MOLECULAR SPECTROSCOPY MARKET ANALYSIS

Molecular Spectroscopy Market Size and Trends

The molecular spectroscopy market is estimated to be valued at USD 5.5 billion in 2024 and is expected to reach USD 8.7 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 6.8% from 2024 to 2031.

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The molecular spectroscopy market is expected to witness significant growth over the forecast period. The market growth is primarily fueled by rising demand for molecular spectroscopy across diverse sectors like pharmaceuticals, biotechnology, chemicals, food and beverage, environmental testing, and academic research. Molecular spectroscopy provides detailed information about the structure, dynamics, and quantitative or qualitative composition of molecules. Technological advancements in molecular spectroscopy tools in terms of miniaturization, portability, and higher efficiency are further expected to boost market revenues. The adoption of molecular spectroscopy for applications including drug discovery, disease diagnosis, organic material analysis and, pollutant monitoring will boost market revenues during the forecast period. For instance, in March 2024, in a publication in Nature, scientific journal researchers from the Max Born Institute in Berlin, Germany, and the Max-Planck Institute of Quantum Optics in Garching, presented a groundbreaking technique for analyzing the properties of matter using light. This innovative approach allows for the simultaneous detection and precise quantification of multiple substances with high chemical selectivity. Operating in the ultraviolet spectral region at extremely low light levels, the method utilizes two optical frequency combs and a photon counter. These experiments offer promising avenues for conducting dual-comb spectroscopy in low-light conditions, paving the way for novel applications in photon-level diagnostics. Potential applications include precision spectroscopy of individual atoms or molecules for fundamental physics tests, as well as studying ultraviolet photochemistry in the Earth's atmosphere or from space telescopes.

Technological Advancements in Spectroscopic Devices

Technological innovations over the past decade have significantly enhanced the capabilities of spectroscopic devices used for molecular analysis. Advanced integrated systems now offer higher resolution, sensitivity and spectral ranges compared to earlier generation instruments. Miniaturized lab-on-chip technologies have enabled portability and enabled molecular analysis to be conducted virtually anywhere. These improvements have expanded use cases for spectroscopy across various industries. For example, handheld Raman spectrometers are now used for rapid detection of contaminants in food processing plants by major agriculture companies. Miniaturized Fourier transform infrared spectroscopy devices integrated with AI have potential applications in pollution monitoring and asthma diagnosis as per recent research publications.  For Instance, in March 2022, PerkinElmer introduced a cutting-edge FT-IR liquid food testing platform comprising instruments, software, and optimized workflows. The LactoScope 300 system is adept at identifying crucial indicators like fat, protein, and lactose levels in milk, cream, and whey. Additionally, it can spot adulterants such as ammonium sulfate, maltodextrine, urea, water, and sucrose in both raw and processed milk.

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Growing Pharmaceutical R&D Investments and Regulations

The pharmaceutical industry is among the major end users of molecular spectroscopy techniques for new drug discovery and development. With rising healthcare expenditures, an aging global population and increasing prevalence of chronic diseases, pharmaceutical R&D investments have grown substantially over the past decade. According to  reports, over 150 billion dollars are spent annually on pharmaceutical R&D globally. A significant portion of these funds goes towards analytical characterization and testing of drug molecules, metabolites and formulations at various stages - from early discovery to commercial manufacturing. Moreover, regulatory standards by authorities like FDA and EMA have also become more stringent over the years. For instance, in October 2020, Bruker Corporation unveiled the Fourier 80 system in Europe, a benchtop spectrometer utilizing nuclear magnetic resonance (FT-NMR) technology. Additionally, numerous advancements are anticipated to drive notable market expansion throughout the projected period.