Molecular Spectroscopy Market Size, Share, Growth, Emerging Trends, Major Players and Industry Outlook

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the size of the molecular spectroscopy market and its dependent submarkets. These methods were also used extensively to determine the extent of various sub-segments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and demand have been identified through extensive secondary research, and their market share has been determined through both primary and secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Expected Revenue Growth:

The molecular spectroscopy 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%.

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Key Factors Driving Market Growth:

The key factors driving the growth of this market include the growth of the pharmaceutical and biotechnology industry and technological advancements in molecular spectroscopy are driving the growth of the global Molecular Spectroscopy Market during the forecast period. The growing use of molecular spectroscopy in emerging markets and the rising potential for the application of terahertz spectroscopy in healthcare are the key areas of opportunity in this market.

By Technology, the raman spectroscopy segment is expected to grow at the highest growth rate during the forecast period

Based on technology, the molecular spectroscopy industry is 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 raman spectroscopy segment is expected to grow at the highest CAGR of the global market in 2017. The wide applications of this technique coupled with the availability of technologically advanced products are driving the growth of this segment.

In 2017, the NMR spectroscopy segment is expected to account for the largest share of this market. The extensive applications of NMR spectroscopy coupled with the technological advancements in molecular spectroscopy are driving the growth of this segment.

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. In 2017, the pharmaceutical applications segment is expected to account for the largest share. Extensive use of molecular spectroscopy technologies at various stages of drug development processes and increase in R&D investments by pharmaceutical industries is driving the growth of the market.

North America dominated the market in 2017 

North America accounted for the largest share of the Molecular Spectroscopy Industry in 2016, followed by Europe. High usage of molecular spectroscopy in the pharmaceutical sector, growing funding for environmental testing in the US, growing food safety concerns in the US, and government initiatives to improve lab infrastructure and propel fundamental scientific research in Canada will drive market growth during the forecast period.

Factors such as rising importance of food safety, growing biotechnology and pharmaceutical industry in UK, Germany and Italy, funding in the life science sector, Russia’s booming pharmaceutical industry and rising research investment in European countries; are significant growth opportunities for the players competing in the global Molecular Spectroscopy Market during the forecast period.

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Key Players:

Bruker Corporation (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer, Inc. (US), and Agilent Technologies, Inc. (US) are the key players in the Molecular Spectroscopy Industry. Other players include Shimadzu Corporation (Japan), Danaher Corporation (US), ABB (Switzerland), Merck KGaA (Germany), JEOL Ltd (Japan), FOSS (Denmark), JASCO, Inc. (US), and HORIBA Ltd. (US).

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