According to the new market research report “UV/Visible Spectroscopy Market by Instrument Type (Single-Beam, Dual-Beam), Application (Academic Application, Industrial Application), End User (Pharmaceutical & Biotechnology Companies, Academic & Research Institutes) – Global Forecast to 2025″, published by MarketsandMarkets™, the market is expected to reach USD 1.2 billion by 2025 from USD 1.0 billion in 2020, at a CAGR of 4.7%.
The Growth in visible Spectroscopy market is mainly driven by factors such as application of UV/visible spectroscopy in environmental screening, growing use of UV/visible spectroscopy in the pharmaceutical & biotechnology industry, technological advancements, and the increasing need for food analysis.
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Dual-beam Systems segment is expected to account for the largest share of the UV/visible Spectroscopy instrument type market in 2019
On the basis of instrument type, the UV/visible Spectroscopy market is segmented into dual-beam systems, single-beam systems, array-based systems, and handheld systems. In 2019, the dual-beam systems segment accounted for the largest share of the visible spectroscopy market. This segment is also projected to register the highest CAGR during the forecast period. Dual-beam systems enable a high level of automation in data collection. Such advantages offered by dual-beam systems are supporting its increased adoption in the market.
Industrial applications segment is expected to grow at the highest CAGR in the global UV/visible Spectroscopy market during the forecast period
On the basis of application, the UV spectroscopy market is segmented into academic and industrial applications. The industrial applications segment accounted for the largest share of the market in 2019. This is mainly due to the ease of use, flexibility, affordability, and scalability of UV/visible spectrometers. Technological advancements in instrumentation that have enabled high-throughput screening, micro volume sampling, and automation in instrumentation and software integration have also increased the adoption of this analytical technique for industrial applications.
Pharmaceutical and Biotechnology companies is expected to account for the largest share during the forecast period.
Based on the end-user segment, the market is segmented into pharmaceutical & biotechnology companies, academic & research institutes, agriculture & food industries, and environmental testing labs. The pharmaceutical & biotechnology companies segment accounted for the largest share of the UV spectroscopy market. The large share of this segment can be attributed to factors like innovations in biotechnology research and increasing focus on pharmaceutical and biotechnology companies to expand their product pipelines.
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North America is expected to dominate the visible spectroscopy market during the forecast period
Geographically, North America is expected to dominate the global the UV spectroscopy market in 2019, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the increasing environmental concerns, rising demand for food analysis and an increasing need to adopt technologically advanced products.
The major players operating in the UV/visible spectroscopy market include Shimadzu Corporation (Japan), Agilent Technologies (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer, Inc. (US). Other players involved in this market include Bio-Rad Laboratories, Inc. (US), Bruker Corporation (US), Hach Company (US), Hitachi High-Technologies Corporation (Japan), HORIBA., Ltd (Japan), Mettler-Toledo (Switzerland), Hamamatsu Photonics KK (Japan), Cole-Parmer (UK), Analytik Jena (Germany), GBC Scientific Equipment (US), JASCO Inc. (US), Buck Scientific (US), Biochrom Ltd (UK), AMETEK Process, PG Instruments Ltd (UK) and PERSEE ANALYTICS, Inc (US).