IMARC Group has recently released a new research study titled “Molecular Spectroscopy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What is the projected market size & growth rate of the Molecular Spectroscopy Market?
The global molecular spectroscopy market reached a value of US$ 6.25 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 8.23 Billion by 2027, exhibiting a growth rate (CAGR) of 4.50% during 2022-2027.
Industry Definition and Application:
Molecular spectroscopy measures the interchange between electromagnetic radiations with several frequencies, energies, and light. It studies the quantitative and qualitative characteristics of molecules and is analyzed by visible light, ultraviolet (UV) light, and infrared radiation using an instrument called a spectrometer. It also aids in producing an absorption pattern or spectrum to conclude compositional and structural information. Some commonly used spectroscopy technologies are Raman, mass, nuclear magnetic resonance (NMR), ultraviolet/visible (UV/VIS), infrared and near-infrared spectroscopy. As a result, molecular spectroscopy finds extensive applications across environmental testing, academic research, food and beverage (F&B) assessments, and biotechnology.
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Year considered to estimate the market size:
- Base year of the analysis: 2021
- Historical period: 2016-2021
- Forecast period: 2022-2027
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Molecular Spectroscopy Market Trends and Drivers:
The market is primarily driven by the extensive application of molecular spectroscopy across biotechnology and food and beverage (F&B) industries. In addition, the rising adoption of several efficient and accurate hybrid imaging systems in the healthcare sector, such as computed tomography (CT) and positron-emitted tomography (PET) devices, represents another growth-inducing factor. Moreover, various technological advancements in molecular spectroscopy and its widespread adoption in the pharmaceutical industry to discover newer molecules are also augmenting market growth.
Besides this, several favorable initiatives undertaken by governments of numerous industries to promote the employment of molecular spectroscopy for evaluating polycyclic aromatic hydrocarbons (PAH) levels, treating wastewater, and environmental screening are propelling the market growth. Furthermore, the rising usage of nuclear magnetic resonance (NMR) spectroscopy technology for executing quality control, determining the molecular structure of organic compounds, and assessing the content purity is providing a positive thrust to the market growth. Other factors, including the significant expansion of the biotechnology industry, rising food safety concerns among the masses, and the increasing application of Raman spectroscopy for coronavirus disease (COVID-19) testing, are creating a positive market outlook across the globe.
List of Key Players:
- ABB Ltd.
- Agilent Technologies Inc.
- JASCO Inc.
- JEOL Ltd.
- Medtronic plc
- Merck KGaA
- Bruker Corporation
- Hitachi Ltd.
- Horiba Ltd.
- PerkinElmer Inc.
- Shimadzu Corporation
- Thermo Fisher Scientific Inc.
- VIAVI Solutions Inc.
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What segments are covered in the Molecular Spectroscopy Market?
The report has segmented the market on the basis of region, product type, technology and application.
- Consumables
- Instruments
Breakup by Technology:
- NMR Spectroscopy
- Raman Spectroscopy
- UV-Visible Spectroscopy
- Mass Spectroscopy
- Infrared Spectroscopy
- Near-Infrared Spectroscopy
- Others
Breakup by Application:
- Pharmaceutical Applications
- Food and Beverage Testing
- Biotechnology and Biopharmaceutical Applications
- Environmental Testing
- Academic Research
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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