Spectroscopy Market Growing at 6% CAGR, Study Finds.
M2 PHARMA-January 21, 2016-Spectroscopy Market Growing at 6% CAGR, Study Finds
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- The molecular spectroscopy market is witnessing a switch from single molecular to macromolecular spectroscopy, driving strong growth, according to a new study from market research firm SandlerResearch.
Single molecular spectroscopy has been widely used because of its extensive application in investigating the structural dynamics and biological functions of proteins.
Single molecular spectroscopic techniques offer real-time and nanometer-resolution information.
The initiative taken by the government is indirectly prompting the growth of spectroscopy market, as spectroscopy equipment are used for testing purposes.
This market research analysts expect the global spectroscopy market to multiply significantly, posting a CAGR of close to 6% during the forecast period.
Spectroscopy instruments have a wide number of applications in different segments, which include the pharmaceutical industry, processed food industry, metal mining and chemical industry, government regulatory bodies, and others.
The pharmaceutical industry, however, will mostly drive this market, mainly because of the equipments wide application in drug R/D, manufacturing and testing process.
This market is expected to grow at an increasing growth rate throughout the forecast period, due to the increased government investments, especially is developing countries, for providing better healthcare facilities by improving food safety testing and environmental testing processes.
In terms of type, the molecular spectroscopy accounted for almost 51% of the total revenue generated by spectroscopy market in 2014.
The wider application of molecular spectroscopy in pharma industry and environmental science applications will help it to grow at a faster rate, and retain its dominance during the forecast period.
In terms of geographical market, the Americas contributed 3.04 bn in revenues to the global spectroscopy market.
However, due to increased government initiatives and spending, especially in developing countries, the market is expected to witness a speedy growth.
Therefore, vendors are focusing on gaining market share in developing countries, such as China, India, and Japan.
Currently, the spectroscopy market is marked with the presence of many vendors, with intense competition among them.
As a result, the market is witnessing many mergers and acquisitions by these vendors to gain market share and enhance product portfolio.
The leading key vendors in the global spectroscopy market are: Agilent Technologies, Bruker, Danaher, PerkinElmer and Thermo Fisher Scientific. The other prominent vendors in the market are: Analytik Jena, FOSS, Hitachi High-Technologies, Jeol, and Shimadzu.
Further, the global spectroscopy market report states that one of the major challenges for vendors in the market is the high cost incurred in the innovation and development of atomic spectroscopy.
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|Date:||Jan 21, 2016|
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