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Unlocking the Molecules: Molecular Spectroscopy Market Innovations and Trends 2024
As per the report, the molecular spectroscopy market size has grown strongly in recent years. It will grow from $5.95 billion in 2023 to $6.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The molecular spectroscopy market size is expected to see strong growth in the next few years. It will grow to $9.1 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
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Pharmaceutical Industry Boom to Drive Molecular Spectroscopy Market Growth
The rapid growth of the pharmaceutical industry is expected to propel the growth of the molecular spectroscopy market going forward. The pharmaceutical sector involves discovering, developing, producing, and marketing medications. The pharmaceutical industry has seen rapid growth due to technological advances, increased R&D investment, rising global healthcare demands, and the prevalence of chronic illnesses requiring innovative treatments. Molecular spectroscopy enables precise analysis of drug compounds, accelerates development, and ensures quality control. For instance, in June 2023, according to the European Federation of Pharmaceutical Industries and Associations, a Europe-based pharmaceutical manufacturing company, pharmaceutical production reached approximately $374.00 billion in 2022, compared to $356.35 billion in 2021. Therefore, the rapid growth of the pharmaceutical industry will drive the development of the molecular spectroscopy market.
Technological Innovations Driving Growth In Molecular Spectroscopy Market
Major companies operating in the molecular spectroscopy market are focusing on advancements with electronic and optical technologies, to enhance their spectroscopy instruments' accuracy, efficiency, and capabilities. Electronic and optical technologies in molecular spectroscopy strengthen the analysis of molecular structures and dynamics through advanced techniques such as laser spectroscopy, fluorescence spectroscopy, and electronic absorption spectroscopy. For instance, in March 2021, JASCO Corporation, a Japan-based manufacturer of instrumentation for molecular spectroscopy and chromatography, launched the FP-8050 Series, a new line of fluorescence spectrophotometers prioritizing sensitivity with advanced electronic and optical technologies, featuring a long-life xenon arc lamp lasting up to 3000 hours for superior performance. This updated version includes enhanced features for faster data analysis and storage and a 21 CFR Part 11-compliant Spectra Manager to meet FDA requirements.
The molecular spectroscopy market covered in this report is segmented -
1) By Product Type: Consumables, Instruments
2) By Technology: Nuclear Magnetic Resonance Spectroscopy, UV-Visible Spectroscopy, Infrared Spectroscopy, Near-Infrared Spectroscopy, Color Measurement Spectroscopy, Raman Spectroscopy, Other Technologies
3) By Application: Pharmaceutical Applications, Food and Beverage Testing, Biotechnology And Biopharmaceutical Applications, Environmental Testing, Academic Research, Other Applications
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Major companies operating in the molecular spectroscopy market are Thermo Fisher Scientific Inc., Danaher Corporation, ABB Ltd., Merck KGaA, Agilent Technologies Inc., Olympus Corporation, Keyence Corporation, Teledyne Technologies Incorporated, PerkinElmer Inc., Shimadzu Corporation, Coherent Inc., Endress+Hauser Group Services AG, Bio-Rad Laboratories Inc., Bruker Corporation, Horiba Ltd, Hamamatsu Photonics K.K., VIAVI Solutions Inc., Jeol Ltd, Renishaw plc., Metrohm India Limited, Thorlabs Inc., B&W Tek., JASCO International Co. Ltd., Digilab Inc., Keit Ltd
Contents of the report:
1. Executive Summary
2. Molecular Spectroscopy Market Report Structure
3. Molecular Spectroscopy Market Trends And Strategies
4. Molecular Spectroscopy Market - Macro Economic Scenario
5. Molecular Spectroscopy Market Size And Growth
…..
27. Molecular Spectroscopy Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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