Molecular spectroscopy refers to spectroscopy techniques used to analyze molecules and provides information about their structure. These techniques detect light absorbed or emitted by molecules to generate molecular fingerprints and insights into structural information through measuring electromagnetic spectrum or mass. Molecular spectroscopy finds extensive use in pharmaceutical industry for quality control, new drug development, and clinical diagnostics. The techniques allow non-destructive analysis of samples without requiring reagents. The growing pharmaceutical industry relies on molecular spectroscopy for rapid analysis of drugs, impurities, and other biomolecules. The global Molecular Spectroscopy Market is estimated to be valued at US$ 2.3 billion in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of molecular spectroscopy techniques in the pharmaceutical industry is one of the key trends driving the market growth. Pharmaceutical manufacturers are using molecular spectroscopy tools to speed up drug development processes and ensure high product quality. Near-infrared (NIR) spectroscopy is increasingly being used for in-line quality control during pharmaceutical production. NIR analysis provides accurate, non-destructive measurements and has replaced traditional wet chemical methods. Growing demand for improved drug efficacy and safety is prompting pharmaceutical companies to integrate molecular spectroscopy at various stages of drug manufacturing such as raw material identification, in-process and finished product analysis, and dissolution or impurity testing. This is expected to push the adoption of molecular spectroscopy solutions in the pharmaceutical industry over the forecast period.
Segment Analysis
The global molecular spectroscopy market is dominated by infrared spectroscopy sub-segment. Infrared spectroscopy finds widespread applications in diverse industries such as pharmaceuticals, biotechnology, chemicals, food and beverages among others. It is the most widely used technique for qualitative and quantitative analyses as it can detect different functional groups of molecules by exploiting the fact that molecules absorb specific amounts of energy in the infrared region.
Key Takeaways
The global molecular spectroscopy market size is expected to witness high growth.
Regional analysis: North America currently dominates the global market and is expected to maintain its leading position during the forecast period. Presence of major research institutes and laboratories in the region is driving the demand for molecular spectroscopy technologies. Asia Pacific region is projected to showcase highest growth in the molecular spectroscopy market owing to increasing government investments in life sciences sector and growing number of CROs and pharmaceutical companies in countries like China and India.
Key players: Key players operating in the molecular spectroscopy market are Thermo Fisher Scientific, Agilent Technologies, Danaher Corporation, Bruker Corporation, Shimadzu Corporation, Waters Corporation, PerkinElmer, JEOL Ltd., JASCO International Co., Ltd., FOSS, and HORIBA Ltd. Thermo Fisher Scientific Corporation holds the leading market share in terms of revenue owing to its diverse product portfolio in spectroscopy instruments. Agilent Technologies specializes in integrated chromatography-mass spectrometry solutions and Bruker Corporation offers a wide variety of analytical instruments for molecular spectroscopy.
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