by 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 involves determining the physical and chemical properties of molecules based on their interaction with electromagnetic radiation. Common techniques include infrared spectroscopy, nuclear magnetic resonance spectroscopy, and mass spectrometry. These techniques find wide applications in pharmaceuticals, biotechnology, food analysis, chemistry research, and other industries for identification, detection, and quantification of elements and their compounds.
Market key trends:
Molecular spectroscopy is witnessing high demand due to its growing use in drug discovery. It enables monitoring chemical and biological reactions in real time and inexpensively screening large numbers of compounds to identify potential drug candidates. In addition, molecular spectroscopy techniques such as Raman spectroscopy and IR spectroscopy are increasingly being used for pharmaceutical authentication to detect counterfeit drugs. They provide a non-destructive method for identifying active pharmaceutical ingredients and excipients in drugs. The rising cases of drug counterfeiting globally is thus favoring the growth of the molecular spectroscopy market. The ability to detect very low concentrations of molecules is also propelling the demand for molecular spectroscopy tools for applications like environmental monitoring and trace chemical analysis. Technological advancements leading to development of compact, portable and user-friendly spectroscopy instruments with increased sensitivity and efficiency further support the market growth.
Porter’s Analysis
Threat of new entrants: The molecular spectroscopy market requires high investment for R&D and technological expertise which creates significant entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and presence of many established brands.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute components and differentiation in products.
Threat of new substitutes: Threat of substitute is moderate as new advanced technologies are emerging continuously.
Competitive rivalry: Strong due to presence of many global and regional players competing on basis of quality, innovation and pricing.
SWOT Analysis
Strength: Availability of portable and micro molecular spectroscopy instruments with advanced features like lower detection limits and higher throughput.
Weakness: High cost of advanced molecular spectroscopy instruments limits its adoption in cost sensitive markets. Require highly skilled workforce to operate complex molecular spectroscopy instruments.
Opportunity: Increasing application of molecular spectroscopy techniques in fields of pharmaceutical, biotechnology, food and agriculture due to its accuracy and precision. Emerging markets in Asia Pacific offer lucrative growth opportunities.
Threats: Capital intensive nature of molecular spectroscopy techniques limits its adoption in price sensitive regions. Slow adoption rate of new technologies in certain geographies.
Key Takeaways
The Global Molecular Spectroscopy Market Growth is expected to witness high, exhibiting CAGR of 4.2% over the forecast period, due to increasing demand from pharmaceutical and biotechnology industries for drug discovery and development. North America dominated the global market with largest revenue share in 2023 due to presence of major market players and increasing R&D investments in pharmaceutical and biotechnology industries. Asia Pacific is projected to be the fastest growing region during the forecast period owing to growing awareness about advanced molecular spectroscopy techniques and increasing government funding for life science research in emerging economies like India and China.
Key players operating in the molecular spectroscopy market are 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. Key players are focused on developing advanced portable instruments with improved accuracy and sensitivity through innovative technologies to expand their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
