The recent advances in and applications of atomic and molecular spectroscopy being extremely useful in fields such as agriculture, medicine, environmental monitoring, pharmacy, and more are boosting the global spectroscopy market.
The size of the global market for Spectroscopy is expected to reach 1,361,573 units by 2030, expanding at a compound annual growth rate (CAGR) of 7.09%.
Covid-19 Impact & Market Status
As a result of the influence of COVID-19 spreads, COVID-19 has had an impact on the total market and growth rate in 2019-2020. There is an ongoing slowdown in the healthcare business as a result of the global outbreak of COVID-19 and the ensuing lockout. COVID-19 wreaked havoc on major world economies, particularly the healthcare sector, in addition to communities. In reaction to the rapidly changing environment, key stakeholders are continuing to alter their strategy. COVID-19 is expected to have long-term consequences for the healthcare industry. Countries and big actors would have to make significant adjustments to their healthcare systems.
Healthcare changes are likely to include technological advancements, cost containment, and increased access in the near future. In the present pandemic, digital health and telehealth have taken Centre stage. The need of remote diagnosis, care, and consultation was stressed again at COVID-19. Telehealth expansion has stalled in recent years due to regulatory and behavioral constraints. However, because many healthcare providers are already experimenting with video conferencing and phone calls, this segment's growth is predicted to skyrocket in the next two years. Patients with moderate symptoms were also required to consult online as part of the social distancing strategies.
Furthermore, it significantly reduced the strain on hospitals that were already overburdened with COVID-19 patients. Medical IoT devices that stay with patients at home are now being used to improve outpatient care and reduce recurrent visits. These devices can also be put to use in a crisis. As a result of the pandemic, there were severe resource restrictions. This is projected to lead to the creation of competitive pricing and value-based pricing structures, speeding up future market growth. As a result, such variables are likely to have a major impact on the spectroscopic software industry.
Molecular Spectroscopy Poised for Rapid Market Growth
The global spectroscopy market is classified into Mass Spectroscopy, Molecular Spectroscopy, and Atomic Spectroscopy on the basis of spectroscopy type. Among these, the molecular spectroscopy segment gathered the largest market revenue of global spectroscopy market and is expected to hold highest CAGR in the forecast years 2021-2028. Due to its growing application in environmental screening and drug discovery and development, as well as advancements in NMR technology, the market for molecular spectroscopy is expected to increase throughout the forecast period.
Molecular spectroscopy is a technology that is frequently used in a variety of industries, including food and agriculture and pharmaceuticals. The system is gaining popularity due to its ability to monitor, analyze, and regulate production processes, as well as recognize flaws in product materials by improving product quality.
Pharmaceutical Industry Driving Market Expansion
Pharmaceutical, food and beverage, environmental testing, and other segments make up the market. During the predicted period, Pharmaceutical Applications held the greatest market share. Significant expansion in the pharmaceutical industry is one of the key drivers of the market's positive outlook for the global spectroscopy market.
North America Expected to Hold Largest Market Share
During the forecast period, North America is expected to hold the largest share of the global Process Spectroscopy Market, owing to the region's well-established R&D infrastructure in major industrial sectors such as food & beverage, pharmaceuticals, and chemicals, which is one of the primary growth stimulants for the regional market.
Technology advancements in electronic devices is anticipated to be growth opportunity to the global spectroscopy market.
The factors such as technology advancements in electronic devices, manufacturers heavily investing in product development activities, increasing food production boosting the demand for advanced techniques for maintaining food quality, next generation scientific instruments coming up in the market are propelling the global spectroscopy market.
Process From 2021 to 2028, the Spectroscopy Market is expected to increase at a CAGR of 7.1 percent, from USD 2.17 billion in 2020 to USD 3.52 billion in 2028. Emitting spectrums are used to represent the data collected by spectroscopes. In spectrometry, spectrometry software uses data analysis, acquisitions, and representations.
Spectroscopy is the study of the interaction of electromagnetic radiation with materials. Atomic and electron spectroscopy are examples of electromagnetic radiation. Prisms were used to analyze the depression of visible light based on wavelengths, which led to the invention of spectroscopy.
These programs assist in the execution of studies, such as plant pigments, absorbance spectra of coloured solutions, and emission spectra analysis. Intensities, transmittance, emission spectra, fluorescence, and absorbance were all measured using the spectrometer software. Students and research institutes can utilize various software, such as PASCO, spectrometry, to help create standard curves and collect data.
Software makes it easier to collect this information and it may be used in both technologically advanced and technologically limited facilities. Spectroscopy is a technique that involves using spectroscopy to investigate the interaction of electromagnetic radiation with materials.
Because of its numerous valuable characteristics, it has been designed as one of the best systems for analysing final items. The use of a process spectroscopy system has a number of advantages, including lowering the overall cost of monitoring and saving time.
However, challenges in in-situ sample analysis, lack of accuracy are some key challenges preventing users from integrating the spectroscopy software hampering the global spectroscopy market.
Growing use of spectroscopy for dependable water and wastewater treatment, as well as in the medication safety process, advances in oil and gas process operation are only a few of the process spectroscopy's emerging application areas, relevant advancements of well-established techniques for highly specialized research is anticipated to be growth opportunity to the global spectroscopy market.
The major players in global spectroscopy market are Advanced Chemistry Development, Agilent Technologies, AB Sciex Pte, Genedata, WATERS, Shimadzu Scientific Instruments, OpenMS, Bruker, Thermo Fisher Scientific, SpectralWorks, Microsaic Systems, Lablicate, Scientific Instrument Services by Adaptas, and MS Wil B.V. among others.
Latest Innovations in the Global Spectroscopy Market: a Snapshot
- Thermo Fisher Scientific will release analytical instruments and software in 2020 to help laboratories enhance their workflows.
- In 2020, Shimadzu Corporation and HORIBA Raman Spectrometers signed a fundamental agreement to collaborate on the development and commercialization of LC-Raman analytical and measuring devices.
- SCIEX will introduce a new precise mass LC-MS/MS device for biotherapeutics in 2021.
- In 2021, Agilent released MassHunter Workstation Plus 11.0, MassHunter Networked Workstation 11.0, and MassHunter BioConfirm, which are all upgraded mass spectrometry and automation software solutions.
Spectroscopy Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 3.52 billion|
|Growth Rate||CAGR of 7.1% during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Advanced Chemistry Development, Agilent Technologies, AB Sciex Pte, Genedata, WATERS, Shimadzu Scientific Instruments, OpenMS, Bruker, Thermo Fisher Scientific, SpectralWorks, Microsaic Systems, Lablicate, Scientific Instrument Services by Adaptas, and MS Wil B.V. among others.|
Key Segments of the Global Spectroscopy Market
Type Overview, 2018-2028 (USD Billion)
- Mass Spectroscopy
- Molecular Spectroscopy
- Atomic Spectroscopy
Application Overview, 2018-2028 (USD Billion)
- Life Sciences
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa