Molecular Spectroscopy Market is poised to touch USD 6.35 billion by 2022
Molecular Spectroscopy Market Size and Growth Rate:
According to our Research Report, the Global Molecular Spectroscopy Market Size to reach 6.35 billion USD by 2022 growing at a significant CAGR of 6.1% during 2017 to 2022.
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Molecular Spectroscopy Market Growth Drivers and Restraints:
The increase of the pharmaceutical and biotechnology industry, and technological improvements in molecular spectroscopy are encouraging the growth of the global molecular spectroscopy market. The increasing use of molecular spectroscopy in developing markets and the growing potential for the application of terahertz spectroscopy in healthcare are the important areas of opportunity.
The developing pharmaceutical industry in NIR spectroscopy is clearly a direct result of its significant benefits over other analytical techniques, namely, a simple sample preparation out any pretreatments, the possibility of separating the sample time position by use of fiber optic probes, and the expectation of synthetic and physical sample parameters from one particular spectrum. This increasing affinity towards the technology will succeed in the fast growth of this market.
Molecular Spectroscopy is an old biotechnological technique for the identification and investigation of molecules in a sample or product. Highly skilled workers are necessary to achieve accurate and reliable results. Due to lack of experience in this field of work, very few people opt for this training, which makes it very hard to find expert professionals in molecular spectroscopy. Along with these, high pay charges and the high cost of installation deter possible users and this may lead to a low CAGR in the projected years.
The nuclear magnetic resonance spectroscopy, UV-Visible spectroscopy, infrared spectroscopy, near-infrared spectroscopy, color range spectroscopy, and Raman spectroscopy are some of the prominent technologies in the world market. This spectroscopy has applications in the areas of pharmaceutical, medicine, biotechnology and biopharmaceutical medicines, environmental analysis, food, and drink testing, academic research, and others. In 2018, the pharmaceutical applications division accounted for the biggest share. Extensive use of molecular spectroscopy technologies at various stages of drug developing processes and an expansion in R&D investments by pharmaceutical manufacturers is driving the growth of the market.
Geographical Segmentation of the Molecular Spectroscopy Market:
North America accounted for the biggest share of the molecular spectroscopy market in 2017, followed by Europe. Great usage of molecular spectroscopy in the pharmaceutical area, increasing funding for environmental testing in the US, increasing food safety concerns in the US, and government actions to improve lab infrastructure and propel basic scientific research in Canada will drive market growth during the projected period.
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Key Players of the Molecular Spectroscopy Market:
The important players in the global market include - AB Sciex, Agilent Technologies, Bruker Corporation, Aglent Technologies, Inc., Danaher Corporation, PerkinElmer, Jeol, Inc., Shimadzu and Thermo Fischer Scientific, PerkinElmer, Inc., among others.
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