The growth of molecular spectroscopy market is majorly driven by food safety concerns, the growth of the pharmaceutical and biotechnology industry, technological advancements in molecular spectroscopy and application of molecular spectroscopy in environmental screening. However, the high cost of equipment is likely to restrain the growth of the market during the forecast period.
The global molecular spectroscopy market is expected to reach USD 6.85 billion by 2022 from USD 4.98 billion in 2017, at a CAGR of 6.6%.
The Pharmaceutical Application to Dominate The Industry:
Based on application, the molecular spectroscopy market is segmented into pharmaceutical applications, environmental testing, food and beverage testing, biotechnology and biopharmaceutical application, academic research and other applications. During the forecast period, the pharmaceutical application is expected to grow at the highest CAGR. This growth is mainly due to the growing importance of molecular spectroscopy in various stages of drug development and increasing R&D in pharmaceutical industries.
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The Objective of Research is as Follows:
1. To define, describe, and forecast the global molecular spectroscopy market on the basis of product, application, end user, and region.
2. To provide detailed information regarding the major factors influencing the growth of the market (drivers, opportunities and industry-specific challenges).
3. To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
4. To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for the market leaders.
5. To forecast the size of the market with respect to five regions: North America, Europe, Asia Pacific, and the Rest of the world.
Asia Pacific to witness the highest growth during the forecast period
Asia Pacific is expected to grow at the highest CAGR in the global molecular spectroscopy market during the forecast period of 2017–2022. Thriving biotechnology market in China, growing focus on environmental protection, growing biomedical and medical research in Japan, and rising food safety concerns in India are expected to drive market growth during the forecast period.
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Bruker (US), Thermo Fisher Scientific, Inc. (U.S), PerkinElmer, Inc. (US), Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Danaher Corporation (US), ABB (Switzerland), Merck KGaA (Germany), JEOL Ltd. (Japan), FOSS (Denmark), JASCO, Inc. (US), and HORIBA Ltd. (US)