The key factors propelling the growth of this market are increased investments, funding, and grants by government bodies worldwide; ongoing new product launches; technological advancements; increase in the number of conferences, which helps to create awareness about molecular spectroscopy techniques; growing concerns over food and drug safety; and increasing use of molecular spectroscopy techniques in the fields of proteomics, biomarkers, and metabolomics.
This report broadly categorizes the global market into different technologies and applications. Based on products, the market comprises NMR, Ultraviolet-Visible (UV-Vis), Infrared (IR), Near Infrared (NIR), Color Measurement, Raman Spectroscopy, and others. The NMR Spectroscopy segment includes Continuous Wave NMR, Fourier Transform NMR, Solid-State NMR spectroscopy, and others. The Ultraviolet-Visible Spectroscopy (UV-Vis) segment comprises Single-beam UV-vis, Dual-beam UV-vis, Array-based UV-vis, handheld UV-vis spectroscopy, and others. The Infrared Spectroscopy (IR) market is further segment into market by spectrum and market by technology. The IR market by spectrum includes short-wave Infrared, mid-wave Infrared, and far-wave Infrared spectroscopy. The IR market by technology includes markets for benchtop, hyphenated, microscopy, portable, and terahertz spectroscopy. The Raman spectroscopy market is segmented by sampling technique and by technology.
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NMR spectroscopy accounted for the largest share of the overall molecular spectroscopymetry market, by technology, followed by UV-VIS spectroscopy. However, the Raman spectroscopy segment is expected to grow at the highest CAGR from 2013 to 2018. This high growth can be attributed to its technological advancements, and growing adoption in the pharmaceutical industry.
Based on applications, the market is segmented into pharmaceuticals, biotechnology & biopharmaceuticals, food & beverage testing, environmental testing, academic research institutes, and others. Based on geography, the market is divided into North America, Europe, Asia, and the Rest of World (RoW). North America is the largest market for molecular spectroscopy, followed by Europe and Asia. However, the Asian market is slated to grow at the highest rate over the next five years.
The global market was valued at $4.3 billion in 2013 and is expected to grow at a CAGR of 6.7% from 2013 to 2018. The market is dominated by North America, followed by Europe, Asia, and the Rest of the World (RoW). North America is expected to maintain its leadership position in the market in the coming years. The growth in the North American market is likely to be driven by factors such as the increasing number of government investments in pharmaceutical, biotechnology, medical, and academic research studies that make use of molecular spectroscopy techniques.
The major players in the global market include ABB Bomem, Inc. (U.S.), Agilent Technologies (U.S.), Bruker Corporation (U.S.), Danaher Corporation (U.S.), FOSS (Denmark), JASCO International Co., Ltd. (Japan), PerkinElmer, Inc. (U.S.), Shimadzu Corporation (Japan), Thermo Fisher Scientific, Inc. (U.S.), and JEOL, Ltd. (Japan).
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