The global molecular spectroscopy market is projected to reach USD 6.85 billion by 2022 from USD 4.98 billion in 2017, at a CAGR of 6.6%. Factors such as the application of molecular spectroscopy in environmental screening, growing focus on ensuring the quality of food products, the growth of the pharmaceutical and biotechnology industry, and technological advancements in molecular spectroscopy are driving the growth of the market during the forecast period.
Molecular Spectroscopy Market categories the Global market by Application (Pharmaceutical, Food, Biotechnology), Technology (NMR (FT, Continuous Wave), UV-Visible (Array-based, Dual-beam), IR (Terahertz, Benchtop), NIR (FT-NIR), Raman (SERS, TERS, FT Raman)) & Geography
“The pharmaceutical application is projected to grow at the highest CAGR during the forecast period”
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 report analyzes the molecular spectroscopy market and aims at estimating the market size and the future growth potential of this market based on various segments such as type of molecular spectroscopy, technology, application, and region. The report also includes an in-depth regulatory analysis for various regions across the globe and competitive analysis of the key players in this market along with their company profiles, product and service offerings, recent developments, and key market strategies.
The increasing funding for environmental protection and an increase in research funding in a number of countries such as the US and Canada, will open new opportunities for market players. For instance, in 2016, in the US, the Annual Performance Plan and Budget of USD 8.267 billion was increased by USD 127 million above the previous year (USD 8.139 billion). The increased funding was allocated for the purchase of new instruments for testing high-hazard samples. Also, in March 2016, the Minister of State for Science and Technology announced an investment of USD 23 million for supporting 95 research projects at 26 universities across Canada.
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