They are utilized extensively in biotechnology and pharmaceutical industries for applications such as nucleic acid and protein quantification, enzyme kinetics studies, and detection of biomarkers. With increasing research activities focused on developing new biologics and drugs, demand for spectrophotometers is growing substantially. The global Spectrophotometer Market is estimated to be valued at US$ 21.6 Billion in 2024 and is expected to exhibit a CAGR of 30.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of spectrophotometers in the biotechnology and pharmaceutical industries is one of the major trends driving the growth of this Global Spectrophotometer Market Size. Around 60% of research and development expenditure in the biotech and pharmaceutical sectors is focused on activities involving assays that require spectrophotometer analysis. Furthermore, ongoing development of combination instruments with multi-functional capabilities is expanding the application scope of spectrophotometers. Manufacturers are focusing on developing portable spectrophotometers with wireless connectivity to facilitate use in laboratory as well as field settings.
Segment Analysis
The global spectrophotometer market is dominated by the UV-Visible spectrophotometer segment. This segment holds more than 60% share of the overall market owing to wide applications of UV-Visible spectrophotometers across various industries including healthcare, chemicals, pharmaceuticals, etc. UV-Visible spectrophotometers are used for quantitative analysis of different liquid samples like chemical analysis in quality control and research work.
Key Takeaways
The global spectrophotometer market is expected to witness high growth.
Regional analysis: North America dominated the global market in 2024 holding over 30% share. Rapid industrialization coupled with expansion of healthcare and pharmaceutical industry across the US and Canada drive the demand for spectrophotometers in the region. Asia Pacific is expected to be the fastest growing market during the forecast period supported by growing research and development expenditures in countries like China and India.
Key players operating in the spectrophotometer market are Amazon Robotics, Bossa Nova, Simbe Robotics, ABB Robotics, Greyorange, Softbank Robotics, Honda Motor Co. Limited. Amazon Robotics provides robots that help pick, pack and ship customer orders more efficiently. Their Cloud Robotics and machine learning technology helps fulfil more orders with greater accuracy. Bossa Nova designs and engineers next-generation shelf scanning and inventory management robots for retailers. Their AI-powered autonomous robots provide accurate, real-time inventory data at store level.
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