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Molecular spectroscopy market forecast to 2024 illuminated by new report

Global Molecular Spectroscopy Market, By Type (Nuclear Magnetic Resonance (Continuous Wave, Fourier Transform, Solid State), UV-Vis, Infrared (IR), Near Infrared (NIR), Colour Spectroscopy, Raman Spectroscopy, Others), By Applications (Pharmaceuticals, Biotech, Food and Beverages, Environmental Testing, Academics, Others), By Geography (North America, South America, Europe, Asia-Pacific, Rest of the World) – Industry Trends and Forecast to 2024

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The Global Molecular Spectroscopy Market is expected to reach USD 6,443.5 million by 2024, from USD 3,959.8 million in 2016, growing at a CAGR of 6.3% in the forecast period. 

Global Molecular Spectroscopy Market Segmentation:

The global molecular spectroscopy market is segmented on the basis of technology, type,application, and geography.Based on technology, the global molecular spectroscopy market is segmented into nuclear magnetic resonance (NMR) spectroscopy, UV visible spectroscopy, infrared (IR) spectroscopy, near infrared spectroscopy (NIR), Raman spectroscopy and others. In 2016, NMR spectroscopy dominated the market with a share of 36.4% and isexpected to domination in the forecast period 2017 to 2024.

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The NMR spectroscopy is further segmented into fourier transform (FT-NMR), continuous wave, and solid state spectroscopy.

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UV visible spectroscopy is further segmented into single beam, double beam,array based and handheld spectroscopy.

The handheld IR spectroscopy segment is expected to grow at the highest CAGR among the UV-visible spectroscopy segments in the forecast period 2017 to 2024. IR spectroscopy is segmented based on spectrum into mid wave, short wave and far wave IR spectroscopy.

Far waveIR spectroscopy segment is expected to grow at the highest CAGR in the forecast period2017-2024.

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Based on product types, the IR spectroscopy market is segmented into bench top, infrared microscopy, portable,hyphenated and terahertz IR spectroscopy. Terahertz IR spectroscopy is the highest growing market segment.

On the basis of application, the global molecular spectroscopy market is classified into pharmaceutical, food and beverages, environmental testing, biotechnology, academics and research and, others. Pharmaceuticals hold the majority in this and food and beverages segment is expected to grow with the highest CAGR in the forecast period 2017 to 2024.

Global Molecular Spectroscopy Market Key Drivers:

The major factors driving the growth of this market are the new international GMP & GDP certification for pharmaceutical excipients (North America & Europe), global alliances amongst leading research institutes to boost drug discovery, growing food safety concerns, increasing life science R&D spending, and technological advancements.

  • Infrared spectroscopy is revolving around two technological advantages, primarily a better approach between image formation and optics, which will enable a diffraction free image sample of the entire spectrum.
  • Many companies are increasingly focusing on terahertz IR spectroscopy and handheld IR spectroscopy in order to strengthen their product portfolios in the molecular spectroscopy market.
  • Development in the field of Raman spectroscopy is changing the trend for the administration of injections in the healthcare sector.

Global Molecular Spectroscopy Market Key Points:

Brukeris going to dominate the molecular spectroscopy market followed by Thermofisher Scientific, Inc. and, Agilent Technologies along with others such as ABB, Avantes, Block Engineering, Carl Zeiss Spectroscopy GmbH, Cobalt Light Systems Ltd, Galaxy Scientific, Gasera, Ibsen Photonics, Industrial Test Systems, Inc., Kaiser Optical Systems, Inc., Keit Spectrometers, Magritek, EMD Millipore Corporation, PerkinElmer Inc., Raptor Photonics PLC, Shimadzu Corporation, Spectral Evolution, Viavi Solutions, WITec GmbH, B&W Tek, StellarNet, Si-WareSystems, Foss, Jasco, Inc. and, Jeol Ltd. among others.

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