Growing Adoption Of UV-Visible Spectrophotometers are fueling the growth of the Global Spectrophotometer Market

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Growing Adoption Of UV-Visible Spectrophotometers are fueling the growth of the Global Spectrophotometer Market

The Global Spectrophotometer Market is estimated to be valued at US$ 18.75 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

A spectrophotometer is an instrument used to measure the amount of light absorbed by a sample or emitted by it. It is based on the principle of measuring how much a substance reduces the intensity of light that passes through it. Spectrophotometers find applications in various end-use industries such as healthcare, pharmaceuticals, chemicals, etc. for the analysis of components.

Market key trends:

One of the key trends in the spectrophotometer market is the growing adoption of UV-Visible spectrophotometers. UV-Visible spectrophotometers use ultraviolet and visible light to analyze components and compounds. They are considered one of the most widely used instruments for quantitative absorption measurements in various industries. The capability of conducting high-throughput screening has further augmented their adoption rates Globally.

Segment Analysis

The spectrophotometer market is segmented based on type, application and end-use. Based on type, the spectrophotometer market is bifurcated into UV-visible spectrophotometer, infrared spectrophotometer and nuclear magnetic resonance spectrophotometer. Among these, the UV-visible spectrophotometer segment dominated the market in 2022 and is expected to witness high demand over the forecast period. UV-visible spectrophotometers find widespread applications in pharmaceutical, biotechnology and chemical analysis due to their non-destructive analysis and high accuracy.

Key Takeaways

Global Spectrophotometer Market Demand is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing demand from industries such as pharmaceutical, biotechnology and chemicals. The market size for spectrophotometer is expected to reach US$ 18.75 Bn by 2023.

Regional analysis: North America dominated the Global spectrophotometer market in 2022 and is expected to remain dominant during the forecast period. High demand for spectrophotometers from industries such as pharmaceutical and biotechnology drives the market growth in this region. Asia Pacific is expected to be the fastest growing region due to expanding industrial sectors in major economies like China and India.

Key players: Key players operating in the spectrophotometer market are Thermo Fisher Scientific, Bruker, Shimadzu, Waters Corporation, Agilent Technologies and PerkinElmer. Thermo Fisher Scientific captured the largest market share in 2022 owing to its wide product portfolio and Global presence.

Get More Insights on this Topic- https://www.marketwebjournal.com/spectrophotometer-market-value-insights-and-forecast/

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