The global Process Spectroscopy Market size is projected to reach USD 41.99 billion by 2030, registering a CAGR of 10.50% over the forecast period, according to a new report by Grand View Research, Inc. The increasing demand for advanced research and development has led to the adoption of various spectroscopy techniques significantly across the pharmaceutical industry during the for q ecast period. The growing emphasis on maintaining high-quality standards is driving technology’s growth.
Additionally, there is a rising focus on reducing operational costs, expected to drive the demand for spectroscopic devices in the coming years. The market players in the pharmaceutical industry engaging in extensive research and development have yielded the discovery of numerous drugs, resulting in the development of effective medications to combat various diseases and disabilities on a global scale. The continuous adoption of spectroscopic procedures and associated equipment installations will contribute to substantial market growth throughout the forecast period. Moreover, the market is expected to experience significant expansion in the coming years due to increasing awareness of high-quality spectroscopic devices among end-use industries.
Process spectroscopy refers to applying spectroscopic techniques for real-time monitoring and analysis of chemical, physical, or biological processes. It involves the use of various spectroscopic methods such as infrared (IR) spectroscopy, Raman spectroscopy, ultraviolet-visible (UV-Vis) spectroscopy, and nuclear magnetic resonance (NMR) spectroscopy, among others. The techniques utilized in process spectroscopy rely on the interaction of electromagnetic radiation with matter. They measure the absorption, emission, or scattering of light by molecules, allowing for the identification and quantification of various compounds and their properties.
The COVID-19 pandemic caused disruptions in global supply chains, subsequently impacting the market. This led to delays in manufacturing, delivering, and installing spectroscopy equipment and components. In the wake of the pandemic, the most challenging aspects have been the lack of testing to trace and identify infections. On the other hand, the pandemic increased the demand for process spectroscopy in pharmaceutical applications. The urgent need for vaccines, treatments, and diagnostics related to COVID-19 created opportunities for the market. Spectroscopic techniques are essential in drug development, quality control, and process optimization, contributing to the market's growth in the pharmaceutical industry.
The researchers developed a novel test technology for detecting the coronavirus, utilizing physics. By leveraging principles of physics, this innovative test technology offers a promising alternative to traditional biochemical-based tests. For instance, in 2020, a research team at Northern Arizona University developed a surface-enhanced single-molecule Raman spectroscopy (SM-SERS), which would identify the S proteins of the SARs-Cov-2 virus, involved in the virus at the cellular level.
The market for process spectroscopy is highly consolidated. Some prominent players in the market include Agilent Technologies, Inc.; Bruker; Danaher Corporation; Shimadzu Corporation; and Thermo Fisher Scientific, Inc. The industry participants are adopting process spectroscopic instruments to enhance product quality and adhere to international standards such as ISO and Six Sigma. The companies operating in this market are making huge investments in research and development initiatives.
Market players are involved in several strategic initiatives to achieve a competitive advantage, such as acquisitions, mergers, partnerships, and new product launches. For instance, in August 2022, Danaher Corporation announced that the company had acquired Aldevron. Aldevron would be branded within the Life Science segment of Danaher Corporation and operate as a standalone company.
Related Press Release@ Process Spectroscopy Market Report
Process Spectroscopy Market Report Highlights
- The hardware segment dominated with a market share of 77.1% in 2022 and is expected to witness a CAGR of 10.34% during the forecast period
- The pharmaceutical application segment dominated in 2022, gaining a revenue share of 31.6%. It is expected to grow at a CAGR of 11.08% throughout the forecast period
- The molecular technology segment held the largest revenue share of 45.1% in 2022. It is expected to grow at a CAGR of 10.40% throughout the forecast period
- The Nuclear Magnetic Resonance (NMR) molecular technology segment dominated in 2022 with a revenue share of 31.0%. It is expected to grow at a CAGR of 10.0% throughout the forecast period
- The primary source markets are the U.S., Japan, China, India, the UK, and Canada. The U.S. is expected to be the primary source market for process spectroscopy industry players
List of Key Players in the Process Spectroscopy Market
- ABB Group
- Agilent Technologies, Inc.
- Bruker Corporation
- Buchi Labortechnik AG
- Danaher Corporation
- Foss
- HORIBA, Ltd
- Kaiser Optical Systems, Inc.
- Kett Electric Laboratory
- Sartorius AG
- Shimadzu Corporation
- Thermo Fisher Scientific, Inc.
- Yokogawa Electric Corporation
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Process Spectroscopy Market Segmentation
Grand View Research has segmented the global process spectroscopy market based on technology, application, component, and region:
Process Spectroscopy Technology Outlook (Shipment, Units; ASP, USD; Revenue, USD Billion, 2017 - 2030)
- Molecular Spectroscopy
- NIR
- FT-IR
- Raman
- NMR
- Others
- Mass Spectroscopy
- Atomic Spectroscopy
Process Spectroscopy Application Outlook (Revenue, USD Billion, 2017 - 2030)
- Polymer
- Oil & Gas
- Pharmaceutical
- Food & Agriculture
- Chemical
- Water & Wastewater
- Pulp & Paper
- Metal & Mining
- Others
Process Spectroscopy Component Outlook (Revenue, USD Billion; 2017 - 2030)
- Hardware
- Software
Process Spectroscopy Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- Asia Pacific
- China
- Japan
- India
- South America
- Brazil
- Middle East and Africa (MEA)
Spectroscopy is the interaction between electromagnetic radiation and the matter.
Properties of process spectroscopy like cost-effectiveness and time saving are stimulating the demand for the technique, thereby encouraging process spectroscopy industry.
Download Free Sample Report @ https://www.millioninsights.com/industry-reports/process-spectroscopy-market/request-sample However, lack of skilled labor followed by significant initial investment is expected to obstruct the market growth of process spectroscopy.
Process spectroscopy market is witnessing opportunities from modernizations in spectroscopic domain since it decreases the total expenditure of product investigation and marketing by manufacturers.
On the basis of technology, the market is divided into Raman spectroscopy, infrared (NIR) spectroscopy, Fourier transform infrared (FT-IR) spectroscopy, etc.
In the previous years, pharmaceutical industry led process spectroscopy industry followed by agriculture and food.
The Global Process Spectroscopy Market Report, in its latest update, highlights the significant impacts and the recent strategically changes under the present socio-economic scenario.
The Process Spectroscopy industry growth avenues are deeply supported by exhaustive research by the top analysts of the industry.
The report starts with the executive summary, followed by a value chain and marketing channels study.
The report then estimates the CAGR and market revenue of the global and regional segments.Base Year: 2020Estimated Year: 2021Forecast Till: 2027The report classifies the market into different segments based on type and product.
These segments are studied in detail, incorporating the market estimates and forecasts at regional and country levels.
The segment analysis is helpful in understanding the growth areas and potential opportunities of the market.Get | Download FREE Sample Report of Global Process Spectroscopy Market @ https://www.decisiondatabases.com/contact/download-sample-753A special section is dedicated to the analysis of the impact of the COVID-19 pandemic on the growth of the Process Spectroscopy market.
