Molecular Spectroscopy Market

Market Overview

Environmental Testing and Screening to Remain the Top Application of Molecular Spectroscopy

The global concerns about hazardous environmental impact of various industrial activities has become a grave issue now more than ever.

A majority of stakeholders across different industrial areas as well as governmental organizations have begun to pay extra attention to the rising pollution levels and depleting natural resources. This is ultimately leading to the creation of strict industrial standards along with stringent rules & regulations on most industrial activities.

Many modern day regulations, especially in developed economies, compel businesses as well as governmental entities to conduct environmental screening and tests to check the quality of natural resources using various analytical tools such as molecular spectroscopy.

For instance, various environmental laws and regulations in the United States such as Clean Water Act (CWA), Safe Drinking Water Act (SDWA), and Resource Conservation and Recovery Act (RCRA), trigger the use of molecular spectroscopy devices in various applications such as wastewater treatment and water safety analysis.

Along with this, molecular spectroscopy technologies are also employed in various other fields such as mining, pharmaceutical, and chemicals industries, in order to quantify the environmental impact of various industrial processes.

This way, the demand for molecular spectroscopy equipment is expected to remain significantly in the environmental screening and testing for industrial and governmental research, in the coming years.

High Cost of Maintaining Industrial Standards through Molecular Spectroscopy Restricts Adoption

The adoption of molecular spectroscopy devices is burgeoning in a wide range of industrial research activities. In addition to this, the recent advancements in technologies is further pushing the demand for molecular spectroscopy instruments with diverse features and functionalities in different industrial landscapes.

However, these equipment integrated with advanced technological features are being offered at a premium price, which makes it less accessible to small- and medium-sized businesses across various industries.

Furthermore, taking into consideration the industrial standards and regulatory compliance that must be met by manufacturers also adds significantly to the manufacturing costs.

High quality standards require the production process to include additional operations such as verification of performance characteristics, qualification and evaluation of different features, and validation of installation and operation of the entire system, making the production of molecular spectroscopy equipment a costly affair.

Though the quality standards may be government-imposed or self-mandated, manufacturers in the molecular spectroscopy market are struggling to keep the production costs low.

Taking into consideration the role that a molecular spectroscopy equipment performs in different research activities, manufacturers are resorting to the use of the highest quality of tools and technologies to ensure the best performance characteristics and functionalities to fulfill end-users’ requirements. This may lead to the high costs of the equipment, which ultimately restrict the target customer base in the molecular spectroscopy market.

Molecular Spectroscopy Market: Region-wise Analysis

Based on the geographical factors, the  molecular spectroscopy market is broadly divided into seven regions - North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa. North America, followed by European Union, accounts for the largest revenue share in the global molecular spectroscopy market.

Ballooning investments by governing bodies and policymakers in the field of medical sciences and life science research is expected to remain the primary driving engine for the growth of the North American molecular spectroscopy market.

European countries including Germany, Spain, France, as well as the United Kingdom, are witnessing incremental growth in the regional market for molecular spectroscopy, making Europe the second largest market on the global platform.

Increasing presence of global leaders and large pharma companies in the region will continue to play a key role in propelling the growth of the European markets. Western Europe will emerge as a relatively more mature market for molecular spectroscopy than that in the Eastern Europe.

Nevertheless, emerging economies in the Eastern Europe will witness phenomenal growth of the contract manufacturing industry, which may contribute to the growth of the molecular spectroscopy market in the region.

On the other hand, Asia Pacific is also creating new opportunities for stakeholders as the industrial setup in developing countries such as China and India is opening new windows of opportunities. Demand for a wide range of molecular spectroscopy devices is expected to remain significantly high in the region, and this will drive the growth of the molecular spectroscopy market in the Asia Pacific region in the coming years.

Molecular Spectroscopy Market: Competitive Landscape

• Agilent Technologies
• Shimadzu Corporation
• Thermo Fisher Scientific
• PerkinElmer, Inc.
• JASCO International Co., Ltd.
• Danaher Corporation, and Jeol Ltd.

Manufacturers are increasing the focus on enhancing the performance characteristics of molecular spectroscopy devices with the use of advanced technologies such as infrared spectroscopy, Raman spectroscopy, and ultraviolet visible spectroscopy.

In March 2020, Agilent Technologies Inc. - a global leader in diagnostics, life sciences, and applied chemical markets - announced that it is introducing its new handheld instrument for molecular spectroscopy to add to its portfolio of Raman technology.

The company further declared that the new handheld instrument - Agilent Vaya Raman raw material identity verification system - can be used by pharmaceutical and biopharmaceutical applications for verifying raw material identity and improving the quality control testing systems across these industries.

In March 2020, trinamiX GmbH - a spin-off and wholly-owned subsidiary of BASF SE based in Ludwigshafen - announced that it has launched its new a mobile near infrared (NIR) spectroscopy solution in order to make spectroscopy tools affordable as well as accessible to end users beyond factory and laboratory applications.

The NIR spectroscopy solution is a handheld device that offers excellent molecular and chemical expertise to carry out accurate data and material analytics in applications ranging from agriculture testing, chemical testing, to food & beverage testing and other industrial processes.

Region-wise Analysis

• North America (U.S., Canada)
• Latin America (Mexico, Brazil)
• Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
• East Asia (China, Japan, South Korea)
• South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
• Oceania (Australia, New Zealand)
• Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)

Report Highlights

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.