The global molecular spectroscopy market is estimated to be valued at US$2,640.7 million in 2021 and is projected to reach a value of US$ (incorporate given market value for 2022) million by 2022, exhibiting a CAGR of 4.2% over the forecast period 2023-2030, as per Coherent Market Insights' report.
Market Overview:
Molecular spectroscopy refers to the study of the interaction of molecules with electromagnetic radiation. It plays a crucial role in various scientific fields such as chemistry, biochemistry, and pharmaceuticals, providing insights into the chemical structure and composition of molecules. The market offers a wide range of spectroscopic techniques such as nuclear magnetic resonance (NMR), infrared (IR) spectroscopy, UV-visible spectroscopy, and Raman spectroscopy. Accurate and reliable analytical tools are in high demand for drug discovery, environmental monitoring, food quality testing, and forensic analysis.
Market Key Trends:
One key trend in the molecular spectroscopy market is the increasing adoption of portable spectroscopy devices. These devices offer ease of use, portability, and real-time analysis, making them suitable for on-field applications and point-of-care testing. They eliminate the need for sample transportation and enable quick decision-making. Moreover, advancements in technology have led to the development of handheld and smartphone-based spectroscopy devices, further driving their adoption in various industries. Portable spectroscopy devices are expected to witness significant growth in the coming years due to their convenience and versatility in different applications.
Porter’s Analysis
Threat of new entrants: The molecular spectroscopy market faces a moderate threat of new entrants due to the high barriers to entry. The industry requires substantial investments in research and development, specialized equipment, and technology. Additionally, established companies hold significant market share and have strong brand recognition, making it difficult for new players to enter the market.
Bargaining power of buyers: Buyers in the molecular spectroscopy market have moderate bargaining power. While there are several players in the market, customers, such as research institutes and pharmaceutical companies, have the ability to negotiate pricing and terms based on their volume of purchase. However, the availability of alternative suppliers may limit their bargaining power to some extent.
Bargaining power of suppliers: Suppliers in the molecular spectroscopy market have relatively high bargaining power. The industry relies on key components and equipment, which are often supplied by a limited number of specialized manufacturers. This gives suppliers the ability to dictate pricing and terms to some extent, particularly for unique or patented technologies.
Threat of new substitutes: The threat of new substitutes in the molecular spectroscopy market is relatively low. Molecular spectroscopy techniques are highly specialized and widely used in various industries, such as pharmaceutical, biotechnology, and food and beverage. The accuracy and reliability of these techniques make it difficult for substitutes to emerge.
Competitive rivalry: The molecular spectroscopy market is highly competitive, characterized by the presence of several key players. These companies compete based on factors such as technological innovation, product quality, and pricing. The market is consolidated with a few major players dominating the industry. This intensifies the competitive rivalry among the existing players.
Key Takeaways
The Global Molecular Spectroscopy Market Size is expected to witness high growth, exhibiting a CAGR of 4.2% over the forecast period (2023-2030). This growth can be attributed to the increasing adoption of molecular spectroscopy techniques in various industries, including pharmaceuticals, biotechnology, and environmental testing. The advancements in technology and the development of portable and user-friendly devices are also driving market growth.
Regional analysis reveals that North America is the fastest-growing and dominating region in the molecular spectroscopy market. The region has a strong presence of major players, technological advancements, and well-established research infrastructure. Additionally, the increasing investment in research and development activities and the rising demand for accurate and reliable analytical techniques in industries such as healthcare and food and beverage contribute to the market's growth in the region.
Key players operating in the molecular spectroscopy market include Thorlabs Inc., VIAVI Solutions Inc., Keit Ltd., ABB Ltd., PerkinElmer Inc., Shimadzu Corporation, Horiba Ltd., Jeol Ltd., Jasco Inc., Danaher Corporation, Merck KgaA, Bruker Corporation, Agilent Technologies, Waters Corporation, Bio-Rad Laboratories Inc., Magritek Ltd., Thermo Fischer Scientific Inc., and Buck Scientific Instrument Manufacturing Company, among others. These key players focus on technological advancements, strategic collaborations, and acquisitions to gain a competitive edge in the market.
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