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Molecular Spectroscopy is Estimated to Witness High Growth Owing to Opportunity in Increased Adoption Across Industry Verticals

Rajkumar cmi
Molecular Spectroscopy is Estimated to Witness High Growth Owing to Opportunity in Increased Adoption Across Industry Verticals

Molecular spectroscopy is a technique that helps analyze the atomic and molecular structure by absorbing and emitting electromagnetic radiations. The technique uses spectroscopes to detect and analyze characteristic spectra from samples of molecules, compounds, or biomolecules. It helps gain quantitative and qualitative data for numerous applications across various industries such as pharmaceuticals, biotechnology, food and beverages testing, and environmental testing. The global molecular spectroscopy market is estimated to be valued at US$ 5.35 billion in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Increased Adoption Across Industry Verticals

The molecular spectroscopy technique finds widespread applications across various industry verticals owing to its ability to provide detailed molecular structure and chemical composition analysis. The pharmaceutical industry is increasingly adopting molecular spectroscopy tools for purity analysis, compound identification, and polymorph screening during drug development and quality control tests. The biotechnology and food processing industries also rely on molecular spectroscopy for ensuring product safety and authentication. Similarly, environmental testing laboratories use molecular spectroscopy methods for analyzing water and soil samples. The high demand from such diverse end-use industries is expected to drive increased adoption of molecular spectroscopy technologies over the forecast period.

Porter’s Analysis

Threat of new entrants: The molecular spectroscopy market size has moderate threat of new entrants due to high research and development costs required to develop new technologies. However, there are low switching costs for customers which allow new companies opportunities.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of a wide range of molecular spectroscopy products from various manufacturers. However, high switching costs for buyers provide some stability to existing players.

Bargaining power of suppliers: Suppliers have low bargaining power due to the fragmented nature of components and parts. The presence of substitute components acts as a constraint on the pricing power of suppliers.

Threat of new substitutes: The threat of new substitutes is low as molecular spectroscopy has few close substitutes, if any. The technology allows highly accurate analysis that is difficult to replicate.

Competitive rivalry: The market is competitive due to the presence of numerous global and regional players. Market leaders need to continuously invest in new product launches and technologies to remain ahead of competition.

SWOT Analysis

Strength: Molecular spectroscopy enables highly accurate analysis of elements, isotopes, and molecular structure without destroying samples. The non-destructive nature allows reuse of samples.

Weakness: Molecular spectroscopy instruments are expensive, requiring large capital expenditure that may not be viable for small laboratories or institutions. Some techniques also require highly skilled personnel for operation and data analysis.

Opportunity: Growth in the pharmaceutical, biotechnology, forensic and environmental sectors is expected to drive molecular spectroscopy sales. Technological advancements are also expanding applications in novel areas such as homeland security.

Threats: Intense competition among major players could lead to pricing pressures and affect profit margins. Economic slowdowns may curb investments in new molecular spectroscopy technologies.

Key Takeaways

The global Molecular Spectroscopy market is expected to witness high growth over the forecast period supported by increasing demand from industries such as pharmaceutical, biotechnology, chemicals and forensics.

Regional analysis: North America currently dominates the molecular spectroscopy market owing to technological advancements and presence of major players in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period due to increasing investments by key players and rising academic and industrial research in countries such as China and India.

Key players: Key players operating in the molecular spectroscopy market are Thermo Fisher Scientific, Agilent Technologies, Shimadzu Corporation, PerkinElmer, Bruker Corporation. These companies have a widespread global presence and offer a comprehensive portfolio of molecular spectroscopy instruments as well as services.

Get more insights on this topic: https://www.trendingwebwire.com/molecular-spectroscopy-market-size-and-opportunity-analysis/

Rajkumar cmi
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