by The global Molecular Spectroscopy Market is estimated to be valued at US$ 2867.18 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Molecular spectroscopy refers to the study of the interaction of electromagnetic radiation (EMR) with matter in relation to mass-to-charge ratio. It consists of vibrational, rotational, and electronic transition spectroscopy techniques that are employed to analyze molecules and their structural and chemical properties. Some commonly used molecular spectroscopy techniques include infrared (IR), nuclear magnetic resonance (NMR), mass spectrometry (MS), ultraviolet-visible (UV-Vis) and Raman spectroscopy.These molecular spectroscopy techniques find wide applications in pharmaceutical, biotechnology, food and beverage, polymers, petrochemicals and other industries for identification, quantification and determination of molecular structure.
Market key trends:
One of the key trends in the molecular spectroscopy market is growing adoption in pharmaceutical development. Molecular spectroscopy techniques such as NMR, MS and IR spectroscopy are extensively used in drug development right from target selection and validation to formulation and stability testing. They help determine molecular structure, purity and identification of compounds and are useful analytical tools in various stages of drug development including high throughput screening, lead optimization and pre-clinical development. Rising R&D investments by pharmaceutical companies and increasing regulatory requirements for drug characterization are augmenting the demand for molecular spectroscopy in pharmaceutical industry. Growing biopharmaceutical industry is also fueling the adoption of molecular spectroscopy techniques for characterization of biologics.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the molecular spectroscopy market is low due to high capital investment required to manufacture equipment and strong brand loyalty among existing customers.
Bargaining power of buyers: The bargaining power of buyers in the molecular spectroscopy market is high as there are various global players offering similar products at competitive prices. Buyers can easily switch between brands.
Bargaining power of suppliers: The bargaining power of suppliers in the molecular spectroscopy market is low as there exist numerous suppliers for raw materials needed for manufacturing equipment.
Threat of new substitutes: The threat of substitutes is low as there is no direct replacement for molecular spectroscopy technique used for various applications across different end use industries.
Competitive rivalry: The competitive rivalry in the market is high due to presence of numerous global and regional players offering similar range of molecular spectroscopy equipment.
Key Takeaways
The Global Molecular Spectroscopy Market Size is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing adoption of molecular spectroscopy techniques in pharmaceutical and biotechnology industries for new drug development and quality testing.
The North America region is expected to dominate the global molecular spectroscopy market during the forecast period, owing to strong presence of key players and high adoption of advanced techniques across various industries in the US and Canada. Europe is anticipated to exhibit a significant growth rate in the market, attributable to growing research activities and rising expenditure on healthcare and life science in the region.
Key players operating in the molecular spectroscopy market are Thorlabs Inc., VIAVI Solutions Inc., Keit Ltd., ABB Ltd., PerkinElmer Inc., Shimadzu Corporation, Horiba Ltd., Jeol Ltd., Jasco Inc., Danaher Corporation, Merck KgaA, Bruker Corporation, Agilent Technologies, Waters Corporation, Bio-Rad Laboratories Inc., Magritek Ltd., Thermo Fischer Scientific Inc., and Buck Scientific Instrument Manufacturing Company, among others. Major players are focusing on new product launches and growth through mergers and acquisitions to strengthen their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
