Raman spectroscopy is a spectroscopic technique that is used to observe vibrational, rotational and low-frequency modes in a system. It relies on inelastic scattering of monochromatic light, usually from a laser in the visible, near infrared or near ultraviolet range. The technique is increasingly being used in pharmaceutical applications such as polymorph/pseudopolymorph screening, crystallinity studies, and identification of active pharmaceutical ingredients and excipients. It enables non-invasive and non-destructive chemical analysis and structural characterization of various molecular compounds.
The global Raman spectroscopy market is estimated to be valued at US$ 1.36 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing adoption in pharmaceutical applications is a major driver boosting growth of the global Raman spectroscopy market. Raman spectroscopy offers significant advantages over traditional techniques like infrared spectroscopy for pharmaceutical applications as it does not require extensive sample preparation and provides molecular fingerprint information. This has resulted in wider usage of the technique by pharmaceutical companies for research and quality control purposes. Another driver fueling the market growth is technological advancements introducing user-friendly and portable Raman spectroscopy instruments for field use. This is increasing its popularity in industries like healthcare, security and forensics for on-site analysis.
SWOT Analysis
Strength: Raman spectroscopy provides nondestructive analysis without harming samples. It offers molecular fingerprinting capability with high specificity. Miniaturized portable Raman instruments enable onsite detection, which gives three advantages - speed, cost-effectiveness and real-time analysis.
Weakness: Raman effect has very low intensity. Specialized laser sources and spectrometers are required for detection, which increases costs. Samples with strong fluorescent properties can interfere with weak Raman signals. Data analysis and interpretation requires skilled personnel.
Opportunity: Growing life sciences R&D drives demand. Applications in pharmaceutical, biotechnology and medical sectors offer significant opportunities. Integration of Raman into mobile devices andpoint-of-care diagnostics opens new avenues. Governments increasing funding for analytical instrumentation to boost research.
Threats: Presence of alternative techniques like infrared spectroscopy and nuclear magnetic resonance spectroscopy. Slow adoption rate due to high capital costs poses challenges. Lack of standardized protocols and skillsets limits widespread applications.
Key Takeaways
The Global Raman Spectroscopy Market Size is expected to witness high growth. Value is projected to rise from US$ 1.36 billion in 2024 to US$ 2.52 billion by 2031, registering a CAGR of 8.0% during forecast years.
North America dominates currently due to extensive R&D spending and advanced analytical needs in industries. However, Asia Pacific is likely to emerge as the fastest growing region on back of increasing government initiatives and private funding in countries like China and India. Governments increasing investments in scientific research and focus on advanced technologies will drive demand. China and India represent huge untapped markets, with growing pharmaceutical, biotechnology and chemicals industries. Moreover, presence of leading global market players setting up manufacturing plants will provide impetus. By 2031, Asia Pacific is estimated to capture over 30% share of the global market.
Key players related content comprises
Key players operating in the Global Raman Spectroscopy Market are Quintiles IMS Holdings, Inc. (now IQVIA Holdings Inc.), PAREXEL International Corporation, ICON plc, and PPD, LLC. These companies primarily offer a wide range of Raman spectroscopy instruments along with associated software and services. They are focusing on expanding in high growth emerging markets through partnerships and collaborations.
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Raman Spectroscopy Market is anticipated to observe growth during the forecast period due to growing demand at the end user level.
The facts and figures included to produce this report are based on the data collection modules with large sample sizes.
This market research study assists customers in understanding a range of drivers and restraints in the Raman Spectroscopy industry which impacts the market during forecast period.Data Bridge Market Research analyses that the Raman spectroscopy market will exhibit a CAGR of 7.56% for the forecast period of 2021-2028Raman Spectroscopy market report also comprises of details of all the parameters mentioned above hence it can be utilized well for the business.
Moreover, Raman Spectroscopy market report explains company profiling of key players in the market, suspiciously analyzing their core competencies, and illustrating a competitive landscape for the Raman Spectroscopy industry.
The report also supports to measure and optimize each step in the lifecycle of industrial process that covers engagement, acquisition, retention, and monetization.
The Raman Spectroscopy business document highlights the command and drivers influencing the market.
The report gives a clear image of the current Raman Spectroscopy Market scenario and the expected future of the industry.
The report focuses on market drivers, restraints, growth, trends, and the forecast for the period from 2020 to 2025.
Besides, the report also represents the market performance by value chain analysis which will help to provide better product differentiation along with the analysis of each segment regarding opportunity, market attractiveness index and growth rate.Raman spectroscopy is a spectroscopic technique used to observe vibrational, rotational, and other low-frequency modes in a system.
It relies on inelastic scattering, or Raman scattering, of monochromatic light, usually from a laser in the visible, near infrared, or near ultraviolet range.
The laser light interacts with molecular vibrations, phonons or other excitations in the system, resulting in the energy of the laser photons being shifted up or down.
The shift in energy gives information about the vibrational modes in the system.
