Molecular Spectroscopy Market Size (2023 - 2030)

The molecular spectroscopy market size at the global level was worth USD 5 billion in 2022 and is expected to grow with a CAGR of 7.76% to reach USD 10.3 billion by 2030 during the foreseen period.

Molecular spectroscopy is a subject of quantum physics containing the interaction of electromagnetic radiation with materials to generate an absorption known as spectrum, from which structural or compositional information can be presumed.

In the process of molecular spectroscopy, molecules undergo changes from one state to another and contain agitation of molecular movement or vibration used with infrared (IR) spectroscopy or the stimulation of an electron in a higher orbital as used for ultraviolet/visible (UV/VIS) spectroscopy.

Molecular spectroscopy technology is also used across other fields like pharmaceutical, mining, and chemical industries to quantify the environmental influence of diverse industrial processes.

MARKET DRIVERS

Factors driving the market include rising pharmaceutical and biotechnology industries with growing advanced technologies in molecular spectroscopy and the application of environmental screening. Also, the increasing food safety issues fuel the molecular spectroscopy market. Some of the developed and underdeveloped governments are continuously concentrating and supporting the drug discovery and improvements made by the pharma and biotechnology and research institutes. This factor booms the market growth globally.

Pharmaceutical industries are quickly adopting molecular diagnostics, increasing perforation of molecular spectroscopy in different verticals, and growing prominence on the discovery of new molecules by pharmaceuticals led the market to grow strongly.

As per the latest news by the National Institute of Health 2022, spectroscopy is widely used for identifying and monitoring COVID-19.

With the increasing COVID-19 cases, pharmaceutical companies are in demand for research and development activities that have accelerated the growing demand for drug discovery and improvements.

MARKET RESTRAINTS

However, the cost of molecular technology is expensive inhibits the growth rate of the molecular spectroscopy market. The absence of skilled health professionals and untimely reimbursement policies among the developed and undeveloped countries challenge the market growth.

Segment Analysis
The global molecular spectroscopy market is based on technology and application.

Molecular Spectroscopy Market - By Technology

• Nuclear Magnetic Resonance (NMR) Spectroscopy
• Continuous-wave (CW) NMR Spectroscopy
• Fourier-transform NMR Spectroscopy (FTS)
• Solid-state NMR Spectroscopy (SSNMR)

UV-Visible Spectroscopy

• Single-beam UV-Visible Spectroscopy
• Dual-beam UV-Visible Spectroscopy
• Array-based UV-Visible Spectroscopy

Infrared (IR) Spectroscopy

IR Spectroscopy, by Spectrum

• Mid-wave Infrared Spectroscopy
• Short-wave Infrared Spectroscopy
• Far-wave Infrared Spectroscopy

IR Spectroscopy, by Type

• Benchtop
• Hyphenated
• IR Microscopy
• Portable & Handheld
• Terahertz

Near-infrared Spectroscopy

• Scanning
• Fourier-transform
• Filter or AOTF

Color Measurement Spectroscopy
Raman Spectroscopy

Raman Spectroscopy, by Sampling Technique

• Surface-enhanced Raman Scattering
• Tip-enhanced Raman Scattering
• Other Sampling Techniques

Raman Spectroscopy, by Type

• Micro-Raman Spectroscopy
• Probe-based Raman Spectroscopy
• FT-Raman Spectroscopy
• Other Technologies (Fluorescence Spectroscopy and Hybrid Spectroscopy)

Based on the technology, Nuclear Magnetic Resonance (NMR) dominates the market globally. NMR is a chemistry procedure used in quality control and research for identifying the content and purity of the sample and its molecular structure. 

Molecular Spectroscopy Market - By Application

• Pharmaceutical Applications

• Biotechnology & Biopharmaceutical Applications

• Food & Beverage Testing

• Environment Testing

• Academic Research

• Other Applications

The pharmaceutical applications segment led the molecular spectroscopy market throughout the foreseen period. The segment growth attributes to the escalating significance of molecular spectroscopy across various stages of drug development and hiking research and development in the pharmaceutical industries.

