The global spectroscopy market size was valued at USD 15.0 billion in 2021 and is projected to reach around USD 28.5 billion in 2030 exhibiting a CAGR of 7.5% in the forecasted period. 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.

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.

The eruption of the pandemic situation with the wide spread of the coronavirus decreased demands from the market for examination purpose and decrease the market of spectroscopy market. The post-pandemic situation with new growth and technologies developed in biochemical analysis helped to increase the market of spectroscopy. The increasing COVID-19 pandemic has also had a positive impact on the market as scientists are growing the applications of Raman spectroscopy for COVID-19 testing. For instance, a Northern Arizona University (NAU) research team was found creating a new test technology for SARS-CoV-2 by means of single-molecule surface-enhanced Raman spectroscopy (SM-SERS). The project was entitled “Development of a New Test for SARS-CoV-2 Using Single-Molecule Surface-Enhanced Raman spectroscopy” and was granted a USD 200,000 grant from the National Science Foundation’s Rapid Response Research (RAPID) subsidy program. Consequently, with the rise in research and development activities by pharmaceuticals connected to drug discovery, the need for spectroscopy is constantly projected to rise over the forecast period.

Technology Insights
On the basis of technology, the spectroscopy method with the maximum market share in Raman spectroscopy with recently developed technologies with rising instruments needed in the spectroscopy with wide growths in Raman spectroscopy. It helps to drive the market of spectroscopy with a growing growth rate. Improve requirements in several industries such as pharmaceutical and life sciences with the increasing growth of spectroscopy with improved utilization. Important rise and growth of the technology with better efficiency helped to increase the market of spectroscopy during the forecasted period.

Component Insights
On the basis of the component, the hardware segment involved in spectroscopy accounts for the highest market growth in the spectroscopy market which leads the market of spectroscopy owing to the increased market of spectroscopy with improved revenue share during the forecasted period. Improve acceptance of the technology established in the spectroscopy market with increasing techniques for performing the procedure with increased efficiency.
Software services involved in spectroscopy technology also with maximum market growth and a growing number of instruments such as probes, detectors, exciting sources. Which helps to boost the market of spectroscopy.

Application Insights
On the basis of the application, the pharmaceutical segment accounts for the maximum growth of the spectroscopy technique with improved utilization for testing purposes and locating the elements in the sample with the interface of magnetic radiation in spectroscopy. The pharmaceutical industry rules the market of spectroscopy with augmented acceptance of the advanced technology in spectroscopy.
Food and agriculture and wastewater treatment also lead the market of spectroscopy with remarkable growth in the spectroscopy and improve market growth during the forecasted period and decreased the effect of wastewater on the environment. Upsurge detection of impurity, purity, and tracing of the material included in the sample with the help of spectroscopy method.

Region Insights
North America is projected to dominate the market of spectroscopy in the projected period. The substantial rise of spectroscopy with growing market revenue share. More utilization of the spectroscopy market in many industries due to improved efficiency of the spectroscopy technique for discovery of the sample with electromagnetic radiations. Higher infrastructure development is necessary for research and development in spectroscopy.
Moreover, an upsurge in R&D activities by major players for new diseases is credited to the significant share of the region. Players such as Agilent Technologies, Inc., are constantly involved in extensive research and development to grow new resins for the isolation and purification of vaccines. Presently, the company is focusing on COVID-19 vaccine development and separation by using chromatography and mass spectrometry methods.
Asia Pacific region is anticipated to witness the fastest growth rate in the market due to the existence of a robust research base for new drug development. This is estimated to increase the acceptance of this technique in the area. Asian countries such as Japan, China, and India have considerably contributed to the market growth owing to the increase in the number of spectrometry service providers.

Key Companies Insights
The market for spectroscopy is moderately competitive. With the rising applications of spectroscopy, new players are considering to enter the market. The companies are also involved in activities like mergers, acquisitions, partnerships, joint ventures, and collaborations. These activities aid in growing the effect of the players in the spectroscopy market, ultimately boosting the market growth. Some of the key companies working in the global spectroscopy market include:
• Thermo Fisher Scientific, Inc.
• PerkinElmer, Inc.
• Agilent Technologies
• Kaiser Optical System
• Waters Corporation
• Shimadzu Corporation
• Bruker Corporation
• JEOL Ltd.
• FLIR Systems, Inc.
• Endress+Hauser Group
• MKS Instruments, Inc.
• Sartorius AG
• Danaher
• Horiba Ltd.
• Kore Technology
• Kett Electric Laboratory
• Other players

Some of the Recent Developments:
• In December 2020, Agilent Technologies Inc. launched a latest 7850 ICP-MS mass spectrometry instrument. The new ICP-MS instrument has a different smart software feature that will upsurge the capability of the ICP-MS laboratory.
• In 2016, International Phenome Center Network partnered with Bruker's influence of the NMR system and augmented expansion in clinical and translational research.
• In 2016, Thermo Fisher Scientific acquired Affymetrix, Inc. With the improved competency of the company in the growth of biosciences examination and genetic analysis.

Segments
By Technology
• Nuclear Magnetic Resonance (NMR) Spectroscopy
o Continuous-wave (CW) NMR Spectroscopy
o Fourier-transform NMR Spectroscopy
o Solid-state NMR Spectroscopy(SSNMR)
• UV- visible spectroscopy
o Single-beam UV-visible spectroscopy
o Dual-beam UV-visible spectroscopy
o Array-based UV-visible spectroscopy
• Infrared (IR) Spectroscopy
o Mid-wave infrared spectroscopy
o Short-wave infrared spectroscopy
o Far-wave infrared spectroscopy
• Color Measurement Spectroscopy
• Raman Spectroscopy
o Micro-Raman Spectroscopy
o Probe-based Raman Spectroscopy
o FT- Raman Spectroscopy
• Other Spectroscopy

By Component
• Hardware
• Software

By Application
• Pharmaceutical Application
• Biotechnology & Biopharmaceutical Application
• Food & Beverage Testing
• Environment Testing
• Academic Research
• Other Applications

By End User
• Government & Academic Institutions
• Pharmaceutical & Biotechnology Companies
• Others

By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
• Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
• Latin America
o Brazil
o Argentina
o Colombia
• MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt