Increasing Prevalence of Chronic Diseases and Rise in Initiatives by Market Players Drive the Growth of the Spectroscopy Market

Spectroscopy means the dispersal of light into component colours. According to the analytical science, each element or compound has a distinctive characteristic spectrum. Spectroscopy is used in physical and analytical chemistry to discover, define, or calculate the molecular and/or structural configuration of a sample. Every type of molecule and atom will absorb, reflect, or discharge electromagnetic radiation in its individual characteristic way.

Spectroscopy is the area of science which includes the study of samples with electromagnetic radiation with the basis of light with better adjustments in wavelength and rate for the study of the sample involved and other methods involved for the study of the structure and properties included in the structure. The main part of spectroscopy is the analysis of the sample that is to be inspected with electromagnetic radiation with the light source. Several applications involve spectroscopy with improved technologies for testing the sample. Higher adoption of the spectroscopy expertise in various industries such as pharmaceutical, food industry, health care, chemical industry, and oil and gas industry with higher demands from the market and aids to boost the spectroscopy market. Furthermore, the development of new innovative technology for new applications is anticipated to boost the market over the forecasted period. For example, a June 2020 study issued that the MALDI MS imaging method can be used to analyse physical, quantitative, or physiologic properties of tissues. Thus, the method can be used for cancer diagnosis, proteomics research, prognosis, and treatment of several cancers.

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The global demand for spectroscopy market was predicted to be about USD 16 billion in 2022, and by the end of 2031, existing and expected developments would hit valuations of around USD 29.5 billion. The industry players and analysts predict the global Spectroscopy market growth of around 7.5% in terms of CAGR. During the forthcoming years, the enhanced usage of the spectroscopy method for the analysis purpose and growing demands from the laboratories for advanced technology and increasing market are anticipated to drive the spectroscopy market over the years. Moreover, better acceptance of the spectroscopy technology in numerous industries such as pharmaceutical, food industry, health care, are estimated to increase the market growth. However, higher cost of the spectroscopy method is expected to prompt people to choose substitute methods, and lack of skilled professionals are projected to hinder the growth of the market in the forecasted period.

Some of the leading and top spectroscopy companies in the global spectroscopy market include Joel Ltd, Danaher Corporation, Jasco International Co., Ltd, Kaiser Optical System, Perkin Elmer, Inc, Thermo Fisher Scientific, Agilent Technologies, Shimadzu Corporation, Leco Corporation, Kore Technology, Endress+hauser group, Horiba Ltd, Water, Merck KGaA, Kett Electric Laboratory, Sartorius AG, Yokogawa Electric Corporation among others. The leading five players such as Thermo Fisher Scientific Inc., Agilent, Bruker, PerkinElmer, Inc., and Danaher hold around 45% market share of the global spectroscopy market.

On the basis of type, the global spectroscopy market can be segmented into nuclear magnetic resonance (NMR) spectroscopy, UV- visible spectroscopy, infrared (IR) spectroscopy, color measurement spectroscopy, Raman spectroscopy, other spectroscopy, with the ‘Raman spectroscopy’ category having the leading market share of about 35 percent, closely followed by the “UV- visible spectroscopy” category at about 15 percent of the global spectroscopy market share. On the basis of component, the market can be segmented into hardware and software. On the basis of application, the market can be segmented into pharmaceutical application, biotechnology & biopharmaceutical application, food & beverage testing, environment testing, academic research, and other applications. On the basis of end user, the market can be bifurcated into government & academic institutions, pharmaceutical & biotechnology companies, and others. In terms of geography, North America region held the leading market share of around 40% among other regions such as Asia Pacific, Europe, Latin America, and Middle East & Africa in the global spectroscopy market.

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