The biotechnology and biopharmaceutical application is the second-largest segment and is expected to grow with the highest CAGR rate.

Regional Analysis
North America is spearheading the global molecular spectroscopy market with the highest share during the timeline period. The segment growth owes to technological advancements and governments are making high investments.

The U.S is the largest biopharmaceuticals market with one-third of the share and is the global leader in biopharmaceutical research and development, as per the Pharmaceutical Research and Manufacture's Association (PhRMA). The U.S has the most supportive domestic environment for research, development, and commercialization of pharmaceuticals with low market restrains.

The appearance of many pharmaceutical industries plays a crucial role in influencing the molecular spectroscopy market positively, in Canada.

Europe is the second-largest region to grow in the molecular spectroscopy market. The mushrooming investments by governing bodies and policymakers in medical sciences and life science research drives the European market. The appearance of global key players is increasing and large pharmaceutical companies propel the growth in the European countries.

The increasing use of molecular spectroscopy in the pharmaceutical field growing funds for environmental testing, and favorable government issues and policies and initiatives to enhance lab infrastructure. 
Germany, France, Spain, and the UK are experiencing augmenting growth in molecular spectroscopy.

Asia-Pacific's molecular spectroscopy is projected to have tremendous growth during 2023 - 2030. The quickly advancing biotechnology arena in China helps the region to acquire considerable growth during the procedure. Accumulating research and development activities rotating around the medical field in Japan continues to stand as a strong pillar fuel the market growth.

The region is likely to create opportunities for the players operating in the region. The demand for an extensive range of molecular spectroscopy devices flourishes in the molecular spectroscopy market.

China and India are highly adopting molecular spectroscopy and create immense opportunities for the key players in the market.

Latin America and the  Middle East and African regions are anticipated to have stable and sluggish growth in the molecular spectroscopy market throughout the timeframe. The quick rise in the population, growth in consumer awareness, and favorable government policies escalate the market growth. Moreover, modernization of healthcare infrastructure and increasing medical tourism across the developing nations intensify the molecular spectroscopy market growth.

Key players in the Molecular Spectroscopy Market
1. Bruker (US)

2. Thermo Fisher Scientific, Inc. (U.S)

3. PerkinElmer, Inc. (the US)

4. Agilent Technologies, Inc. (the US)

5. Shimadzu Corporation (Japan)

6. Danaher Corporation (US)

7. ABB (Switzerland)

8. Merck KGaA (Germany)

9. JEOL Ltd. (Japan)

10. FOSS (Denmark)

11. JASCO, Inc. (the US)

12. HORIBA Ltd. (US) 

COVID-19 Impact on Molecular Spectroscopy Market

The SARS-CoV-2 is responsible for the sudden eruption of the novel coronavirus (COVID-19). The World Health Organization (WHO) declared an emergency public health issue. To avoid the quick widespread of the virus, the nations have imposed severe lockdowns. 

The increasing pandemic has had a positive influence on the molecular spectroscopy market. The scientists are increasing their applications on Raman spectroscopy for testing COVID-19. The pharmaceutical industries are surging their research and development activities associated with drug delivery, and the demand for molecular spectroscopy is augmenting and is expected to grow considerably throughout the foreseen period. For example, a research team from Northern Arizona University (NAU) was found developing a new test technology for SARS-CoV-2 deploying single-molecule surface-enhanced Raman spectroscopy (SM-SERS). 

Recent Market Developments

• On August 09, 2017, Perkin Elmer launched the Spectrum Two N transportable FT-NIR system. The system is particularly invented for the medical staff and lab technicians using molecular spectroscopy for identifying an extensive range of food, pharmaceutical, and industry samples.
• On October 19, 2022, Bruker circulated the European launch of the high-performance Fourier 80 system, a next-generation, 80MHz Fourier Transform Nuclear Magnetic Resonance (FT-NMR) benchtop spectrometer.