The
global molecular spectroscopy market is projected to reach USD 6.85 billion by
2022 from USD 4.98 billion in 2017, at a CAGR of 6.6%. Factors such as the
application of molecular spectroscopy in environmental screening, growing focus
on ensuring the quality of food products, the growth of the pharmaceutical and
biotechnology industry, and technological advancements in molecular
spectroscopy are driving the growth of the market during the forecast period.
On the basis
of technology, the molecular spectroscopy market is 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). The
raman spectroscopy segment is expected to grow at the highest CAGR of the
global molecular spectroscopy market in 2017. The wide applications of this
technique coupled with the availability of technologically advanced products
are driving the growth of this segment.
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Based on
application, the molecular spectroscopy market is further segmented into pharmaceutical
applications, biotechnology and biopharmaceutical applications, environmental
testing, food and beverage testing, academic research and other applications. The
pharmaceutical application segment is expected to register the highest CAGR
during the forecast period. The growth is mainly due to the increased R&D
in the pharmaceutical industry and increasing use of molecular spectroscopy at
various stages of drug development process.
Geographically,
the molecular spectroscopy market in the Asia Pacific region is expected to
register the highest CAGR during the forecast period. Growth in this regional
segment is due to factors such as environmental protection activities in China,
growth in biomedical and medical research in Japan, booming biotechnology
market in China, growing food industry, and food safety concerns in India.Don’t miss out on business opportunities in Molecular Spectroscopy Market. Speak to our analyst and gain crucial industry insights that will help your business grow:
As compared
to mature markets such as the US and Europe, emerging markets such as China and
India are expected to provide significant growth opportunities to companies
operating in the molecular spectroscopy market. The life sciences industry in
these countries is robust and is expected to contribute largely to the growth
of the molecular spectroscopy market in the coming years. Many key industry
players are strengthening their presence across the globe by establishing new
facilities, R&D centers, and innovation centers. Also, rapid advances in
technology have demonstrated the capability of terahertz spectroscopy in
various healthcare applications. With major applications of terahertz
technology in research studies for cancer diagnosis and quality control of pharmaceutical
products, the demand for terahertz spectroscopy is expected to increase in the
coming years.
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