The global molecular spectroscopy market is expected to reach USD 6.85 billion by 2022 from USD 4.98 billion in 2017, at a CAGR of 6.6%. 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. However, the high cost of equipment is likely to restrain the growth of the market during the forecast period.
The rising levels of environmental pollution, coupled with the severe depletion of natural resources, are the major factors that have brought into effect several laws and regulations to monitor environmental pollution levels. For instance, in the U.S., the Safe Drinking Water Act (SDWA), Clean Water Act (CWA), and Resource Conservation and Recovery Act (RCRA) focus on regulating the quality of the environment through the use of analytical tools, such as molecular spectroscopy.
The widespread use of molecular spectroscopy as an analytical tool in environmental studies and research is expected to drive molecular spectroscopy market growth, especially due to the increasing research in the field of environmental conservation and the presence of government regulations promoting environmental studies.
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The key factors driving the growth of this market include the growth of the pharmaceutical and biotechnology industry and technological advancements in molecular spectroscopy are driving the growth of the global molecular spectroscopy market during the forecast period. The growing use of molecular spectroscopy in emerging markets and the rising potential for the application of terahertz spectroscopy in healthcare are the key areas of opportunity in this market.
The focus on using terahertz spectroscopy in biomedical applications has increased rapidly, and several studies are being conducted to investigate its potential applications in pharmaceutical quality control, protein characterization, and cancer detection. T-rays are non-invasive and non-ionizing and thus can be focused harmlessly on the body to capture signs of cancer. Due to these advantages, terahertz spectroscopy is used in a number of cancer-related research activities.
Segmentation of Molecular Spectroscopy Market:
3. End Users
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Regional Analysis of Molecular Spectroscopy Industry:
Asia Pacific is expected to grow at the highest CAGR in the global molecular spectroscopy market during the forecast period of 2017–2022. Thriving biotechnology market in China, growing focus on environmental protection, growing biomedical and medical research in Japan, and rising food safety concerns in India are expected to drive market growth during the forecast period.
Bruker (US), Thermo Fisher Scientific, Inc. (U.S), PerkinElmer, Inc. (US), Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Danaher Corporation (US), ABB (Switzerland), Merck KGaA (Germany), JEOL Ltd. (Japan), FOSS (Denmark), JASCO, Inc. (US), and HORIBA Ltd. (US)