The global Molecular Spectroscopy Market is estimated to be valued at US$ 2867.18 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Molecular spectroscopy refers to the study of interaction of electromagnetic radiation with matter in terms of energy transitions between quantum states of molecules. There are various techniques of molecular spectroscopy like UV-visible spectroscopy, infrared spectroscopy, Raman spectroscopy and nuclear magnetic resonance spectroscopy. These techniques are widely used in pharmaceutical industry for quantitative and qualitative analysis of drugs, identification of impurities, optimization of synthetic processes and quality control. They also find applications in food and beverage testing, polymers analysis, forensic analysis and environmental monitoring. Advantages of molecular spectroscopy techniques include high sensitivity, non-destructive analysis and ability to provide information about molecular structure.
Market key trends:
One of the key trend gaining traction in the market is increasing adoption of portable and handheld molecular spectroscopy devices. Manufacturers are developing miniature, battery-powered devices equipped with advanced optical modules and detectors. These devices offer enhanced mobility, ease of use and on-site analysis capability. Growing demand for high-throughput screening in drug discovery is another major trend shaping the market. Leading pharmaceutical companies are heavily investing in developing advanced high-capacity molecular spectroscopy systems for rapid analyses of thousands of compounds. This is expected to accelerate drug development processes significantly.
Porter’s Analysis
Threat of new entrants: The molecular spectroscopy market requires heavy R&D investments and regulatory approvals which creates entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of multiple vendors offering products at competitive prices.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and dominance of few vendors.
Threat of new substitutes: Threat of substitutes is low as molecular spectroscopy technique has wide acceptance and application scope across industries.
Competitive rivalry: The molecular spectroscopy market is moderately competitive due to presence of many global and regional players.
Key Takeaways
The Global Molecular Spectroscopy Market Demand is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing demand from the healthcare sector for drug discovery and diagnosis.
Regional analysis: North America dominates the global molecular spectroscopy market and is expected to continue its dominance over the forecast period. Presence of prominent players and availability of advanced healthcare infrastructure drives the growth of the regional market. Asia Pacific is expected to be the fastest growing market during the forecast period, owing to growing food and pharmaceutical industry in China and India.
Key players operating in the 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. Key players focus on new product development and strategic collaborations with industry players to gain competitive advantage.
