Government institutions worldwide are implementing more stringent food testing process to control the level of adulteration of food, which is driving the growth of food safety testing market. This initiative taken by the government is indirectly prompting the growth of spectroscopy market, as spectroscopy equipment are used for testing purposes. Technavio's market research analysts expect the global spectroscopy market to multiply significantly, posting a CAGR of close to 6% during the forecast period.
Spectroscopy instruments have a wide number of applications in different segments, which include the pharmaceutical industry, processed food industry, metal mining and chemical industry, government regulatory bodies, and others. The pharmaceutical industry, however, will mostly drive this market, mainly because of the equipment's wide application in drug R&D, manufacturing and testing process. The market is expected to grow at an increasing growth rate throughout the forecast period, due to the increased government investments, especially is developing countries, for providing better healthcare facilities by improving food safety testing and environmental testing processes.
Global spectroscopy market segmentation by type
In terms of type, the molecular spectroscopy accounted for almost 51% of the total revenue generated by spectroscopy market in 2014. The wider application of molecular spectroscopy in pharma industry and environmental science applications will help it to grow at a faster rate, and retain its dominance during the forecast period.
Geographical segmentation of the spectroscopy market
In terms of geographical market, the Americas contributed USD 3.04 billion in revenues to the global spectroscopy market. However, due to increased government initiatives and spending, especially in developing countries, the market is expected to witness a speedy growth. Therefore, vendors are focusing on gaining market share in developing countries, such as China, India, and Japan.
Competitive landscape and key vendors
Currently, the spectroscopy market is marked with the presence of many vendors, with intense competition among them. As a result, the market is witnessing many mergers and acquisitions by these vendors to gain market share and enhance product portfolio.
Top vendors in this market are -
Thermo Fisher Scientific
Other prominent vendors included in this report are Analytik Jena, FOSS, Hitachi High-Technologies, Jeol, and Shimadzu.
Key questions answered in the report include
What will the market size and the growth rate be in 2019?
What are the key factors driving the global spectroscopy market?
What are the key market trends impacting the growth of the global spectroscopy market?
What are the challenges to market growth?
Who are the key vendors in the global spectroscopy market?
What are the market opportunities and threats faced by the vendors in the global spectroscopy market?
What are the trending factors influencing the market shares of the APAC, EMEA, and the Americas?
What are the key outcomes of the five forces analysis of the global spectroscopy market?
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