With 7.0% CAGR, Raman Spectroscopy Market Growth to Surpass USD 1.1 billion

The Raman spectroscopy market is expected to reach USD 1.1 billion by 2028 from USD 0.8 billion in 2023, at a CAGR of 7.0% during the 2023-2028 period.

The major factors driving the market growth of the Raman spectroscopy market include increased focus on drug development in healthcare sector, rise in adoption of Raman spectroscopy in clinical applications, growing awareness regarding food safety, etc.

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Handheld & Portable Raman sub-segment in instrument segment is expected to grow at the highest CAGR of the Raman spectroscopy market during the forecast period.
Handheld Raman is an industry-changing technology that has drastically impacted the pharmaceutical and chemical industries' quality control process for incoming raw material testing. It provides the safety and security market an easy-to-use tool for field identification of unknown, suspicious, potentially hazardous or illicit substances. Raman spectroscopy has always provided nondestructive testing with the advantage over other methods of high specificity without requiring sample preparation or direct contact with the sample. Raman has the unique capability of being able to test a sample directly through transparent packing material like glass or plastic, therefore decreasing exposure to samples and maintaining sample integrity. With the added benefit of portability, handheld Raman spectrometers considerably increase efficiency by bringing the instrument to the sample, allowing for streamlined work processes.

Pharmaceuticals application is expected to account for the highest market share of the Raman spectroscopy market during the forecast period.

Pharmaceuticals are substances used in disease diagnosis, treatment, and prevention and for correction, restoration, and modification of organic functions. Pharmaceuticals are generally categorized as chemical groups based on pharmacological effects and their therapeutic use. Alkaloids were the first naturally derived pharmaceuticals, which include quinine, nicotine, atropine, and morphine. Other important pharmaceuticals derived from natural substances include antibiotics, vaccines, human blood plasma fractions, and steroid hormones. Many pharmaceutical drugs, such as insulin, are derived from glandular extracts of animals. Vitamins, which were earlier derived from natural substances, are processed in labs now. Many pharmaceuticals are now prepared in laboratories varying their degree of fineness. These include solutions such as spirits, elixirs, and tinctures; ointments such as creams, pastes, and jellies; and solid pharmaceuticals such as pills, tablets, lozenges, and suppositories.

The pharmaceutical industry uses Raman spectroscopy extensively for various analytical purposes, including drug development and quality control. In Raman spectroscopy, the scattered light that results from illuminating an object with a monochromatic laser is measured. The scattered light reveals the vibrational energy levels of the sample's molecule bonds, which can be used to determine the sample's chemical structure and bond nature. Raman spectroscopy can analyze samples in their natural form without the need for sample preparation or labeling, which is one of its main benefits. Raman spectroscopy can therefore be used to identify drug compounds, evaluate pharmaceutical formulations, and track the stability of medicines over time quickly and easily. Additionally, Raman spectroscopy can be used to spot fake medications, which is a significant issue in the pharmaceutical sector.

Asia Pacific is expected to register the highest market share during the forecast period.

The major drivers for the growth of the market in Asia Pacific include the rising investment in research towards cloud-based spectroscopy and the regulatory push to introduce process analytical technologies (PAT). PAT-enabled Raman spectrometers are now available in the market. In addition, the ongoing urbanization, increasing investments by global healthcare solution providers to improve healthcare devices, and the rising focus on drug development in this region are the major factors contributing to the high demand for Raman spectroscopy solutions. China is likely to be the fastest-growing market for Raman spectroscopy in Asia Pacific during the forecast period. The growth of the market in China can be attributed to the rising demand for Raman spectroscopy in pharmaceutical, life science, and materials science applications. The rising R&D initiatives in biomedicals in China is among the leading factors fueling the growth of the Raman spectroscopy market.

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The report profiles key players such as Thermo Fisher Scientific Inc. (US), Mettler Toledo (Switzerland), Agilent Technologies Inc. (US), Bruker (US), Renishaw Plc (UK), Rigaku Corporation (Japan), Oxford Instruments (UK), Endress+Hauser Group Services AG (Switzerland), HORIBA Ltd. (Japan), PerkinElmer Inc. (US), Hamamatsu Photonics K.K (Japan), Metrohm AG (Switzerland), Anton Paar GmbH (Austria), JASCO (Japan), Tornado Spectral Systems (Canada), Enhanced Spectrometry, Inc. (US), Zolix (China), Smiths Detection (UK), Ocean Insight (US), Ostec (US), TSI (US), Laser Detect System (Israel), Photon Systems, Inc. (US), B&W Tek (US), and Real Time Analyzers (US).

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