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Molecular Spectroscopy Market is expected to reach US$ 5,586.37 million by 2030

The molecular spectroscopy market is set to grow from US$ 3,807.30 million in 2022 to US$ 5,586.37 million by 2030 with a CAGR of 4.9% during 2022-2030.

By The Insight Partners

Instrument Segment Expected to Hold Significant Market Share of Molecular Spectroscopy Market During 2022–2030

According to our latest study on "Molecular Spectroscopy Market Forecast to 2030 – Global Analysis – Product, Technology, Application," the market is expected to reach US$  5,586.37 million by 2030 from US$ 3,807.30 million in 2022. The report emphasizes the key factors driving the market and prominent players' developments. Factors such as the growing adoption and use of molecular spectroscopy and the rapid growth of the pharmaceutical industry propel the molecular spectroscopy market growth. However, a shortage of technically skilled personnel and high maintenance and installation costs impede the market growth.

Molecular spectroscopy is used in the R&D of pharmaceuticals and other biotechnological products. Near-infrared (NIR) spectroscopy is one of the types of molecular spectroscopy that has gained wide recognition in the pharmaceutical industry in recent years due to its huge advantages over other analysis techniques; it helps in effortless sample preparation and exhibits the ability to obtain chemical and physical sample parameters from a single spectrum. Raman spectroscopy is also one of the powerful analytical techniques implemented in drug discovery and pharmaceutical development. It is used to study structural activity relationships and improve reaction conditions and other parameters, such as polymorph and formulation screening, that lead to the scale required to move drug compounds from discovery to development.

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Nuclear magnetic resonance (NMR) spectroscopy is considered a robust tool, and the use of this technique for developing novel therapeutics has increased. In March 2021, Bruker Corp. announced the launch of a permanent magnet Fourier 80 system, a next-generation, 80 MHz high-performance Fourier transform NMR benchtop spectrometer used for multinuclear gradient spectroscopy with industry-standard automation options. Therefore, such new molecular spectroscopy technologies are expected to bring new molecular spectroscopy market trends in the coming years.

Molecular Spectroscopy Market, by Product:

Based on product, the molecular spectroscopy market analysis is carried out by considering the following segments: instruments and accessories. The instrument segment held a larger molecular spectroscopy market share in 2022 and is anticipated to register a higher CAGR of 5.1% during the forecast period. Spectrometers can be divided into three main types based on operating principles: dispersive, filter-based, and Fourier transform instruments. Fourier transform spectrometers (FTS or FT spectrometers) have replaced dispersive instruments in many infrared and near-infrared applications over the past few decades. The interferometer is the heart of every Fourier transform spectrometer. The current generation FT spectrometers use various interferometer designs.

Accessories help make the spectrometer usable for various analytical tasks and enable further automation—a few accessories from Analytik Jena GmbH+Co. KG for UV/Vis spectroscopy are cell holders, cell changers, flow cell systems, and reflection accessories or fiber coupling. Kromatek is also a UK-based company specializing in the supply of consumables and accessories for spectroscopy applications. Such factors are expected to positively influence the molecular spectroscopy market size.

Molecular Spectroscopy Market, by Application:

By application, the market is segmented into academic and research applications, biotechnology applications, pharmaceutical applications, and others. The academic and research applications segment held the largest molecular spectroscopy market share in 2022 and is anticipated to register the highest CAGR of 5.4% during the forecast period. Academic and research institutes serve as critical testing and validation centers, meticulously assessing the biocompatibility and scalability of various products. Additionally, the research institutes are investing heavily to boost the bioprocesses, leading to market growth.

Molecular Spectroscopy Market, by Geography:

Based on geography, the molecular spectroscopy market report is primarily divided into North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). Increasing developments of new biologics owing to the growing number of new molecular entities approved by regulatory authorities and several market players offering new products help in the market expansion. The strategic presence of key players positioned North America as a key region for the molecular spectroscopy market growth in 2022.

Apart from factors driving the market, the molecular spectroscopy market report emphasizes prominent players' developments. Bruker Corporation, Jasco Corp, Shimadzu Corp, JEOL Ltd, Teledyne Princeton Instruments Inc, Agilent Technologies Inc, Oxford Instruments Plc, Ostec Instruments, Revvity Inc, Merck KGaA, Silios Technologies SA, Thermo Fisher Scientific Inc, and Horiba Ltd are among the prominent players in operating in the market.

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