Press release
Molecular Spectroscopy Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Molecular Spectroscopy Market Size
How Large Will the Molecular Spectroscopy Market Size By 2025?
The market size of molecular spectroscopy has seen significant expansion in the past few years. The market, valued at $6.47 billion in 2024, is projected to increase to $7.03 billion in 2025, with a compound annual growth rate (CAGR) of 8.6%. The impressive growth during the historic period can be linked to factors like heightened demand for molecular analysis in the pharmaceutical sector, an emphasis on environmental monitoring, the growth of academic and research institutions, strict food safety norms, and a heightened focus on quality control.
How Big Is the Molecular Spectroscopy Market Size Expected to Grow by 2029?
In the upcoming years, the molecular spectroscopy market is predicted to experience robust expansion. It's anticipated to increase to a market size of $9.73 billion by 2029, with a compound annual growth rate (CAGR) of 8.5%. This growth during the forecast period is ascribed to the heightened emphasis on quality control and process optimization across various industries, expansion of the global pharmaceutical and biotech sectors, an increased focus on sustainability and green chemistry, emerging markets' rising requirement for molecular spectroscopy in healthcare diagnostics, and escalating investments in healthcare and life sciences research. Key trends that will shape the forecast period involve miniaturization and portability, integration of data analytics and AI, swift screening and real-time analysis, sustainability and green chemistry, as well as customization and modular systems.
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Which Key Market Drivers Powering Molecular Spectroscopy Market Expansion and Growth?
The molecular spectroscopy market is likely to benefit from the impressive expansion of the pharmaceutical industry. Pharmaceutical activities - from drug discovery to development, production, and distribution - are witnessing accelerated growth. Technological advancements, surging investments in research and development, escalating global health care needs, and the surge in chronic diseases that require innovative solutions, all contribute to the fast-paced growth of the industry. Molecular spectroscopy plays a crucial role in precise drug compound analysis, helping to expedite development and maintain quality control. As an example, pharmaceutical production by a Europe-based pharmaceutical manufacturing company stated by the European Federation of Pharmaceutical Industries and Associations saw a rise from $356.35 billion in 2021 to $374.00 billion in 2022. Hence, the molecular spectroscopy market is poised for growth, propelled by the swift expansion of the pharmaceutical sector.
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Which Fast-Growing Trends Are Poised to Disrupt the Molecular Spectroscopy Market?
Key players in the molecular spectroscopy market, such as ThermoFisher Scientific, are concentrating on pushing the boundaries of technology by innovating techniques like Matrix Assisted Laser Desorption Ionization (MALDI). This technique, known for its remarkable sensitivity and specificity, aids in the effective detection and quantification of M-proteins found in serum samples. MALDI is a mass spectrometry approach that ionizes larger biomolecules, including proteins and peptides, using a matrix that absorbs laser energy. In August 2023, ThermoFisher Scientific, a renowned scientific instrumentation firm in the United States, introduced the EXENT Solution as part of their innovation strategy. This solution is designed with a focus on enhancing diagnostic precision and efficiency, thus equipping healthcare providers with more dependable diagnostic tools. The introduction of the IVDR compliant EXENT solution is ThermoFisher's way of addressing the rising demand for precise diagnostics, conforming to stringent regulatory standards - a prerequisite for its uptake in EU markets. This pioneering initiative on ThermoFisher's part reaffirms their dedication towards the improvement of diagnostic technologies and patient care across the world.
What Are the Emerging Segments in the Molecular Spectroscopy Market?
The molecular spectroscopymarket 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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Who Are the Global Leaders in 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
Which are the Top Profitable Regional Markets for the Molecular Spectroscopy Industry?
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.
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