Press release
Global Molecular Spectroscopy Market to Reach $9.89 Billion by 2029, Growing at 8.8% CAGR
Molecular Spectroscopy Market Growth
The size of the molecular spectroscopy market has seen robust growth lately. It is projected to increase from $6.47 billion in 2024 to $7.06 billion in 2025, displaying a compound annual growth rate (CAGR) of 9.1%. The past period's growth can be linked to a surge in demand for molecular analysis in the pharmaceutical field, attention given to environmental monitoring, the proliferation of academic and research institutions, food safety rules, and a heightened focus on quality control.
The market for molecular spectroscopy is poised to surge significantly in upcoming years, expanding to a value of $9.89 billion in 2029 with a compound annual growth rate (CAGR) of 8.8%. This anticipated growth during the projection period can be ascribed to the increasing emphasis on quality control and process optimization across various industries, the growth of pharmaceutical and biotechnology sectors worldwide, a heightened focus on sustainability and green chemistry, rapidly emerging markets that create a demand for molecular spectroscopy in healthcare diagnosis, and increasing investments in life sciences and healthcare research. Some emerging trends expected during the forecast period include the miniaturization and portability of equipment, integration with data analytics and AI, swift screening and real-time analysis, focus on sustainability and green chemistry, and customizable and modular systems.
What Is Contributing to the Growth of the Molecular Spectroscopy Market?
The surge in the pharmaceutical industry is set to fuel the expansion of the molecular spectroscopy market. Pharmaceutical operations encompass the discovery, production, development, and marketing of drugs. The sector has experienced swift expansion owing to advancements in technology, an uptick in R&D funding, growing worldwide healthcare needs and the pervasiveness of chronic diseases that need innovative therapies. Molecular spectroscopy is crucial for the accurate analysis of drug compounds, speeding up development, and maintaining quality control. For instance, per the European Federation of Pharmaceutical Industries and Associations, pharmaceutical production by a European manufacturing company hit around $374.00 billion in 2022, marking an increase from $356.35 billion the previous year. Accordingly, the swift expansion of the pharmaceutical industry will power the growth of the molecular spectroscopy market.
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Which Leading Companies Are Shaping the Growth of the Molecular Spectroscopy Market?
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
What Are the Major Trends Shaping the Molecular Spectroscopy Market?
Primary players in the molecular spectroscopy market like ThermoFisher Scientific are working towards technological advancements such as Matrix Assisted Laser Desorption Ionization (MALDI), a mass spectrometry technique used for ionizing large biomolecules. This technology offers high sensitivity and specificity, making it potent for detecting and quantifying M-proteins in serum samples. For example, ThermoFisher Scientific, a scientific instrumentation firm from the US, introduced the EXENT solution in August 2023. Designed to boost diagnostic precision and efficiency, the EXENT solution equips healthcare providers with dependable testing and diagnostic tools. ThermoFisher's intent to meet the rising need for precision diagnostics alongside maintaining stringent regulatory standards for EU market integration is evidenced in its IVDR compliance. ThermoFisher's dedication to further diagnostic technology and enhance global patient care is embodied in this launch.
What Are the Key Segments of the Molecular Spectroscopy Market?
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
Subsegments:
1) By Consumables: Reagents, Calibration Standards, Sample Vials, Light Sources
2) By Instruments: UV-Visible Spectrometers, Infrared (IR) Spectrometers, Raman Spectrometers, Near-Infrared (NIR) Spectrometers, Mass Spectrometers, Fluorescence Spectrometers
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Which Region Dominates the Molecular Spectroscopy Market?
North America was the largest region in the molecular spectroscopy market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the molecular spectroscopy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Molecular Spectroscopy Global Market Report?
- Market Size Analysis: Analyze the Molecular Spectroscopy Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Molecular Spectroscopy Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Molecular Spectroscopy Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Molecular Spectroscopy Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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