Global Molecular Spectroscopy Market Report 2024: Market Insights And Future Outlook
Molecular Spectroscopy Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Molecular Spectroscopy Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, August 19, 2024 /EINPresswire.com/ -- The global molecular spectroscopy market has demonstrated robust growth recently. It is set to expand from $5.95 billion in 2023 to $6.47 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.8%. This growth trajectory is driven by increasing demand for molecular analysis in pharmaceuticals, environmental monitoring, the expansion of academic and research institutions, food safety regulations, and enhanced quality control measures.
Rising Focus on Quality Control and Process Optimization Drives Market Expansion
The molecular spectroscopy market is anticipated to experience significant growth over the coming years, reaching $9.1 billion by 2028 at a CAGR of 8.9%. This forecasted growth is attributed to several factors, including a heightened focus on quality control and process optimization across industries, the expansion of the global pharmaceutical and biotechnology sectors, growing emphasis on sustainability and green chemistry, and rising investments in healthcare and life sciences research. Notably, the rapid growth of the pharmaceutical industry, driven by technological advancements and increased R&D investments, is expected to further propel the molecular spectroscopy market. In June 2023, the European Federation of Pharmaceutical Industries and Associations reported that pharmaceutical production in Europe reached approximately $374.00 billion in 2022, up from $356.35 billion in 2021.
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Key Players and Market Trends
Major players in the molecular spectroscopy market include Thermo Fisher Scientific Inc., Danaher Corporation, ABB Ltd., Merck KGaA, Agilent Technologies Inc., Olympus Corporation, Keyence Corporation, Teledyne Technologies Incorporated, PerkinElmer Inc., Shimadzu Corporation, Coherent Inc., Endress+Hauser Group Services AG, Bio-Rad Laboratories Inc., Bruker Corporation, Horiba Ltd, Hamamatsu Photonics K.K., VIAVI Solutions Inc., Jeol Ltd, Renishaw plc., Metrohm India Limited, Thorlabs Inc., B&W Tek, JASCO International Co. Ltd., Digilab Inc., and Keit Ltd. These companies are focusing on advancements in electronic and optical technologies to enhance the accuracy, efficiency, and capabilities of their spectroscopy instruments. For instance, JASCO Corporation launched the FP-8050 Series in March 2021, featuring advanced electronic and optical technologies, including a long-life xenon arc lamp and enhanced features for faster data analysis and compliance with FDA requirements.
Trends Shaping the Market
The molecular spectroscopy market is characterized by several key trends, including:
• Miniaturization and Portability: Increasing demand for compact and portable spectroscopy devices.
• Integration with Data Analytics and AI: Enhancing analytical capabilities through advanced data integration.
• Rapid Screening and Real-Time Analysis: Demand for faster and more efficient analysis.
• Sustainability and Green Chemistry: Growing emphasis on eco-friendly practices and materials.
• Customization and Modular Systems: Development of customizable and modular spectroscopy solutions.
Market Segmentation
The molecular spectroscopy market is segmented as follows:
• By Product Type: Consumables, Instruments
• By Technology: Nuclear Magnetic Resonance Spectroscopy, UV-Visible Spectroscopy, Infrared Spectroscopy, Near-Infrared Spectroscopy, Color Measurement Spectroscopy, Raman Spectroscopy, Other Technologies
• By Application: Pharmaceutical Applications, Food and Beverage Testing, Biotechnology and Biopharmaceutical Applications, Environmental Testing, Academic Research, Other Applications
Geographical Insights: North America Leading the Market
North America was the largest region in the molecular spectroscopy market in 2023. Looking ahead, Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by increasing investments in healthcare and life sciences research, as well as expanding pharmaceutical and biotechnology sectors.
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Molecular Spectroscopy Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Molecular Spectroscopy Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on molecular spectroscopy market size, molecular spectroscopy market drivers and trends, molecular spectroscopy market major players, competitors' revenues, market positioning, and market growth across geographies. The molecular spectroscopy market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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