Global Molecular Spectroscopy Market Sees Impressive Growth, Forecast to Reach USD 12.87 Billion by 2033

Posted Dec 19, 2023 by GoPhotonics Editorial Team

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Future Market Insights recently published a report on, "Molecular Spectroscopy Market". According to the report, the Molecular Spectroscopy Market is likely to hold a valuation of US$ 12.87 billion by 2033. In 2023, the market value is US$ 6.42 billion. As the adoption of new technologies in the pharma industry rises, the molecular spectroscopy market is likely to grow at a CAGR of 7.2% from 2023 to 2033.

The demand for microscopic spectroscopy in scientific, industrial, and research applications is increasing due to its ability to provide valuable insights into the composition, structure, and properties of materials at a microscopic level. Industries across the spectrum are increasingly turning toward molecular spectrometry as a trusted analytical tool to ensure the reliability and safety of their products. Apart from pharmaceuticals, this technology is used in food and beverage, environmental monitoring, and materials science to scrutinize materials and substances.

Molecular spectroscopy equipment finds usage in research and development facilities related to the agrochemical, healthcare diagnostics, and material sciences, but is mostly used in the pharmaceutical business. The emergence of breakthroughs like nuclear magnetic resonance spectroscopy is fueling a large increase in the market for molecular spectroscopy. These technical developments are assisting the global atomic spectroscopy market growth in gaining momentum.

Emerging economies like India and South Korea have also contributed significantly to the global molecular spectroscopy market. The investment by the government in research and development, along with the expansion of industries such as pharmaceuticals, agriculture, and materials science, has boosted the demand for advanced spectroscopy techniques. Key players in countries like China and Japan have successfully harnessed the potential of these techniques to its fullest extent.

Key Takeaways from the Molecular Spectroscopy Market Report:

The molecular spectroscopy market is expected to grow at a CAGR of 7.2% from 2023 to 2033.
Nuclear Magnetic Resonance spectroscopy dominates the global market with an overall revenue share of 32.40%.
The United States of America is the largest consumer of molecular spectroscopy, with a revenue share of 35.8%.
China is leading the molecular spectroscopy market growth with a CAGR of 12.3% through 2033. It is followed by South Korea (9.7%), India (8.8%), and Japan (8.5%).
The pharma industry is the largest consumer of molecular spectroscopy technology, with a global share of 34.70% of the market by type.

“Heavy initial monetary investments and a skilled workforce are required to interpret the complex data generated by techniques like molecular spectroscopy. Successfully overcoming these two challenges in the market can open doors for several breakthroughs in fields such as pharmaceuticals, materials science, and environmental monitoring”, opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI) analyst.

Competition Analysis:

The revenue growth for the molecular spectroscopy market is heavily dependent on the technological advancements in the Medicare and pharmaceutical industry.

As more industries become familiar with the capabilities and applications of this technology, its adoption is likely to expand across diverse sectors. This will fuel the growth of the molecular spectroscopy market and contribute to advancements in diagnostics, drug development, materials science, and environmental monitoring.

Key Companies in the Molecular Spectroscopy Market:

Key Developments in the Molecular Spectroscopy Market:

Horiba has recently introduced an advanced confocal Raman microscope, allowing researchers to study the real-time dynamics of molecules and chemical reactions.
WITec has developed an innovative scanning probe microscope tailored for tip-enhanced Raman spectroscopy (TERS). TERS is a technique that significantly enhances the Raman signal of molecules, amplifying it by up to 10^6 times and enabling Raman spectroscopy at spatial resolutions as fine as 10 nm.
Oxford Instruments has developed a new X-ray photoelectron spectrometer (XPS) that can perform XPS analysis on samples in their native environment. This eliminates the need to prepare samples for XPS analysis, which can damage or alter the selection.
Bruker Corporation introduced an innovative Raman microscope capable of achieving 3D imaging of samples with sub-wavelength resolution. This microscope employs a distinctive optical system to concentrate the Raman signal onto a detector, yielding high-resolution images with minimal interference.
Thermo Fisher Scientific unveiled a novel scanning electron microscope (SEM) that enables correlative microscopy with Raman spectroscopy. This integration allows researchers to examine the same sample area using SEM and Raman spectroscopy, providing complementary insights into the sample's structure and composition.

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