GLOBAL RAMAN SPECTROSCOPY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Global Raman spectroscopy market is expected to be valued at US$ 1.98 Bn by 2030, from US$ 1.18 Bn in 2023, exhibiting a CAGR of 7.7% during the forecast period.

Raman spectroscopy is an analytical technique that is used to observe vibrational, rotational, and other low-frequency modes in a system. It relies on inelastic scattering of monochromatic light, usually from a laser source. The laser light interacts with molecular vibrations, phonons or other excitations, resulting in the energy of the laser photons being shifted up or down. The shift in energy provides information about the vibrational modes in the system.

The key drivers of the Raman spectroscopy market include growing R&D activities in the pharmaceutical and biotechnology industries, rising focus on quality control in various industries, increasing application in homeland security, growing demand in life science research, and technological advancements.

Global Raman spectroscopy market is segmented into by technology, application, end user, and region. By technology, the market is segmented into micro Raman spectroscopy, probe based Raman spectroscopy, FT Raman spectroscopy and others. The micro Raman spectroscopy segment accounts for the largest share owing to its advantages like non-destructive testing and suitability for analyzing small sample volumes.

Global Raman Spectroscopy Market- Regional Insights

• North America is expected to be the largest market for Raman spectroscopy during the forecast period, accounting for over 35% of the market share in 2023. The growth of the market in North America is attributed to increasing R&D investments and growing focus on product development using Raman spectroscopy.
• Asia Pacific is expected to be the second-largest market for Raman spectroscopy, accounting for over 25% of the market share in 2023. The growth of the market is attributed to expanding pharmaceutical industry and growth in outsourcing drug discovery services to the region.
• Europe is expected to be the fastest-growing market for Raman spectroscopy, with a CAGR of over 9% during the forecast period. The growth of the market in Europe is attributed to increasing research activities and growing investments in biotechnology sector.

Analyst View: The global raman spectroscopy market is expected to witness steady growth over the forecast period due to increasing adoption of Raman spectroscopy techniques across various end-use industries such as pharmaceutical, life sciences, material science and forensic science. North America currently dominates the market, owing to presence of major players and growing R&D investments for new drug development. However, Asia Pacific is likely to emerge as the fastest growing market with countries like China and India emerging as manufacturing hubs. Key factors propelling the demand include technological advancements along with rise in funding & investments for scientific research globally. Increasing application of Raman spectroscopy in polymer identification, semiconductor testing and counterfeit drug detection would further support the market expansion. However, high costs of Raman instruments and need for skilled workforce remain key challenges. Availability of handheld and MEMS-based Raman spectrometers capable of performing real-time in-field analysis is expected to open new opportunities by enabling end-use in process monitoring, quality control and threat detection. Furthermore, growing focus on developing cost-effective and customized Raman spectroscopy solutions suitable for specific industry needs would aid market participants in gaining competitive advantage.

Figure 1. Global Raman Spectroscopy Market Share (%), By Region, 2023

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Global Raman Spectroscopy Market- Drivers

• Increasing investments in R&D activities: The growing investments in research and development (R&D) activities is a major factor driving the growth of the global Raman spectroscopy market. Both government and private institutions are steadily increasing their R&D spending on developing advanced Raman spectroscopy systems. Similarly, leading market players are spending substantially on R&D activities to develop next-gen Raman spectroscopy devices integrated with complementary analytical techniques. The growing R&D investments are resulting in technological advancements, miniaturization and automation of Raman spectroscopy devices, thereby, supporting the market growth.
• Emerging applications in disease diagnostics and food safety: Raman spectroscopy is used in disease diagnostics and food safety testing. The non-invasive, label-free and real-time analysis offered by Raman spectroscopy makes it ideal for diagnostic applications. Raman spectroscopy is being used for cancer diagnosis, detection of arterial blockages, bone disease diagnosis, and others.
• Growing demand in pharmaceutical and biotechnology sectors: Raman spectroscopy is extensively used in the pharmaceutical and biotechnology industries for drug discovery, pharmaceutical product development and quality control processes. It allows non-destructive analysis of pharmaceutical ingredients as well as excipients. The growing pharmaceutical manufacturing and rising drug development activities globally are key factors boosting the adoption of Raman spectroscopy. Moreover, increasing use of biopharmaceuticals is further escalating the demand for Raman spectroscopy in biotechnology sector for protein characterization and stability studies.
• Technological shift from fluorescence to Raman spectroscopy: There has been a technological shift from fluorescence spectroscopy to Raman spectroscopy for bio analysis applications. This is because Raman spectroscopy offers key advantages including greater specificity, ability to analyze aqueous solutions and multiplexing capability. Moreover, with recent advances in instrumentation, surface-enhanced Raman spectroscopy (SERS) substrates and chemo metrics tools, Raman spectroscopy can now provide trace-level sensitivity matching fluorescence. The technological shift towards Raman is propelling the market growth.

