According to a new market research report "Molecular Spectroscopy Market by Technology (NMR (FT, Continuous Wave), UV-Visible (Array-based, Dual-beam), IR (Terahertz, Benchtop), NIR (FT-NIR), Raman (SERS, TERS, FT Raman)), Application (Pharmaceutical, Food, Biotechnology) - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to reach USD 6.85 Billion by 2022 from an estimated USD 4.98 Billion in 2017, at a CAGR of 6.6%.
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The growth of this market is majorly driven by food safety concerns, the growth of the pharmaceutical and biotechnology industry, technological advancements in molecular spectroscopy and application of molecular spectroscopy in environmental screening.
By technology, the NMR spectroscopy segment accounted for the largest share of the market in 2017
On the basis of technology, the molecular spectroscopy market is broadly segmented into nuclear magnetic resonance (NMR) spectroscopy, UV-Visible spectroscopy, infrared (IR) spectroscopy, near-infrared spectroscopy, color measurement spectroscopy, raman spectroscopy, and other technologies (fluorescence spectroscopy and hybrid spectroscopy). In 2017, the NMR spectroscopy segment is expected to account for the largest share of this market. The extensive applications of NMR spectroscopy coupled with the technological advancements in molecular spectroscopy are driving the growth of this segment.
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By application, the pharmaceutical application industry held the largest market share in 2017
Based on application, the molecular spectroscopy market is further segmented into pharmaceutical application, biotechnology and biopharmaceutical applications, environmental testing, food and beverage testing, academic research, and other applications. In 2017, the pharmaceutical applications segment is expected to account for the largest share. Extensive use of molecular spectroscopy technologies at various stages of drug development processes and increase in R&D investments by pharmaceutical industries is driving the growth of the market.
North America dominated the market in 2017
North America accounted for the largest share of the molecular spectroscopy market in 2016, followed by Europe. High usage of molecular spectroscopy in the 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 market growth during the forecast period.
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Bruker Corporation (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer, Inc. (US), and Agilent Technologies, Inc. (US) are the key players in the molecular spectroscopy market. Other players include Shimadzu Corporation (Japan), Danaher Corporation (US), ABB (Switzerland), Merck KGaA (Germany), JEOL Ltd (Japan), FOSS (Denmark), JASCO, Inc. (US), and HORIBA Ltd. (US).