capabilities of spectroscopic devices used for molecular analysis. Advanced integrated systems now offer higher resolution, sensitivity and spectral ranges compared to earlier generation instruments. Miniaturized lab-on-chip technologies have enabled portability and enabled molecular analysis to be conducted virtually anywhere. These improvements have expanded use cases for spectroscopy across various industries. For example, handheld Raman spectrometers are now used for rapid detection of contaminants in food processing plants by major agriculture companies. Miniaturized Fourier transform infrared spectroscopy devices integrated with AI have potential applications in pollution monitoring and asthma diagnosis as per recent research publications.  For Instance, in March 2022, PerkinElmer introduced a cutting-edge FT-IR liquid food testing platform comprising instruments, software, and optimized workflows. The LactoScope 300 system is adept at identifying crucial indicators like fat, protein, and lactose levels in milk, cream, and whey. Additionally, it can spot adulterants such as ammonium sulfate, maltodextrine, urea, water, and sucrose in both raw and processed milk.

Market Concentration and Competitive Landscape

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Growing Pharmaceutical R&D Investments and Regulations

The pharmaceutical industry is among the major end users of molecular spectroscopy techniques for new drug discovery and development. With rising healthcare expenditures, an aging global population and increasing prevalence of chronic diseases, pharmaceutical R&D investments have grown substantially over the past decade. According to  reports, over 150 billion dollars are spent annually on pharmaceutical R&D globally. A significant portion of these funds goes towards analytical characterization and testing of drug molecules, metabolites and formulations at various stages - from early discovery to commercial manufacturing. Moreover, regulatory standards by authorities like FDA and EMA have also become more stringent over the years. For instance, in October 2020, Bruker Corporation unveiled the Fourier 80 system in Europe, a benchtop spectrometer utilizing nuclear magnetic resonance (FT-NMR) technology. Additionally, numerous advancements are anticipated to drive notable market expansion throughout the projected period.

Key Takeaways of Analyst:

The molecular spectroscopy market is expected to witness steady growth in the coming years. The market is driven by the rising application of molecular spectroscopy techniques in pharmaceutical and biotechnology research. Areas such as drug discovery, development of new medicines and quality control tests extensively use technologies such as NMR, IR, and MS which is bolstering demand. Additionally, increasing food safety concerns have prompted regulatory authorities worldwide to mandate molecular spectroscopy methods for food quality evaluation.

North America currently dominates the global market owing to substantial investments in pharmaceutical R&D and a strong presence of global market leaders. However, Asia Pacific is poised to be the fastest growing regional market due to rising pharmaceutical production and growing focus on food safety in countries like China, India, and Japan. Nonetheless, high capital requirement for molecular spectroscopy equipment could hamper market growth to an extent. Also, shortage of skilled professionals for operating complex molecular spectroscopy instruments poses a challenge.

Continuous technological advancements leading to the development of high throughput spectroscopic techniques with enhanced sensitivity presents key growth opportunities. Market leaders are focusing on introducing affordable systems with miniature sizes to target research laboratories with limited budgets. Increasing industry-academia collaborations for the development of application specific molecular spectroscopy solutions will further aid the market expansion over the coming decade.

Market Challenges: High Cost of Maintenance and Installation Charges

One of the key challenges the molecular spectroscopy market faces is the high cost of spectroscopic equipment. The instruments can be quite expensive to purchase and maintain. Additionally, skilled professionals are needed to operate these systems and interpret the complex data they generate. Finding and retaining talented spectroscopists poses a hurdle. Another challenge is educating potential customers on the benefits of these techniques. While spectroscopy provides valuable molecular level information, some labs may not see it as a priority for their research or quality control needs.

Market Opportunities: Increase in drug discovery and development

The rise in global research and development activities presents substantial growth prospects in the molecular spectroscopy market, notably boosted during the pandemic. Bruker's launch of PhenoRisk PACS RuO, an NMR test for 'Long COVID' research, underscores this trend. Additionally, the surge in drug discovery and development fuels market expansion, with Raman spectroscopy emerging as a crucial analytical tool. Xtalpi's substantial funding in September 2020 highlights the industry's focus on enhancing digital drug discovery platforms for efficient candidate prediction and development.

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Insights, By Type of Spectroscopy: NMR Spectroscopy contributes the highest share of the market owing to its diverse applications

Nuclear magnetic resonance (NMR) spectroscopy stands out as a vital analytical technique in chemical and biochemical research, with high market share of 40.12% leveraging the magnetic properties of atomic nuclei like 1H and 13C. Its versatility drives its widespread use across various fields: pharmaceutical R&D benefits from structure determination and drug interaction studies; materials science relies on it for polymer and composite characterization; and the food industry utilizes it for component analysis and product authentication. Ongoing technological advancements, including high-field magnets, multidimensional experiments, cryoprobe techniques, and automation, continually enhance NMR's sensitivity, resolution, and throughput, ensuring it remains a cornerstone in molecular structure analysis.

