Introduction:
Spectroscopy is the study of the interaction between matter and electromagnetic radiation. Spectroscopy is used in a wide range of applications, including chemistry, physics, and astronomy. The spectroscopy market is expected to grow significantly over the next few years due to the increasing demand for spectroscopy in various industries, including pharmaceuticals, biotechnology, and environmental testing.
Market Overview:
The global spectroscopy market was valued at USD 17.1 billion in 2020 and is expected to reach USD 28.8 billion by 2026, growing at a CAGR of 8.9% during the forecast period (2021-2026). The market growth can be attributed to factors such as the increasing demand for spectroscopy in pharmaceuticals and biotechnology, technological advancements in spectroscopy, and the growing need for food analysis.
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Market Segmentation:
The spectroscopy market can be segmented based on technology, application, and region.
By Technology:
- Mass Spectroscopy
- Atomic Spectroscopy
- Molecular Spectroscopy
- Others
By Application:
- Pharmaceutical
- Biotechnology
- Food and Beverage
- Environmental Testing
- Others
By Region:
- North America
- Europe
- Asia-Pacific
- Middle East and Africa
- Latin America
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Regional Analysis:
North America dominates the global spectroscopy market due to the increasing demand for spectroscopy in the pharmaceutical and biotechnology industries. The US is the major contributor to the North American spectroscopy market. The Asia-Pacific region is expected to witness significant growth during the forecast period due to the increasing demand for spectroscopy in the food and beverage and environmental testing industries. China and India are the major contributors to the Asia-Pacific spectroscopy market.
Competitive Landscape:
The global spectroscopy market is highly competitive, with several major players operating in the market. The key players in the market include Thermo Fisher Scientific, Agilent Technologies, Inc., Bruker Corporation, PerkinElmer, Inc., Shimadzu Corporation, and Danaher Corporation. These players are focusing on new product launches, mergers and acquisitions, and partnerships to expand their market presence.
Recent Developments:
In September 2021, Bruker Corporation launched a new line of Fourier Transform Infrared (FTIR) spectrometers for advanced research and industrial applications.
In June 2021, Thermo Fisher Scientific acquired PPD, a leading contract research organization, to expand its clinical research services and increase its presence in the pharmaceutical industry.
In May 2021, Shimadzu Corporation launched a new triple quadrupole mass spectrometer, LCMS-8060NX, for the analysis of trace-level compounds in various industries.
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Conclusion:
The spectroscopy market is expected to witness significant growth during the forecast period due to the increasing demand for spectroscopy in various industries. The key players in the market are focusing on new product launches, mergers and acquisitions, and partnerships to expand their market presence. The Asia-Pacific region is expected to witness significant growth during the forecast period due to the increasing demand for spectroscopy in the food and beverage and environmental testing industries.
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According to a new market research report "Molecular Spectroscopy Market by Technology (NMR (FT, Continuous Wave), UV-Visible (Array-based, Dual-beam), IR (Terahertz, Benchtop), NIR (FT-NIR), Raman (SERS, TERS, FT Raman)), Application (Pharmaceutical, Food, Biotechnology) - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to reach USD 6.85 Billion by 2022 from an estimated USD 4.98 Billion in 2017, at a CAGR of 6.6%.
Don’t miss out on business opportunities in Molecular Spectroscopy Market.
Download FREE Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=50034395 The growth of this market is majorly driven by food safety concerns, the growth of the pharmaceutical and biotechnology industry, technological advancements in molecular spectroscopy and application of molecular spectroscopy in environmental screening.
By technology, the NMR spectroscopy segment accounted for the largest share of the market in 2017 On the basis of technology, the molecular spectroscopy market is broadly 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 extensive applications of NMR spectroscopy coupled with the technological advancements in molecular spectroscopy are driving the growth of this segment.
Browse and in-depth TOC on "Molecular Spectroscopy Market" 161 – Tables 34 - Figures 217 – Pages 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.
