The Molecular Spectroscopy Market is estimated to be valued at USD 5.5 Bn in 2024, exhibiting a CAGR of 6.8% over the forecast period (2024-2031). Increasing investments in R&D activities across industries such as pharmaceutical, biotechnology, and chemicals along with rising demand for portable spectroscopy devices for on-field applications are expected to drive the market growth during the forecast period. Furthermore, the proliferation of spectroscopy techniques in emerging areas including food safety and security is anticipated to supplement the market expansion
Market Dynamics:
The growth of the global molecular spectroscopy market is driven by the increasing R&D investments in the pharmaceutical industry and rising adoption of portable spectroscopy devices. Pharmaceutical companies are increasingly investing in R&D activities to develop new molecules for drug discovery and design. Molecular spectroscopy helps identify the molecular structure of new molecules and compounds. This is increasing the demand for different spectroscopy techniques such as NMR, UV-Visible, and IR spectroscopy. Furthermore, portable spectroscopy devices are gaining popularity as they enable on-field molecular detection and analysis. The handheld and portable devices are being actively used across industries such as pharmaceutical, food safety, defense, and academics. This increasing adoption of portable devices is expected to propel the molecular spectroscopy market growth during the forecast period.
Growing Demand from the Pharmaceutical and Biotechnology Industries
The pharmaceutical and biotechnology industries are major end users of molecular spectroscopy technologies. Molecular spectroscopy finds wide applications in drug discovery, development, and quality control processes in these industries. It helps in identifying the structure and composition of new drug molecules. It is also used for analyzing molecular interactions and monitoring chemical reactions involved in drug synthesis. With growing R&D investments in drug development and increasing scope of personalized medicine, the demand for molecular spectroscopy from pharmaceutical and biotech companies is on the rise. This growing end-use is a key driver for the overall molecular spectroscopy market.
Increasing Adoption in Food Analysis and Environmental Monitoring
Molecular spectroscopy techniques like infrared spectroscopy and Raman spectroscopy are finding increasing utility in food analysis applications such as identification of adulteration, detecting contaminants and ensuring safety and quality. They are able to detect even minor alterations in molecular structures and composition. Similarly, molecular spectroscopy plays a vital role in environmental monitoring for analyzing air, water and soil pollution. It helps identify pollutants, monitor effects of climate change and detect hazardous substances. The increasing need for ensuring food safety and adopting sustainable environmental practices is augmenting the demand from these application areas, thereby propelling the molecular spectroscopy market forward.
High Cost of Advanced Spectroscopy Instruments
The molecular spectroscopy instruments that employ new technologies like FT-IR, ICP-MS, NMR, etc. demand heavy capital investments running into millions of dollars. Moreover, costs associated with operating and maintaining such sophisticated equipment are also significant. This makes molecular spectroscopy solutions unaffordable for small and medium scale end-users. The high capital expenditure requirements pose a major challenge to the widespread adoption of molecular spectroscopy technologies. It restrains the molecular spectroscopy market from reaching its true growth potential.
Requirement of Skilled Professionals
Molecular spectroscopy instruments have advanced features but they also require trained professionals to operate, analyze results, and draw meaningful insights. However, skilled spectroscopists and data analysts with expertise to handle molecular spectroscopy applications are limited in number. This talent crunch makes it difficult for end users to efficiently utilize sophisticated spectroscopy solutions. It also increases their dependence on expensive third-party vendors. The need for specialized training programmes to develop human resources is a challenge faced by the industry. This skill-based restraint adversely impacts the molecular spectroscopy market.
Personalized Medicine and Precision Diagnostics
Molecular spectroscopy is finding increasing applications in the emerging area of personalized medicine which involves customizing healthcare to individual patient needs based on their molecular profiling. It helps develop diagnostic tests for detecting diseases at molecular level and monitors treatment effectiveness. The rising scope of precision diagnostics and therapies is a major opportunity for the use of molecular spectroscopy technologies. It will drive the molecular spectroscopy market but the industry needs to develop solutions specifically addressing the needs of personalized medicine field.
Food Safety Monitoring and Supply Chain Compliance
Maintaining end-to-end integrity of global food supply chains requires stringent quality checks and safety regulations. This presents a massive opportunity for deployment of molecular spectroscopy in applications like verifying labels, detecting allergens and ensuring authenticity. It can help oversight bodies and food companies comply with track and trace requirements more efficiently. With growing globalization of food trade, the need for supply chain compliance monitoring through techniques like spectroscopy will steadily rise in the coming years, opening new doors for the molecular spectroscopy market.
Link - https://www.coherentmarketinsights.com/market-insight/molecular-spectroscopy-market-5439
Key Development
On May 10, 2024, Exum Instruments, pioneer of instruments and software ecosystems teamed up with Edge Scientific, a Canada-based distributor, to expand the distribution of Exum's products in North America, starting with its Massbox technology, a laser ablation laser ionization time of flight mass spectrometer (LALI-TOF-MS) for solid sample analysis. The partnership aims to combine expertise in analytical instruments to drive innovation, reduce operational costs, and introduce new capabilities. Edge Scientific will act as a reseller for Exum in Canada, offering trace-level quantitative analysis, elemental mapping, and depth profiling to Canadian researchers and industrial facilities.
In April 2022, Bruker Corporation, American manufacturer of scientific instruments acquired Optimal Industrial Automation and Technologies, a prominent entity in pharmaceutical and biopharmaceutical Process Analytical Technology (PAT), pharmaceutical manufacturing automation, and Quality Assurance (QA) software and systems integration, headquartered in the U.K. This acquisition enhances Bruker's position as a significant software and solutions provider for pharmaceutical companies, encompassing small molecules, biologics, and emerging drug modalities.
In March 2021, JASCO Corporation Japan Spectroscopic Company introduced the FP-8050 Series, a fresh lineup of fluorescence spectrophotometers comprising five instruments designed to address diverse applications in biological, environmental, chemical, and materials analyses
In April 2021, Spectroscopy, a multimedia platform dedicated to analytical spectroscopy proudly announced Dr. Bhavya Sharma, Assistant Professor of Chemistry at the University of Tennessee, Knoxville, as the recipient of the 2021 Emerging Leader in Molecular Spectroscopy Award. Dr. Sharma will receive the award at the upcoming SciX 2021 conference, where she will deliver a plenary lecture and be celebrated in an award symposium
In April 2020, Agilent Technologies, a life science, diagnostics company unveiled its Raman technology portfolio, featuring the Agilent Vaya Raman system. This handheld instrument expedites quality control testing within the pharmaceutical and biopharmaceutical sectors, particularly in the verification of raw material identity.
Key Players: Agilent Technologies Inc., Bruker Corporation, Danaher Corporation, Jeol Ltd, Horiba Ltd, Shimadzu Corporation, Thermo Fischer Scientific Inc., Merck kgaA, perkinelmer Inc., VIAVI Solutions Inc., Thorlabs Inc., Bio-Rad Laboratories Inc., Waters Corporation, Keit Ltd, Renishaw, JEOL, Hitachi High-Tech Science, Nikon, Olympus, Andor, Hamamatsu Photonics, Keyence, Lasertec, and Prometec
