The molecular spectroscopy market in North America is expected to rise at a CAGR of 6.63% from 2022 to 2027 and value USD 3.43 billion by 2027 from USD 2.49 billion in 2022.
The North American molecular spectroscopy market is predicted to grow at a healthy rate during the forecast period. The pharmaceutical industry's increasing adoption, MS technology's penetration in various sectors, and pharmaceuticals' increased emphasis on identifying novel compounds are propelling the molecular spectroscopy market in North America.
The expanding COVID-19 pandemic has benefited the industry, as scientists are increasingly using Raman spectroscopy to screen for COVID-19. A Northern Arizona University (NAU) research team, for example, was discovered to create a new SARS-CoV-2 test technology based on single-molecule surface-enhanced Raman spectroscopy (SM-SERS). The research was given a USD 200,000 grant from the National Science Foundation's Rapid Response Research (RAPID) funding program titled "Development of a New Test for SARS-CoV-2 Using Single-Molecule Surface-Enhanced Raman Spectroscopy." As a result of the increase in pharmaceutical companies' research and development efforts linked to drug discovery, demand for molecular spectroscopy is predicted to climb steadily in North America over the forecast period.
There is now a considerable shortage of experienced professionals for method development, validation, operation, and troubleshooting operations, which is projected to limit the growth of the molecular spectroscopy market during the forecast period. Furthermore, spectroscopy instruments are more expensive since they have more advanced features and functions. Aside from the system's purchase price, the expense of conforming the system to industry standards is also quite costly. The term 'compliance' refers to the testing that a molecular spectroscopy system undergoes to guarantee that it complies with the regulations that apply to the industry in which it is utilized (whether government-mandated or self-imposed). Spectroscopy systems must meet specific characteristics to comply with industry standards.
This research report on the North American molecular spectroscopy market has been segmented and sub-segmented into the following categories.
By Technology:
By Application:
By Country:
Geographically, the North American region accounted for the most significant global molecular spectroscopy market share in 2021. North America is currently playing a dominant role in the global molecular spectroscopy market because of 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.
The production and supply chain of spectroscopic equipment has been constrained since the COVID-19 outbreak due to the lockdowns. As a result, the market is likely to be affected during the epidemic. However, spectroscopy is commonly used to detect and monitor COVID-19 infections, according to a post published in the National Institute of Health 2020. In addition, several pharmaceutical companies have boosted their COVID-19 drug discovery research and development efforts, benefiting the local players.
ACCORDING TO THE PHARMACEUTICAL RESEARCH AND MANUFACTURERS ASSOCIATION (PhRMA), the US is the world's largest biopharmaceutical market, accounting for one-third of global sales. A global leader in biopharmaceutical R&D. Furthermore, with few market limitations, the United States has the most favorable domestic environment for pharmaceutical research, development, and commercialization. As a result, spectroscopy's application in drug discovery and growth is expected to increase in the future years in the United States.
Many pharmaceutical companies are based in Canada, and they continue to drive the market ahead during the forecast period.
KEY MARKET PLAYERS:
Companies playing a significant role in the North American molecular spectroscopy market profiled in this report are Thermo Fisher Scientific, Inc., Merck KGaA, PerkinElmer Inc., ABB, Agilent Technologies, Inc., Bruker, Horiba, Ltd, Shimadzu Corporation, JEOL Ltd, and JASCO.
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