Global Molecular Spectroscopy Market - Segmented by Type of Spectroscopy, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The Molecular spectroscopy (MS) Market is expected to register a CAGR of about 7%, during the forecast period, 2018 to 2023. Molecular spectrometry is the highest growing segment in spectrometry market, regarding value. The market is experiencing a shift in technology from collecting full-spectral images to measuring only a few required spectrums. This shift in technology has increased the efficiency, better signal-to-noise ratio, and image quality. Infrared and Raman spectroscopy techniques are used to determine the spatial distribution of chemical constituents, which are used in biomedical research, polymers, and forensics. The market for these techniques is growing significantly.
Rapid Adoption Pharmaceutical Industry
Molecular spectroscopy is heavily used in the field of research and development of pharmaceutical and other biotechnology products. One of the molecular spectroscopy types used in R&D is NIRS. Near-infrared spectroscopy (NIRS) is a rapid and non-destructive procedure that provides multi component analysis of almost any matrix. In recent years, NIR spectroscopy has gained a wide appreciation within the pharmaceutical industry for raw material testing, product quality control and process monitoring. The growing pharmaceutical interest in NIR spectroscopy is probably a direct consequence of its major advantages over other analytical techniques, namely, an easy sample preparation without any pretreatments, the probability of separating the sample measurement position by use of fiber optic probes, and the expectation of chemical and physical sample parameters from one single spectrum. This growing affinity towards this technology will result in the fast growth of this market.
Need of Technically Skilled Personnel
Molecular Spectroscopy is an advanced biotechnological technique for the identification and study of molecules in a sample or product. Highly skilled personnel are necessary to achieve accurate and reliable results. Due to lack of awareness in this field of work, very few people opt for such training, which makes it very difficult to find expert professionals in molecular spectroscopy. Along with this high maintenance charges and the high cost of installation deter potential user and this may lead to a low CAGR in the forecasted years.
North America to Witness Considerable Growth in the Forecast Period
North America accounted for the largest share of the molecular spectroscopy market in 2017, followed by Europe. High usage of molecular spectroscopy in the pharmaceutical sector, growing funding for environmental testing in the US, growing food safety concerns in the US, and government initiatives to improve lab infrastructure and propel fundamental scientific research in Canada will drive market growth during the forecast period.
Key Developments in the Market