Global Raman Spectroscopy Market- Opportunities

• Raman spectroscopy is gaining traction in homeland security and forensics applications: Its ability for standoff, non-contact detection of chemicals makes it suitable for airport security, border control and detecting forged documents or explosives. Portable Raman devices are being adopted by security agencies for on-field detection and identification of chemicals. For instance, Rigaku's handheld Raman device is used in forensic labs. Furthermore, Raman spectroscopy is vital in forensic investigation of gunshot residues, fibers, body fluids and fingerprints. Thus, emerging security and forensic applications present significant opportunities for market growth.
• Growing demand in emerging economies: The increasing industrialization, growing research landscape and expanding pharmaceutical industry in emerging economies such as India, Brazil and China offer lucrative opportunities for Raman spectroscopy market. The favorable government policies supporting scientific research and investments in these countries is attracting key market players to expand their footprint in these regions. Moreover, the improving healthcare infrastructure and increasing healthcare expenditure will further escalate the adoption of Raman spectroscopy for research and clinical applications.
• Technological integration with complementary techniques: The integration of Raman spectroscopy systems with complementary analytical techniques such as atomic force microscopy (AFM), mass spectrometry and others can expand its application capabilities. These hyphenated techniques leverage the benefits of multiple analytical tools to provide detailed morphological and biochemical information. For example, correlative Raman-AFM instruments enable both spectral and topological analysis for materials. The technological integration and increasing development of such multimodal systems can provide significant growth opportunities for the Raman spectroscopy market.
• Growth prospects in food packaging industry: Raman spectroscopy has immense potential in food packaging sector for raw material identification, product inspection and quality control. It can precisely analyze polymer-based packaging materials and detect contaminants. Moreover, handheld/portable Raman spectrometers allow non-destructive testing of food packaging at production facilities. The rising focus on packaged food safety is escalating the demand for Raman spectroscopy in the food packaging industry. This presents lucrative opportunities for market players.

Global Raman Spectroscopy Market- Trends

• Development of complementary metal-oxide semiconductor (CMOS) Raman spectroscopy: The adoption of complementary metal-oxide semiconductor (CMOS) cameras or sensors for Raman spectroscopy systems is rising. CMOS sensors offer several benefits including low noise, high quantum efficiency, reduced readout time and low-cost production. These enhance the sensitivity and speed of Raman systems. Key companies like Rigaku are developing CMOS-based Raman spectrometers. Moreover, researchers are integrating CMOS sensors with other microsystems like microfluidics to develop Lab-on-a-Chip Raman devices. The CMOS technology is a prominent trend in the Raman spectroscopy market.
• Emergence of transmission Raman spectroscopy: Transmission Raman is emerging as a novel technique that uses optical fibers to deliver excitation light and collect Raman signal. This overcomes limitations of conventional backscattering Raman spectroscopy. Transmission Raman provides depth profiling capability and enables analysis of thick or opaque samples. Optical fibers make remote or in-line analysis feasible. The technology is gaining traction for investigating industrial reactors, pipelines and pharmaceutical manufacturing. Transmission Raman’s unique benefits is driving its adoption across research and industrial domains.
• Growing industry-academia collaborations: There is an increase in collaboration between academic and research institutions and key industry players within the Raman spectroscopy domain. These collaborative efforts aim to leverage state-of-the-art research for developing innovative Raman spectroscopy products and expanding practical applications.
• Advent of handheld and portable Raman spectrometers: Easy-to-use, compact and affordable handheld/portable Raman spectrometers are being widely adopted for on-site chemical analysis. Key benefits offered include minimal sample preparation needs, non-contact measurement and quick analysis turnaround time. Portable Raman devices find extensive applications across industrial QA/QC, environmental screening, art authentication and geological surveying. Ongoing product development and commercialization of portable Raman systems by companies like Sciaps, B&W Tek, and Rigaku etc. is a major trend fostering the market growth.

