The study involved four major activities in estimating the current market size for UV/visible spectroscopy. Exhaustive secondary research was done to collect information on the market and its different sub-segments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter market breakdown and data triangulation was used to estimate the market size of segments and sub-segments.
According MarketsandMarkets™ Research – The 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“, 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 UV/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 pharmaceutical & biotechnology industry, technological advancements and increasing need for food analysis.
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Growth Drivers: Increasing application of UV/visible spectroscopy in pharmaceutical & biotechnology industry to drive market growth
The application of UV/visible spectroscopy as an analytical technique in pharmaceutical and biotechnology R&D is likely to grow due to technological advancements in spectroscopy systems that have enabled high throughput screening, microvolume sampling, and software integration with instruments. Such advancements have ensured that a large number of data points can be gathered, recorded, and shared using these systems, which proves highly beneficial for R&D and is a major factor driving the growth of UV/visible spectroscopy market.
Opportunities: Growing opportunities in emerging nations
As compared to mature markets such as the US and Europe, emerging markets such as China and India are expected to provide significant growth opportunities for players.
Many key industry players are strengthening their presence worldwide by establishing new facilities, R&Dcenters, and innovation centers. For example, in 2019, Agilent Technologies, Inc. (US) established the European R&D hub for molecular spectroscopy. Shimadzu Corporation set up a new research facility at the Technology Research Laboratory in Keihanna Science City, Japan. The new facility will focus on R&D and transform the delivery of innovative products. Further, in 2017, Shimadzu established an innovation center in its Asian subsidiary, Shimadzu Asia Pacific Pte. Ltd. The center enables Shimadzu scientists and university researchers in Asia and Oceania to conduct advanced R&D activities.
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Geographical View in-detailed:
North America is expected to dominate the global the UV/visible 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.
Global Key Leaders:
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).