The Healthcare Sector Is Anticipated To Open Up New Avenues For The Molecular Spectroscopy Market.11/24/2023 The Molecular Spectroscopy Market is estimated to be valued at US$ 2867.18 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Molecular spectroscopy is a technique used to study the interaction of electromagnetic radiation with matter. It involves using electromagnetic radiation such as UV, visible, infrared or microwave light to probe the structure of molecules. Different molecular bonds and chemical groups interact with specific wavelengths of light. By determining which wavelengths of light are absorbed by a sample, molecular spectroscopy can identify compounds and study molecular structure. It finds widespread applications in various industries such as healthcare, pharmaceuticals, food and beverage testing, environmental testing etc. for identification, quantification and quality control purposes. Market Dynamics: The growing demand from the healthcare sector is a key driver for the molecular spectroscopy market growth. It is widely used for research, diagnosis and detection in life sciences and healthcare. Some applications include detection of pathogens, metabolic profiling, biomedical imaging etc. Further, stringent regulations regarding food testing is also positively impacting the market. Regulatory agencies mandate regular testing of raw materials, semi-finished and finished products to ensure safety and quality. Molecular spectroscopy techniques help in detecting contaminants, allergens and verify label claims. Additionally, increasing investments by governments and private organizations in R&D activities pertaining to spectroscopy and analytical equipment is estimated to create several lucrative opportunities over the forecast period. However, high equipment costs and lack of skilled professionals require for operation and maintenance of advanced molecular spectroscopy instruments may hinder the market growth. Segment Analysis The molecular spectroscopy market can be segregated into different segments based on technology, application, and end-user. By technology, the Raman spectroscopy segment dominates the market as it provides non-destructive, reproducible, and ubiquitous fingerprint information about chemical structures with very little or no sample preparation. Raman spectroscopy offers superior molecular specificity and allows identification and characterization of different types of molecules present in the sample. PEST Analysis Political: Governments across countries are supporting the adoption of molecular spectroscopy techniques through funding for R&D activities. For instance, the US government funded over $100 billion annually towards scientific research involving molecular spectroscopy. Economic: The growth of the pharmaceutical, biomedical, and food & beverage industries drives the demand for molecular spectroscopy techniques for advanced quality checks and analysis. With rising economic activities, the use of molecular spectroscopy is expected to grow substantially. Social: Increasing focus on food safety and authenticity has led to a greater adoption of molecular spectroscopy in the food industry for supply chain traceability and ensuring quality. The technology also aids in environmental monitoring and forensic applications. Technological: Introduction of miniaturized and portable molecular spectroscopy instruments allows in-field and on-site analysis. Integration of different technologies like AI/ML for enhanced data analysis and high throughput capabilities will further augment the market. Key Takeaways The Global Molecular Spectroscopy Market Demand is expected to witness high growth, exhibiting a CAGR of 4.2% over the forecast period, due to increasing demand from the pharmaceutical industry for impurity detection and other advanced analysis. The market size for 2023 is estimated at US$ 2867.18 Mn. Regional analysis: North America dominates the global market owing to extensive R&D investments in pharmaceutical and biotechnology sectors in the US and Canada. Asia Pacific is expected to witness the fastest growth over the forecast period led by China, Japan, and India on account of rising pharmaceutical production and increasing adoption in other industrial applications like food testing. Key players operating in the molecular spectroscopy market include Thorlabs Inc., VIAVI Solutions Inc., Keit Ltd., ABB Ltd., PerkinElmer Inc., Shimadzu Corporation, Horiba Ltd., Jeol Ltd., Jasco Inc., Danaher Corporation, Merck KgaA, Bruker Corporation, Agilent Technologies, Waters Corporation, Bio-Rad Laboratories Inc., Magritek Ltd., Thermo Fischer Scientific Inc., and Buck Scientific Instrument Manufacturing Company, among others. These players are focusing on new product launches and partnerships with end-users to strengthen their market position. Read More - https://www.newsanalyticspro.com/molecular-spectroscopy-market-growth-trends-analysis-size-and-share-forecasts/
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