Molecular Spectroscopy Market Introducing New Industry Dynamics Through Swot Analysis 2021| BRUKER, THERMO FISHER SCIENTIFIC, PERKINELMER
The global molecular spectroscopy market is expected to observe promising growth across the assessment period of 2020-2030. The growing adoption of molecular spectroscopy across the pharmaceutical sector may bring tremendous growth prospects between 2020 and 2030. The overwhelming growth of the biotechnology and pharmaceutical industry and the technological advancements may bring immense growth opportunities for the molecular spectroscopy market.
Molecular spectroscopy is the qualitative and quantitative study of molecules by observing their interaction with variousfrequencies and energy. In other way, it is the study of absorption of light by molecules. It is analyzed by ultraviolet (UV) light, visible light and infrared radiations using an instrument called a spectrometer. Thermo Fisher Scientific,Agilent Technologies, Danaher Corporation, PerkinElmer, Inc., Shimadzu Corporation, JASCO International Co., Ltd. and Jeol Ltd. are some major players engaged in the development, manufacturing and marketing of instruments used in molecular spectroscopy study. Antaris II FT-NIR Analyzer, picoSpin 80 spectrometer (Thermo Fisher Scientific) and Cary 630 FTIR Spectrometer, 4300 Handheld FTIR (Agilent Technologies) are some prominent brands available in the market.
The global market for molecular spectroscopy has been segmented as follows by technology type:
- Color Measurement Spectroscopy
- Infrared Spectroscopy
- Near-Infrared (NIR) Spectroscopy
- Nuclear Magnetic Resonance (NMR) Spectroscopy
- Raman Spectroscopy
- Ultraviolet Visible (UV-Vis) Spectroscopy
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These technologies may be further segmented as well. For example, infrared spectroscopy may be segmented by the type of devices available on the market such as bench top IR spectroscopy, portable spectroscopy or terahertz IR spectroscopy. Similarly, nuclear magnetic resonance spectroscopy may be categorized as continuous wave nuclear magnetic resonance spectroscopy, fourier transform NMR and Solid-State NMR. Ultraviolet visible spectroscopy may be segmented as single-beam UV spectrometer, double-beam UV spectrometer and array based UV spectrometer.
On the other hand, on the basis of application, the market has been segmented into:
- Food and Beverages Testing
- Environmental Testing
- Research Institutes
Governmental legislation that are compelling pharmaceutical companies to maintain very high quality of drugs and excipients during manufacturing and increasing concerns for food and beverages safety are some major factors driving the growth of molecular spectroscopy market.Governmental support by funding research related with molecular spectroscopy is also oneof the major factors driving the market growth worldwide.Technological developments in the area of molecular spectroscopy are also encouraging manufacturers to opt for this technology as it will give them competitive in terms of quality. On the other hand, high cost associated with acquiring molecular spectroscopy technology may hamper the market growth to some extent.
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Geographically, the market for molecular spectroscopy has been segmented into four major regions, namely, North America, Europe, Asia-Pacific and Rest of the World (RoW). North America holds the largest regional market, followed by Europe. Federal government’s investments to support research in the area of medical sciences are one of the reasons driving the market growth in the region. Presence of a large number of pharmaceutical manufacturing companies in the region also plays a key role in propelling the market growth. Europe represents the second largest market after North America.
The market in Western European region which includes countries like Germany, France, Spain and United Kingdom is relatively mature than the markets of Eastern European region. Emerging economies of countries of Eastern region will help in driving the market growth in the region due to the significantly large contract manufacturing market.India and China in particular are expected to increase the number of companies offering contract manufacturing services to the western region. It is likely to result in growing demand for various molecular spectroscopy devices, and thus will help in driving the market growth in the region. In RoW region, Brazil, Mexico, Israel and Middle East countries are the potential markets for molecular spectroscopy.