The spectrophotometer market is estimated to be valued at US$ 18.75 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
A spectrophotometer is an instrument used to measure how much light is absorbed by a sample. It employs light in the visible, near-ultraviolet, or near-infrared regions of the electromagnetic spectrum. It uses radiation to quantify the amounts of analytes in a sample, and also to determine the efficacy of sunlight-blocking substances or UV-blocking substances present in cosmetics, plastics, etc. Spectrophotometers are widely used in various industries like pharmaceutical, biotechnology, environmental testing, food and beverages for quality control.

Market key trends:
The growing pharmaceutical industry is driving the growth of the spectrophotometer market. According to the IQVIA Institute for Human Data Science, the Global spending on pharmaceuticals is projected to reach $1.6 trillion by 2023, growing at a CAGR of 5-8%. With growing investments in drug discovery and development, demand for analytical instruments like spectrophotometer is also rising owing to its application in quality control, method development, and reaction monitoring. One of the major trend in the market is the increasing demand for multi-parameter benchtop spectrophotometers which provides advantages like simultaneous measurement of multiple parameters, reduced analysis time, high accuracy and precision.

Porter's Analysis
Threat of new entrants: Low capital requiremend and existing intellectual property rights pose low threat. However, established brands and regulations make market entry difficult.
Bargaining power of buyers: Large scientific instrument companies have significant bargaining power due to price sensitivity and demand for continuous innovations.
Bargaining power of suppliers: Suppliers of raw materials and components have moderate power due to availability of substitutes and competition.
Threat of new substitutes: Emerging technologies like chromatography pose threat but spectrophotometers have widespread applications and customized products.
Competitive rivalry: Intense competition due to technological advancements and customized product offerings. Players differentiate based on product performance.

SWOT Analysis
Strengths: Wide applications in various industries, technological advancements, customized products.
Weaknesses: High maintenance cost, skilled workforce requirement, bulkier models have portability issues.
Opportunities: Growth in pharmaceutical & biotech industries, point of care devices, emerging economies.
Threats: Competition from substitutes, pricing pressures, regulations & compliance issues.

Key Takeaways
Global Spectrophotometer Market Demand is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing demand from industries like biotechnology and pharmaceutical. Asia Pacific dominates the market with over 40% share owing to growth in pharma industry and rising R&D spending in China and India.

Regional analysis shows North America holds significant share and is expected to grow at 5.1% CAGR due to extensive pharma industry and stringent regulations for drug development. Europe spectrophotometer market demonstrates lucrative opportunities on back of large pharma base and adoption of laboratory analyzers.

Key players operating in the spectrophotometer market are Thermo Fisher Scientific, Bruker, Shimadzu, Waters Corporation, Agilent Technologies, PerkinElmer, AB Sciex. Thermo Fisher and Agilent lead owing to their comprehensive product portfolios and geographical presence while Bruker has strong position in life science research market.