MOLECULAR SPECTROSCOPY MARKET ANALYSIS

Molecular Spectroscopy Market, By Type of Spectroscopy (NMR Spectroscopy, Raman Spectroscopy, UV-visible Spectroscopy, Mass Spectroscopy, Infra-red Spectroscopy, Near Infrared Spectroscopy, and Other Types of Spectroscopy), By Application (Pharmaceutical Applications, Food and Beverage Testing, Biotechnology and Biopharmaceutical Applications, Environmental Testing, Academic Research, and Other Applications), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Jun 2024
Code : CMI5439
Pages :165
Formats :
Excel and PDF
Industry : Medical Imaging

Market Challenges: High Cost of Maintenance and Installation Charges

One of the key challenges the molecular spectroscopy market faces is the high cost of spectroscopic equipment. The instruments can be quite expensive to purchase and maintain. Additionally, skilled professionals are needed to operate these systems and interpret the complex data they generate. Finding and retaining talented spectroscopists poses a hurdle. Another challenge is educating potential customers on the benefits of these techniques. While spectroscopy provides valuable molecular level information, some labs may not see it as a priority for their research or quality control needs.

Market Opportunities: Increase in drug discovery and development

The rise in global research and development activities presents substantial growth prospects in the molecular spectroscopy market, notably boosted during the pandemic. Bruker's launch of PhenoRisk PACS RuO, an NMR test for 'Long COVID' research, underscores this trend. Additionally, the surge in drug discovery and development fuels market expansion, with Raman spectroscopy emerging as a crucial analytical tool. Xtalpi's substantial funding in September 2020 highlights the industry's focus on enhancing digital drug discovery platforms for efficient candidate prediction and development.