Insights, By Application: Pharmaceutical research drives strong demand for molecular spectroscopy technologies

The pharmaceutical sector drives the demand for molecular spectroscopy, utilizing techniques like IR, Raman, NMR, and mass spectrometry across various stages of drug discovery and development with market share of 35.40%. Spectroscopy enables the precise analysis of molecular structures and dynamics crucial for understanding drug candidates and meeting regulatory standards. As biologics and personalized medicines gain prominence, advanced capabilities like 2D NMR are increasingly vital. To meet evolving needs, vendors focus on improving performance for complex samples and offer tailored platforms and informatics solutions. This ensures spectroscopy remains indispensable for pharmaceutical R&D and manufacturing.

Regional Insights

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North America dominates the molecular spectroscopy market due to the presence of leading life science and pharmaceutical companies, advanced research capabilities, and high healthcare expenditure. The region's sophisticated customer base drives the demand for the latest spectroscopic techniques in various applications. In contrast, the Asia Pacific region is experiencing rapid growth, fueled by expanding investments in life science infrastructure and increasing healthcare accessibility driven by rising disposable income. Local manufacturers in the region are focusing on R&D and quality certifications, driving the adoption of molecular spectroscopy for advanced applications. International brands are also expanding manufacturing or partnership facilities in the Asia Pacific region to capitalize on its attractive growth prospects.

Market Report Scope

Key Developments

• On May 10, 2024, Exum Instruments, pioneer of instruments and software ecosystems teamed up with Edge Scientific, a Canada-based distributor, to expand the distribution of Exum's products in North America, starting with its Massbox technology, a laser ablation laser ionization time of flight mass spectrometer (LALI-TOF-MS) for solid sample analysis. The partnership aims to combine expertise in analytical instruments to drive innovation, reduce operational costs, and introduce new capabilities. Edge Scientific will act as a reseller for Exum in Canada, offering trace-level quantitative analysis, elemental mapping, and depth profiling to Canadian researchers and industrial facilities.
• In April 2022, Bruker Corporation, American manufacturer of scientific instruments acquired Optimal Industrial Automation and Technologies, a prominent entity in pharmaceutical and biopharmaceutical Process Analytical Technology (PAT), pharmaceutical manufacturing automation, and Quality Assurance (QA) software and systems integration, headquartered in the U.K. This acquisition enhances Bruker's position as a significant software and solutions provider for pharmaceutical companies, encompassing small molecules, biologics, and emerging drug modalities.
• In March 2021, JASCO Corporation Japan Spectroscopic Company introduced the FP-8050 Series, a fresh lineup of fluorescence spectrophotometers comprising five instruments designed to address diverse applications in biological, environmental, chemical, and materials analyses
• In April 2021, Spectroscopy, a multimedia platform dedicated to analytical spectroscopy proudly announced Dr. Bhavya Sharma, Assistant Professor of Chemistry at the University of Tennessee, Knoxville, as the recipient of the 2021 Emerging Leader in Molecular Spectroscopy Award. Dr. Sharma will receive the award at the upcoming SciX 2021 conference, where she will deliver a plenary lecture and be celebrated in an award symposium
• In April 2020, Agilent Technologies, a life sciences, diagnostics company unveiled its Raman technology portfolio, featuring the Agilent Vaya Raman system. This handheld instrument expedites quality control testing within the pharmaceutical and biopharmaceutical sectors, particularly in the verification of raw material identity.

*Definition: Molecular spectroscopy is a field of spectroscopy employed to analyze the composition of samples. It finds applications in pharmaceuticals, food and beverage testing, biotechnology, environmental testing, academic research, and others. Instruments in this market utilize various spectra of electromagnetic radiation—microwave, infrared, visible, ultraviolet, or X-ray—to study interactions between molecules and energy. This enables the determination of molecular properties such as structure, conformation, and purity.

Market Segmentation

• Type of Spectroscopy Insights (Revenue, USD BN, 2019 - 2031)
  • NMR Spectroscopy
  • Raman Spectroscopy
  • UV-visible Spectroscopy
  • Mass Spectroscopy
  • Infra-red Spectroscopy
  • Near Infrared Spectroscopy
  • Other Types of Spectroscopies
•  Application Insights (Revenue, USD BN, 2019 - 2031)
  • Pharmaceutical Applications
  • Food and Beverage Testing
  • Biotechnology and Biopharmaceutical Applications
  • Environmental Testing, Academic Research
  • Other Applications
• Regional Insights (Revenue, USD BN, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Agilent Technologies Inc.
  • Bruker Corporation
  • Danaher Corporation
  • Jeol Ltd
  • Horiba Ltd
  • Shimadzu Corporation
  • Thermo Fischer Scientific Inc.
  • Merck KGaA
  • PerkinElmer Inc.
  • VIAVI Solutions Inc.
  • Thorlabs Inc.
  • Bio-Rad Laboratories Inc.
  • Waters Corporation
  • Keit Ltd
  • Renishaw
  • JEOL
  • Hitachi High-Tech Science
  • Nikon
  • Olympus
  • Andor
  • Hamamatsu Photonics
  • Keyence
  • Lasertec
  • Prometec