Global Raman Spectroscopy Market- Restraints

• High costs of Raman spectroscopy systems: The high cost of Raman spectroscopy devices is a major factor hampering their greater adoption. The prices of advanced Raman spectrometers range from US$ 60,000 to US$ 90,000. Additionally, ownership costs are also high due to maintenance expenses and requirement of specialized personnel. This makes adoption challenging for academic institutes and small businesses with budget constraints. The companies are focused on introducing low-cost portable Raman spectrometers to improve adoption across end-use sectors.
• Presence of substitute technologies: The emergence of alternative analytical technologies such as infrared (IR) spectroscopy, X-Ray diffraction and others are hampering demand for Raman spectroscopy systems. Although Raman spectroscopy provides advantages over techniques like IR, the low-cost FT-IR spectrometers provides tough competition. Moreover, a skilled user can obtain complementary data from a combination of substitute technologies. Thus, the presence of competing analytical approaches poses challenges for widespread adoption of Raman spectroscopy.
• Potential thermal damage to samples: Powerful monochromatic light sources used in Raman spectrometers can potentially cause photo-degradation or thermal damage to samples. This can limit applications for biological samples or thermally unstable materials. The companies are developing advanced Raman systems with near-infrared lasers, ultrafast pulse lasers, and others to overcome this restraint. Biosafety measures are followed to avoid damage to sensitive samples. However, the thermal effects during testing restrict usage for certain applications.

Global Raman Spectroscopy Market- Recent Developments

New Product Launches:

• In July 2022, Renishaw plc. A pioneer in combining Raman spectroscopy with scanning electron microscopes (SEMs), launched its latest product- the inLux SEM Raman interface. Adding the inLux interface to SEM enables in situ Raman spectroscopy which provides highly specific chemical and structural characterization to complement  SEM information. The inLux interface is compatible with SEMs from all major manufacturers, and can be easily added to new and existing SEMs on site.
• In July 2020, HORIBA Scientific, a global leader in measurement and analysis solutions for advanced research and industry, and the world leader in Raman microscopy and nanoscopy, launched Easy Image, a new imaging tool for Raman microscopy
• In May 2020, Renishaw plc. , the pioneer in combining Raman spectroscopy with scanning electron microscopes (SEMs), announced the launch of the inVia InSpect, a new version of its bestselling inVia confocal Raman microscope, optimized for use in forensic laboratories for trace evidence analysis

Acquisition and Partnerships:

• On October 17, 2023, HORIBA Scientific, a global leader in measurement and analysis solutions for advanced research and industry, announced the acquisition of Process Instruments, Inc., a leading developer and manufacturer of Raman process spectroscopy for environmental and process markets
• On June 21, 2023, Thermo Fisher Scientific Inc., the world leader in serving science, announced acquisition of MarqMetrix, a privately held developer of Raman-based spectroscopy solutions
• In January 2022, Wasatch Photonics , a leading supplier of gratings and spectroscopy equipment, and Nikalyte Ltd., a specialist company in the field of nanoparticles research, announced a partnership to facilitate evaluation and testing of a novel surface-enhanced Raman spectroscopy (SERS) substrate for trace detection of materials, with applications in narcotics, food safety, pharmaceuticals, environmental and biological analysis
• In September 2021, Rapiscan Systems Inc., a biotechnology company, announced distribution partnership with Metrohm AG, an internationally active producer of precision instruments for chemical analysis, to distribute Metrohm handheld Raman spectrometer products globally through Rapiscan's Instruments Business Unit
• In July 2020, Merck KGaA, a leading science and technology company, enhanced its advanced bioprocess portfolio through the acquisition of RESOLUTION Spectra Systems, a France-based leader in bioprocess analytical monitoring. The company offers Raman spectroscopy analysis through its GMP-ready instrumentation and software.

Figure 2. Global Raman Spectroscopy Market Share (%), By Application, 2023

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Top companies in Global Raman Spectroscopy Market:

• Thermo Fisher Scientific Inc.
• Merck KGaA
• HORIBA Scientific
• Nikalyte Ltd.
• Bruker
• Renishaw plc
• Jasco Inc.
• Shimadzu Corporation
• Kaiser Optical Systems, Inc.
• PerkinElmer Inc.
• JEOL Ltd
• Agilent Technologies, Inc.
• Anton Paar GmbH
• Metrohm AG
• RP Photonics AG
• TechnoS Instruments, INDIA
• Agiltron Inc.
• Ibsen Photonics
• Sartorius AG

Definition: Raman spectroscopy refers to a spectroscopic technique that is used to study vibrational, rotational, and other low-frequency modes in a system. It relies on inelastic scattering of monochromatic light and provides detailed information about molecular structure, phase, polymorphism, crystallinity and molecular interactions. Raman spectroscopy has a wide range of applications including in chemistry, physics, materials science, biology, geology, and medicine. It is used for analysis of pharmaceuticals, polymers, semiconductors, nanomaterial, biomolecules, forensic materials, and others. The major benefits of Raman spectroscopy include minimal sample preparation, non-destructive analysis and high specificity. Ongoing advances in instrumentation and software tools expanded applications of Raman spectroscopy across industrial and research domains.

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