The wide application of NMR spectroscopy, improvements in Raman technologies, and miniaturization of molecular spectroscopy instruments are the factors that are contributing to the growth of the market. The demand for molecular spectroscopy systems is growing, owing to the increasing requirements in the life sciences and pharmaceutical industries as wells as the substantial demand from the chemical and petrochemical industries. Moreover, the growing market for terahertz technology has resulted in the rapid growth of the market.
The key factors propelling the growth of this market are increased investments, funding, and grants by government bodies worldwide; ongoing new product launches; technological advancements; increase in the number of conferences, which helps to create awareness about molecular spectroscopy techniques; growing concerns over food and drug safety; and increasing use of molecular spectroscopy techniques in the fields of proteomics, biomarkers, and metabolomics.
This report broadly categorizes the global market into different technologies and applications. Based on products, the market comprises NMR Spectroscopy, Ultraviolet-Visible Spectroscopy (UV-Vis), Infrared Spectroscopy (IR), Near Infrared (NIR) Spectroscopy, Color Measurement Spectroscopy, Raman Spectroscopy, and others. The NMR Spectroscopy segment includes Continuous Wave NMR spectroscopy, Fourier Transform NMR spectroscopy, Solid-State NMR spectroscopy, and others. The Ultraviolet-Visible Spectroscopy (UV-Vis) segment comprises Single-beam UV-vis spectroscopy, Dual-beam UV-vis spectroscopy, Array-based UV-vis spectroscopy, handheld UV-vis spectroscopy, and others. The Infrared Spectroscopy (IR) market is further segment into market by spectrum and market by technology. The IR market by spectrum includes short-wave Infrared spectroscopy, mid-wave Infrared spectroscopy, and far-wave Infrared spectroscopy. The IR market by technology includes markets for benchtop, hyphenated, microscopy, portable, and terahertz spectroscopy. The Raman spectroscopy market is segmented by sampling technique and by technology.
NMR spectroscopy accounted for the largest share of the overall molecular spectroscopymetry market, by technology, followed by UV-VIS spectroscopy. However, the Raman spectroscopy segment is expected to grow at the highest CAGR from 2013 to 2018. This high growth can be attributed to its technological advancements, and growing adoption in the pharmaceutical industry.
Based on applications, the market is segmented into pharmaceuticals, biotechnology & biopharmaceuticals, food & beverage testing, environmental testing, academic research institutes, and others. Based on geography, the market is divided into North America, Europe, Asia, and the Rest of World (RoW). North America is the largest market for molecular spectroscopy, followed by Europe and Asia. However, the Asian market is slated to grow at the highest rate over the next five years.