MOLECULAR SPECTROSCOPY MARKET ANALYSIS

The global molecular spectroscopy market was valued at US$ 2,640.7 Mn in 2021 and is forecast to reach a value of US$ 3,499.9 Mn by 2028 at a CAGR of 4.2% between 2022 and 2028. The global molecular spectroscopy market is experiencing strong growth due to the rise in adoption or use of molecular spectroscopy across the world and rise in penetration of molecular spectroscopy (MS) in various industry verticals. Moreover, increase in research and development activities and increase in drug discovery & development is expected to boost the growth of the market. However, factors such as dearth of technically skilled personnel and high cost of maintenance and installation are expected to hamper growth of the market.

Global Molecular Spectroscopy Market: Regional Insights

Based on geography, the global molecular spectroscopy market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the increasing use of molecular spectroscopy in the pharmaceutical industry, rapid growth of the pharmaceutical industry, and favorable government initiatives/policies in the region. For instance, according to the Pharmaceutical Research and Manufacturers Association (PhRMA), the U.S. is the largest biopharmaceuticals market, accounting for one-third of the global market, and a world leader in biopharmaceutical research and development. Moreover, the U.S. supports domestic environment for the research, development, and commercialization of pharmaceuticals. This in turn is expected to aid in the market growth.

Asia Pacific is also expected to witness robust growth in the global molecular spectroscopy market due to the rise in adoption of molecular spectroscopy in the pharmaceutical industry, rapid growth of the pharmaceutical industry, and increase in use of molecular spectroscopy in various end-use industries in the region. For instance, the Indian pharma industry is expected to grow to US$ 130 billion by 2030 and become the leading provider of medicines to the world, according to the Indian Pharmaceutical Alliance (IPA) Secretary General, Sudarshan Jain (September 2022). The Indian pharma industry is currently valued at US$ 49 billion and is the third largest in the world. This in turn is expected to drive in the market growth in this region.

Figure 1. Global Molecular Spectroscopy Market Share (%), by Region, 2022

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Global Molecular Spectroscopy Market Drivers:

Increase in adoption or use of molecular spectroscopy across the globe is expected to augment the global molecular spectroscopy market growth during the forecast period. Molecular spectroscopy helps meet changing pharma and biopharma needs. For instance, NMR spectroscopy is considered to be a robust tool and the use of this technique has increased for developing novel therapeutics. In March 2021, Bruker Corp. announced the launch of the convenient, permanent-magnet Fourier 80 system, a next-gen, high-performance 80 MHz Fourier Transform Nuclear Magnetic Resonance (NMR) benchtop spectrometer for multinuclear gradient spectroscopy, and with industry-standard automation options. This in turn is driving the market growth.

Penetration of molecular spectroscopy (MS) in various industry verticals is expected to propel the growth of the global molecular spectroscopy market over the forecast period. For instance, MS is often used in pharmaceutical applications, biotechnology/biopharmaceutical applications, food & beverage testing, academic research, environmental testing, and other applications. In March 2022, PerkinElmer launched its new FT-IR liquid food testing platform, including instruments, software, and streamlined workflows. The LactoScope 300 system detects key markers such as fat, protein, and lactose level in milk, cream, and whey. Adulterants such as ammonium sulfate, maltodextrine, urea, water, and sucrose can also be detected in raw and processed milk.

Global Molecular Spectroscopy Market Opportunities:

Increase in research and development (R&D) activities worldwide is expected to offer significant growth opportunities for players in the molecular spectroscopy market. For instance, the demand for or use of molecular spectroscopy has increased significantly during the pandemic. In July 2022, Bruker launched PhenoRisk PACS RuO, a research-use-only NMR test for molecular phenomics research on ‘Long COVID’ patients’ blood samples. PhenoRisk PACS RuO test is a promising for research on early-stage risk factors, on longitudinal recovery monitoring and potential secondary organ damage in cardiovascular disease, type II diabetes, inflammation, and kidney dysfunction. This in turn is expected to drive growth of the market.

Increase in drug discovery and development is expected to offer lucrative growth opportunities for players in the global molecular spectroscopy market. Molecular spectroscopy plays a vital role in both drug discovery and development. Raman spectroscopy has proven to be the strong analytical technique for drug discovery and pharmaceutical development. In September 2020, an American-Chinese biotech company, Xtalpi raised US$ 319 million in funding, for the advancement in its intelligent digital drug discovery and development (ID4) platform that provides the prediction of small molecule candidate properties, solid-form selection, and other services. Xtalpi wants to build a system that generates more drug candidates with fewer experiments in less time.

Global Molecular Spectroscopy Market Trends:

The use of Nuclear magnetic resonance (NMR) spectroscopy has increased worldwide. NMR is an analytical technique used in quality control and research to determine the content and purity of a sample and its molecular structure. It is a powerful tool in analytical chemistry and condensed matter science as well as for the elucidation of structure and dynamics of macromolecules. This trend is expected to continue over the forecast period, driving the market growth.

Moreover, the use of molecular spectroscopy has increased significantly due to increase in research in the field of conservation and favorable government policies that promote environmental studies. Molecular spectroscopy is widely used as an analytical tool in studies and environmental studies. Thus, players in the market are exploring innovative molecular spectroscopy methods for various types of environmental studies. This trend is also expected to continue during the forecast period, driving the growth of the molecular spectroscopy market.

Global Molecular Spectroscopy Market Restraints:

Dearth of technically skilled personnel is expected to hamper the growth of the global molecular spectroscopy market. For instance, skilled personnel with relevant experience and knowledge are required for the efficient use of spectroscopy equipment. Moreover, with the increasing usage of molecular spectroscopy and certain advancements, there is an increasing need for technical skilled personnel to interpret the results.

High cost of maintenance and installation is expected to restrain growth of the global molecular spectroscopy market. For instance, spectroscopic instruments are equipped with advanced features and functionality, and thereby, the cost of spectroscopic equipment/instruments is high. Moreover, the installation and maintenance of spectroscopic equipment or instruments are always associated with high capital expenditures. On an average, a simple laboratory spectrophotometer costs nearly US$ 5000-14000, and this cost further increases with advanced technology.

Figure 2. Global Molecular Spectroscopy Market Share (%), by Type of Spectroscopy, 2022

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Global Molecular Spectroscopy Market Segmentation:

The global molecular spectroscopy market report is segmented into Type of Spectroscopy, Application, and Geography.

Based on Type of Spectroscopy, the global molecular spectroscopy market is segmented into NMR Spectroscopy, Raman Spectroscopy, UV-visible Spectroscopy, Mass Spectroscopy, Infra-red Spectroscopy, Near Infrared Spectroscopy, and Other Types of Spectroscopy. Out of which, NMR Spectroscopy Segment is expected to dominate the molecular spectroscopy market during the forecast period and this is attributed to the increase use of NMR spectroscopy worldwide.

Raman Spectroscopy Segment is also expected to witness significant growth in the near future and this is due to the increase in drug discovery and development. Raman spectroscopy has proven to be the strong analytical technique for drug discovery and development.

Based on Application, the market is segmented into Pharmaceutical Applications, Food and Beverage Testing, Biotechnology and Biopharmaceutical Applications, Environmental Testing, Academic Research, and Other Applications. Of which, Pharmaceutical Applications Segment is expected to dominate the market over the forecast period and this is attributed to the increase in usage of molecular spectroscopy in pharmaceutical industry.

Biotechnology and Biopharmaceutical Applications Segment is also expected to witness robust growth in the near future and this is owing to the increase in usage of molecular spectroscopy in biotechnology and biopharmaceutical applications.

Global Molecular Spectroscopy Market: Key Developments

In March 2021, JASCO Corporation launched a new range of fluorescence spectrophotometers.  The FP-8050 Series includes instruments that cover the entire range of applications for biological, environmental, chemical, and materials analysis.

In April 2020, Agilent Technologies announced the launch of its Raman technology portfolio. The new Agilent Vaya Raman raw material identity verification system is a handheld instrument that accelerates quality control testing in the pharmaceutical and biopharmaceutical industries.

In October 2020, Bruker announced the launch of the Routine Gradient Spectroscopy and Robust, Industry-Standard PAL Automation on High-Performance Fourier 80 Benchtop FT-NMR System.

In June 2019, SCIEX announced the launch of the TripleTOF 6600+ LC- MS/MS System with Scanning SWATH Acquisition and OneOmics in SCIEX Cloud.

Global Molecular Spectroscopy Market: Key Companies Insights

The global molecular spectroscopy market is highly competitive. This is attributed to the increase in penetration of molecular spectroscopy (MS) in various industry verticals, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global molecular spectroscopy market are Thorlabs Inc., VIAVI Solutions Inc., Keit Ltd., ABB Ltd., PerkinElmer Inc., Shimadzu Corporation, Horiba Ltd., Jeol Ltd., Jasco Inc., Danaher Corporation, Merck KgaA, Bruker Corporation, Agilent Technologies, Waters Corporation, Bio-Rad Laboratories Inc., Magritek Ltd., Thermo Fischer Scientific Inc., and Buck Scientific Instrument Manufacturing Company, among others.

*Definition: Molecular spectroscopy is a branch of spectroscopy utilised to access compositional information of samples. Molecular spectroscopy is often used in pharmaceutical applications, food and beverage testing, biotechnology and biopharmaceutical applications, environmental testing, academic research, and other applications.