North America accounted for largest share of molecular spectroscopy market in 2016, followed by Europe. High usage of molecular spectroscopy in pharmaceutical sector, growing funding for environmental testing in the US, growing food safety concerns in the US, and government initiatives to improve lab infrastructure and propel fundamental scientific research in Canada will drive molecular spectroscopy market growth during the forecast period.
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Molecular spectroscopy market, comprising instruments, consumables, and services, has witnessed various technological advancements. These advancements have led to a growth in the number of molecular spectroscopy applications.
Molecular spectroscopy is increasingly being used in drug discovery and development, metabolomics and biomarkers research, and diagnostics.
2 Market Share Analysis
3 Competitive Leadership Mapping (2017)
4 Visionary Leaders
6 Dynamic Differentiators
7 Emerging Companies
8 Competitive Benchmarking
9 Strength of Product Portfolio (25 Companies)
10 Business Strategy Excellence (25 Companies)
A number of factors such as new international GMP and GDP certifications for pharmaceutical excipients (EXCiPACT), global alliances amongst leading molecular spectroscopy market research institutes to boost drug discovery, growing food safety concerns, increasing life science and R&D spending, and technological advancement are driving market. However, dearth of skilled professional and the high cost of molecular spectroscopy instruments are factors that are hindering growth of this market.
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The molecular spectroscopy market is expected to experience the highest growth in the Asian region, especially in China and India. The high growth in these regions can be attributed to various factors such as the improved funding scenario and collaborations of key players with complimentary companies as well as academic research institutes.
2 New Product Launches
4 Agreements, Collaborations, and Alliances
Some of the major players in the molecular spectroscopy market include Bruker (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer, Inc. (US), Agilent Technologies, Inc.
(US), and Shimadzu Corporation (Japan).
The key factors propelling the growth of this market are increased investments, funding, and grants by government bodies worldwide; ongoing new product launches; technological advancements; increase in the number of conferences, which helps to create awareness about molecular spectroscopy techniques; growing concerns over food and drug safety; and increasing use of molecular spectroscopy techniques in the fields of proteomics, biomarkers, and metabolomics.
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