Molecular Spectroscopy Market

Global Molecular Spectroscopy Market Size (2023 to 2028)

The global market size for molecular spectrometry is expected to grow at a CAGR of 7.22% from 2023 to 2028 and be worth USD 11.04 billion by 2028 from USD 7.79 billion in 2023.

Molecular spectroscopy is a branch of quantum physics that deals with the interaction of electromagnetic radiation with materials to produce a spectrum, which can be used to deduce structural or compositional information. Infrared (IR) spectroscopy uses stimulation of molecular movement or vibration, while ultraviolet/visible spectroscopy uses the excitation of an electron in a higher orbital. Spectroscopy is one of the most advanced and well-known analytical techniques, with applications ranging from healthcare to industry. The measurement of the interaction between radiated energy emitted by certain substances is called spectroscopy.

Impact of COVID-19 on the global molecular spectrometry market:

The expanding COVID-19 pandemic has benefited the market, as scientists are increasingly using Raman spectroscopy to screen for COVID-19. A Northern Arizona University (NAU) research team, for example, was discovered creating a new SARS-CoV-2 test technology based on single-molecule surface-enhanced Raman spectroscopy (SM-SERS). The research got a USD 200,000 grant from the National Science Foundation's Rapid Response Research funding program for "Development of a New Test for SARS-CoV-2 Using Single-Molecule Surface-Enhanced Raman Spectroscopy." Because of an increase in pharmaceutical companies' research and development efforts connected to drug discovery, demand for molecular spectroscopy is predicted to rise steadily over the forecast period.

MARKET DRIVERS:

The rising use of hybrid imaging technologies such as PET/CT, ongoing development and innovation in molecular spectroscopy technologies and growing population are the primary growth drivers of the molecular Spectroscopy market.

Food safety concerns, the pharmaceutical and biotechnology industries' growth, technological advancements in molecular spectroscopy, and the use of molecular spectroscopy in environmental screening are a few factors promoting the development of the global molecular spectrometry market. Near-infrared spectroscopy is one of the molecular spectroscopy types used in the R&D of pharmaceuticals and other biotechnology products. It is one of the molecular spectroscopy types utilized in R&D. NIR spectroscopy has acquired widespread acceptance in the pharmaceutical sector in recent years as a result of its significant benefits over other analytical techniques, such as ease of sample preparation and the ability to predict chemical and physical sample properties from a single spectrum. As a result, there has been a lot of talk about how people are becoming more interested in this technology, which might help the market grow.

Rapid improvements in the healthcare and life sciences industries have a more significant impact on the growth rate of the global molecular spectroscopy market. It's being used to investigate structural activity relationships and improve reaction conditions and other parameters like polymorph and formulation screening, all of which contribute to the scaling up needed to get therapeutic compounds from discovery to development. As a result, the market is expected to rise substantially during the forecast period. Furthermore, during the forecast period, the rise in new product releases and partnerships and growing new markets would give advantageous opportunities for the growth of the global molecular spectroscopy market. In addition, medical tourism is on the rise, and pharmaceutical companies emphasize discovering new compounds, which leads to more profitable growth opportunities.

MARKET RESTRAINTS:

The high cost of equipment and higher research & development expenditures is projected to limit market expansion during the forecast period. Furthermore, due to a significant shortage of skilled personnel for method development, operation, validation, and troubleshooting activities, Unfavorable economic conditions and political instability may cause a drop in product sales and demand, affecting the molecular spectroscopy market's optimum growth potential in the coming years. On the other hand, the influence of the COVID-19 pandemic on the supply chain and an unfavorable reimbursement scenario will act as a restraint on the market's growth rate from 2022 to 2027.

REPORT COVERAGE:

This research report on the global molecular spectrometry market has been segmented and sub-segmented based on technology, application & region.

Molecular Spectroscopy Market – By Technology:

• Nuclear Magnetic Resonance (NMR) Spectroscopy
• UV-Visible Spectroscopy
• Infrared (IR) Spectroscopy
• Near-infrared Spectroscopy
• Color Measurement Spectroscopy
• Raman Spectroscopy

Over the forecast period, the NMR Spectroscopy segment is expected to grow at a healthy rate. In quality control and research, nuclear magnetic resonance (NMR) spectroscopy is an analytical chemistry technique for assessing the quantity and purity of a sample and its molecular structure. NMR spectroscopy has the advantage of requiring minimal sample preparation and being a non-destructive technology that preserves the molecules being studied.

Molecular Spectroscopy Market – By Application:

• Pharmaceutical Applications
• Biotechnology & Biopharmaceutical Applications
• Food & Beverage Testing
• Environment Testing
• Academic Research

The pharmaceutical application is predicted to expand at the fastest CAGR throughout the forecast period. The rising importance of molecular spectroscopy in various stages of drug discovery and increased R&D in pharmaceutical firms are driving this expansion.

Molecular Spectroscopy Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Due to the increased use of molecular spectroscopy in the pharmaceutical industry, more significant financing for environmental testing, rising worries about food safety, and favorable government efforts and legislation, North America is expected to be leading the global market. In addition, the United States boasts the world's most supportive domestic environment for pharmaceutical research, development, and commercialization, with few market restrictions. As a result, spectroscopy in drug discovery and development in the United States is projected to increase in the coming years. Many pharmaceutical companies are present in Canada, and they continue to play an important role.

The regional market for molecular spectroscopy in Europe, which includes Germany, Spain, France, and the United Kingdom, is experiencing incremental development, making Europe the second-largest market worldwide. The growing presence of global leaders and significant pharmacy companies in the region will continue to drive the expansion of the European markets.

As the market set up in growing countries such as China and India opens new windows of opportunity, Asia Pacific is also producing new opportunities for stakeholders. The region's need for a wide range of molecular spectroscopy equipment is projected to stay high. Accelerating medical-related research and development efforts in Japan could also be a strong growth driver.

KEY MARKET PLAYERS:

Thermo Fisher Scientific, Inc., Merck KGaA, PerkinElmer Inc., ABB, Agilent Technologies, Inc., Bruker, Horiba, Ltd, Shimadzu Corporation, JEOL Ltd, and JASCO are some of the promising companies operating in the global molecular spectrometry market profiled in this report.

RECENT MARKET HAPPENINGS:

• The high-performance Fourier 80 system, a next-generation, 80 MHz Fourier Transform Nuclear Magnetic Resonance (FT-NMR) benchtop spectrometer with numerous new features, was launched in Europe by Bruker Corporation in 2020.
• Bruker, a numerics partner for advanced metabolomics-based diagnostic procedures, will be a partner in 2021.
• JASCO Corporation (Tokyo, Japan) is pleased to announce the launch of an entirely new line of fluorescence spectrophotometers in 2021.