spectroscopy technology market Projected to Experience Major Revenue Boost during the Period between 2018 to 2023

The global spectroscopy technology market should grow from $13.2 billion in 2018 to $16.3 billion by 2023 at a compound annual growth rate (CAGR) of 4.4% for the period of 2018-2023.

Report Scope:

The study covers atomic, mass and molecular spectroscopy. It also covers the research institution, pharmaceutical and biotechnology and other end-user market segments. The main geographical markets—North America, Europe, Asia and Rest of World (ROW)—are examined.

Technology status and market driving forces are discussed and analysed. Factors that influence each market are also highlighted, including the forces driving growth, industry alliances and acquisitions, applications in diagnostics and drug development and testing, food and beverage testing and other customer needs and competitive trends.

Key industry acquisitions and strategic alliances are given for the three-year period from 2015 through June 2018.

This report also examines the main patent trends within the industry and profiles 30 of the major companies in the spectroscopy market.

Report Includes:

– 56 data tables and 113 additional tables
– An overview of the spectroscopy in biosciences, their instruments and global markets
– Analyses of global market trends, with data from 2017 to 2018, and projections of CAGRs through 2023
– Detailed description of ultraviolet and visible absorption spectroscopy (UV-VIS), infrared absorption spectroscopy (IRS), raman spectroscopy, mass spectrometry (MS) and nuclear magnetic resonance spectroscopy (NMR)
– Discussion about background, key trends and market opportunity analysis
– Profiles of major companies of the industry, including Bruker Corp., Danaher Corp., Ionsense Inc., JEOL Ltd. and Zurich Instruments AG

Summary

Spectroscopy technologies in the field of bioscience are widely used in the study of biological materials through their interactions with radiations of different wavelengths. Spectroscopy provides valuable compositional and structural information pertaining to the biological materials. It is a multidisciplinary field consisting of spectrometers and applications.

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The market is being driven by a plethora of advances in the field of spectroscopy, improvements in mass spectrometry workflow and instruments, and miniaturization of handheld instruments. These innovations and advances are driving spectroscopy applications in key markets such as diagnostics, proteomics, clinical and others. Furthermore, increasing adoption of spectroscopy-based analytical methods in pharmaceutical and biotechnology industries, surging demand of sophisticated equipment for measurement and high-performance testing, and growing adoption of spectrometric analysis in clinical and toxicological applications are major factors in the growth of the global market for spectroscopy.

The global spectroscopy market is projected to rise at a CAGR of xx% during the forecast period of 2018 through 2023. In 2023, total revenues are expected to reach more than $xx billion, an increase from $xx billion from 2018.

Growth in the pharmaceutical sector, along with increasing R&D in the pharma and biotech industry, presents a huge growth opportunity for the spectroscopy market. According to the Initiative and Referendum Institute Europe, in 2015, approximately $xx billion (€xx billion) was spent on pharma and biotech R&D globally by the top 369 companies, representing an increase of xx% compared to2014. Furthermore, the International Trade Administration estimates that the global market for pharmaceuticals is projected to grow from approximately $xx trillion in 2015 to $xx trillion by 2020. Global economic and demographic trends driving the pharmaceutical market include a rising geriatric population and an associated rise in chronic diseases, increased urbanization and higher disposable incomes, greater government expenditure on healthcare and growing demand for more effective treatments.

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The report provides an analysis, based on each market segment, by technology, application and end user. The technology segment is further sub-segmented into atomic spectroscopy, mass spectroscopy and molecular spectroscopy. Molecular spectroscopy held the largest market share of xx% in 2017 in terms of revenue, followed by atomic spectroscopy and mass spectroscopy. By 2023, total revenue from molecular spectroscopy is expected to exceed $xx billion. The mass spectroscopy segment is estimated to rise at the highest CAGR, at xx%, through 2023. Total revenue from the mass spectroscopy segmentis expected to reach nearly $xxbillion by 2023.