Molecular spectroscopy uses various forms of radiation, such as the electromagnetic waves that are absorbed, emitted, or scattered by atoms or molecules, to examine them qualitatively or quantitatively. Molecular spectroscopy analysis measures the spectrum response of molecules during their interaction with various frequencies and energies. Numerous industries, such as biotechnology and pharmaceuticals use the technique. Consequently, there is a rise in the market's demand for molecular spectroscopy.
According to Data Bridge Market Research, the Global Molecular Spectroscopy Market is expected to reach the value of USD 6.73 billion in 2021 and is expected to reach USD 11.83 billion by 2029, registering a CAGR of 7.30% during the forecast period of 2022 to 2029
"Rising focus on personalized medicine surge market demand"
Molecular spectroscopy's capability to analyze biomolecular interactions and provide valuable insights into individual molecular structures has fueled interest in personalized medicine. It allows for the identification of specific biomarkers, enabling tailored treatment plans based on a patient's unique molecular profile. As the medical field embraces personalized approaches for better patient outcomes and targeted therapies, the demand for molecular spectroscopy technologies increases, driving market growth and supporting advancements in precision medicine.
What restraints the growth of the global molecular spectroscopy market?
"High cost can impede the market growth”
The high cost of molecular spectroscopy instruments poses a barrier for smaller research institutions and laboratories. The initial investment required for purchasing these advanced analytical tools can strain budgets and limit their accessibility to cutting-edge technology. Moreover, ongoing maintenance expenses add to the financial burden, discouraging adoption. This cost constraint may restrict smaller institutions from harnessing the full potential of molecular spectroscopy, impacting their research capabilities and hindering scientific advancements in various fields.
Segmentation: Global Molecular Spectroscopy Market
The molecular spectroscopy market is segmented on the basis of technology and application.
- On the basis of technology, the molecular spectroscopy market is segmented into nuclear magnetic resonance spectroscopy, UV-visible spectroscopy, infrared spectroscopy, near-infrared spectroscopy, colour measurement spectroscopy, Raman spectroscopy, and other technologies.
- On the basis of application, the molecular spectroscopy market is segmented into pharmaceutical applications, food and beverage testing, biotechnology and biopharmaceutical applications, environmental testing, academic research and other applications.
Regional Insights: North America dominates the Global Molecular Spectroscopy Market
North America's dominance in the molecular spectroscopy market is attributed to the region's existing developed technologies and well-established research infrastructure. With a strong focus on scientific advancements and innovation, North America boasts cutting-edge spectroscopy technologies and expertise, attracting investments and driving market growth. Furthermore, the growing emphasis on environmental testing and regulatory compliance in the region stimulates the demand for molecular spectroscopy solutions for precise and reliable analyses. These factors position North America as a frontrunner in the global molecular spectroscopy market, fostering its continued growth and leadership.
Asia-Pacific's expected growth in the molecular spectroscopy market from 2022 to 2029 is driven by the region's rapid expansion of biopharmaceutical industries. As Asia-Pacific emerges as a key player in the global biopharmaceutical sector, there is an increasing demand for advanced analytical tools such as molecular spectroscopy to support drug development, quality control, and research. The region's growing prominence in biopharmaceuticals attracts investments in research and development, fostering the adoption of state-of-the-art spectroscopy technologies, and propelling market growth during the forecast period.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-molecular-spectroscopy-market
Recent Developments in Global Molecular Spectroscopy Market
- In March 2021, A new line of fluorescence spectrophotometers (FP- 8050 Series) had been introduced by JASCO Corporation. Five instruments that cover the full spectrum of biological, environmental, chemical, and materials analysis applications make up the FP-8050 Series.
The Prominent Key Players Operating in the Global Molecular Spectroscopy Market Include:
- Thermo Fisher Scientific Inc. (U.S.)
- Bruker (U.S.)
- PerkinElmer, Inc. (U.S.)
- Agilent Technologies, Inc. (U.S.)
- Eurofins Scientific (Luxembourg)
- Danaher (U.S.)
- Merck KGaA (Germany)
- Siemens Healthcare GmbH (Germany)
- Medtronic (Ireland)
- ABB (Switzerland)
- B&W Tek. (U.S.)
- Digilab Inc. (U.S.)
- Hamamatsu Photonics K.K. (Japan)
- HORIBA, Ltd. (Japan)
- JASCO International Co., Ltd. (Japan)
- JEOL Ltd.(Japan)
- Endress+Hauser Group Services AG (Switzerland)
- Metrohm India Limited (Switzerland)
- Montana Instruments Corporation (U.S.)
- Coherent, Inc. (U.S.)
- Teledyne Technologies Incorporated (USA)
- Renishaw plc. (U.K.)
- Shimadzu Corporation (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global molecular spectroscopy market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Molecular Spectroscopy Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
