Raman Spectroscopy Market is projected to reach USD 861 million by 2026 | Thermo Fisher Scientific, Inc. (US); Agilent Technologies, Inc. (US); Bruker Corporation (US); Mettler-Toledo International, Inc. (Switzerland); Renishaw PLC (UK); Horiba, Ltd. (Jap
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Key Players: Thermo Fisher Scientific, Inc. (US); Agilent Technologies, Inc. (US); Bruker Corporation (US); Mettler-Toledo International, Inc. (Switzerland); Renishaw PLC (UK); Horiba, Ltd. (Japan); Metrohm AG (Switzerland); Kaiser Optical Systems, Inc. (US); Rigaku Corporation (Japan); and PerkinElmer, Inc. (US)
“Rise in adoption of Raman spectroscopy in clinical applications and advancement in utilization of Raman spectroscopic techniques for catalysts and catalytic reactions are among the factors driving the growth of the Raman spectroscopy market.”
The global Raman spectroscopy market is projected to reach USD 861 million by 2026 from an estimated USD 602 million in 2021, at a CAGR of 7.4% from 2021 to 2026. The Rise in adoption of Raman spectroscopy in clinical applications and advancement in utilization of Raman spectroscopic techniques for catalysts and catalytic reactions are among the factors driving the growth of the Raman spectroscopy market.
“The market for handheld & portable Raman segment is expected to grow at the highest CAGR during the forecast period.”
The market for handheld & portable Raman segment is expected to grow at the highest CAGR during the forecast period. The growth is attributed to the rising adoption of handheld & portable Raman spectroscopy owing to their ability to offer a simple point-and-shoot format and fully portable testing with an ergonomic design. So, it enables rapid responses for unknown characterization against integrated digital libraries and pre-existing method data. In addition, these spectroscopies can be easily carried out and operated by low-skilled personnel to acquire the molecular fingerprint of raw materials for pharmaceutical, life science, and materials science applications.
“The surface enhanced Raman scattering (SERS) segment held the major share of the Raman spectroscopy market in 2020, and this trend is expected to continue during the forecast period.”
In 2020, surface enhanced Raman scattering (SERS) held the largest size of the Raman spectroscopy market, and a similar trend is likely to be observed during the forecast period. The growth can be attributed to continuous technological development of nanotechnology and extensive theoretical and experimental research, which have significantly broadened the scope of SERS and resulted in an increase in its demand in research of pharmaceutical, life science, and materials science. Also, the SERS sampling technique can be used to amplify weak Raman signals, especially when signals are using visible light excitation and a low number of scattered photons are available for detection. Hence, SERS finds its application in drug delivery, detection of trace amounts of chemical and biological threat agents, Point-of-care (POC) medical diagnostic devices, and forensic field testing.
“The pharmaceutical application held the largest share of the Raman spectroscopy market in 2020, and this trend is expected to continue during the forecast period.”
The pharmaceutical application held the largest size of the Raman spectroscopy market in 2020 and a similar trend is likely to be observed during the forecast period. The growth of the segment attributed to the surge in usage of solid-state pharmaceutical products in both industries and academia. Current pharmaceutical applications cover a broad range, from discovery to manufacturing of drugs in the pharmaceuticals industry like identifying polymorphs, monitoring real-time processes, detection of counterfeit & adulterated pharmaceutical products, and imaging solid dosage formulations. Owing to its ability to visualize the drug and excipients distribution in pharmaceutical formulations such as tablets, creams and ointments, Raman spectroscopy is in great demand in the pharmaceuticals industry.
“Based on region, APAC is expected to account for the highest CAGR of the Raman spectroscopy market by 2026”
In 2026, the Raman spectroscopy market in the APAC region is expected to record the highest CAGR during the forecast period. This growth is attributed to the increasing demand from pharmaceutical, life science, materials science applications in countries such as China, Japan, South Korea, and India. Moreover, the presence a large number of pharmaceutical and life science companies and contract manufacturing organizations (CMOs) is also driving the growth of the Raman spectroscopy market in the APAC region. In addition, increasing healthcare expenditure by government agencies and their initiatives on advanced healthcare technologies in their respective countries are also a prominent factor behind the growth of the Raman spectroscopy market in the region.
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