Coherent Market Insights

Molecular Spectroscopy Market to Surpass US$ 3,499.9 Mn by 2028

Molecular Spectroscopy Market to Surpass US$ 3,499.9 Mn by 2028 - Coherent Market Insights

Publish In: Dec 23, 2022

Molecular spectroscopy (MS) is widely used in a variety of fields, such as pharmaceuticals, food and beverages, biotechnology & biopharmaceutical applications, environmental testing, academic research, and others. For instance, Raman spectroscopy has proven to be the strong analytical tool or technique for drug discovery and development. Thus, pharmaceutical companies worldwide are putting more emphasis on medication research, helping the industry grow. Molecular spectroscopy plays a vital role in pharmaceuticals. Molecular spectroscopy is also used as an analytical tool in studies and environmental studies.

Market Statistics:

The global Molecular Spectroscopy Market is estimated to account for US$ 2,739.9 Mn in terms of value by the end of 2022.

Drivers:

Increase in focus on drug discovery and development or rise in drug discovery and development is expected to propel growth of the global molecular spectroscopy market over the forecast period. For instance, molecular spectroscopy plays a vital role in drug discovery and development. Several governments around the world have also extended support to significantly shift focus towards drug discovery and development. In July 2020, the Government of India announced the launch of Drug Discovery Hackathon, a first of its kind National Initiative for supporting drug discovery process. This is a joint initiative of MHRD’s Innovation Cell (MIC), the Council of Scientific and Industrial Research (CSIR), and All India Council for Technical Education (AICTE) and supported by the Centre for Development of Advanced Computing (CDAC), MyGov, as well as private players.

Opportunities:

Increase in use/adoption of molecular spectroscopy across the globe is expected to offer lucrative growth opportunities for players in the global molecular spectroscopy market. For instance, with the increase in penetration of MS technology in various verticals, the use or adoption of molecular spectroscopy is also increasing with a rapid pace. In September 2019, Oxford Instruments launched X-Pulse, a high resolution 60MHz benchtop Nuclear magnetic resonance (NMR) system. X-Pulse offers research chemists capabilities in their laboratories that were previously available only on complex and expensive high-field NMR spectrometers in specialist facilities. X-Pulse is the first benchtop NMR system to offer true multinuclear capability.

Restraints:

High cost of installation and maintenance and need of skilled personnel are major factors expected to hinder growth of the molecular spectroscopy market. For instance, spectroscopic equipment or instruments cost more as they are equipped with advanced features and functionality. 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 around US$ 5000-14000, and the cost further increases with advanced technology.

Global Molecular Spectroscopy Market - Impact of Coronavirus (Covid-19) Pandemic:

The outbreak of COVID-19 has had a positive impact on the molecular spectroscopy market. With the increase in COVID-19 cases, there is/was an increasing demand for research and development activities from pharmaceutical companies, which in turn increased the demand for drug discovery and development. MS plays an important role in drug discovery and development. It is being used in the research and development of pharmaceuticals and other biotechnology products. Moreover, spectroscopic techniques have been widely used in the early detection and diagnosis of COVID-19 using Raman, Infrared, mass spectrometry, and fluorescence spectroscopy.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/molecular-spectroscopy-market-5439

Key Takeaways:

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.

Among type of spectroscopy, mass spectroscopy segment held dominant position in the global molecular spectroscopy market in 2020, accounting for 36.2% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Market Trends:

The use of molecular spectroscopy (MS) has increased worldwide significantly owing to increase in applications of molecular spectroscopy, increase in research and development (R&D) activities, and favorable government initiatives. Therefore, players in the market are focusing on developing as well as launching novel/innovative molecular spectroscopy methods. This trend is expected to continue over the forecast period, driving the growth of the market.

Competitive Landscape:

Major players operating in the global molecular spectroscopy market include 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.

Recent Developments:

In February 2021, JEOL Ltd released the JMS-T2000GC "AccuTOF GC-Alpha," the latest model of the successful AccuTOF GC series gas chromatograph. This product is a GC-MS that represents a significant improvement in performance and functionality using newly developed technologies.

In March 2020, Danaher completed the acquisition of the Biopharma Business of General Electric Life Sciences and the business was known as Cytiva.

In June 2020, Bruker announced the extension of distribution agreement in China, to expand the Bruker’s 3D X-Ray Microscopy product portfolio for non-destructive imaging technology.

In October 2019, Agilent Technologies Inc. opened a new state- of-the-art facility for spectroscopy research and development at the Harwell Science and Innovation Campus in Oxfordshire, UK.

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