Molecular spectroscopy is increasingly being used in drug discovery and development, metabolomics and biomarkers research, and diagnostics. However, the high cost of instruments and the need for skilled professionals to operate these highly sophisticated systems are the factors that are hindering the growth of this market.
The NMR Spectroscopy segment has the largest share in the molecular spectroscopy market, due to its wide usage in application areas including pharmaceuticals, biotechnology and biopharmaceuticals, food and beverage testing, environmental testing, and in research institutes. The pharmaceutical segment is the largest segment in the molecular spectroscopy application market. This can be attributed to the increasing necessity to improve drug safety and efficacy, along with significantly reducing costs associated to the drug discovery and development process.
In the years to come, the molecular spectroscopy market is expected to experience the highest growth in the Asian region, especially in China and India. These countries will serve as new revenue pockets for players in the molecular spectroscopy market. The high growth in these regions can be attributed to various factors such as the improved funding scenario and collaborations of key players with complimentary companies as well as academic research institutes. Furthermore, Brazil, Mexico, and the African region are projected to witness significant growth in the molecular spectroscopy market. The U.S. and Europe are mature molecular spectroscopy markets. New applications in diagnostics fields, applied markets, and technological advancements are expected to propel the demand in these regions. The RoW region includes Latin America, Africa, the Middle East, and the Pacific countries. These markets are slated to grow at a steady pace. However, the countries in these regions are increasing their focus on research, owing to which these regions can be considered as potential high-growth regions.
The global molecular spectroscopy market has high competitive intensity as there are many big and small firms with similar product offerings. These companies adopt various strategies (innovation, acquisitions, and geographic expansions) to increase their market shares and establish a strong foothold in the global market.