Rapid advances in technology have demonstrated the capability of terahertz spectroscopy in various healthcare applications. The focus on using terahertz spectroscopy in biomedical applications has increased rapidly, and several studies are being conducted to investigate its potential applications in pharmaceutical quality control, protein characterization, and cancer detection. T-rays are non-invasive and non-ionizing and thus can be focused harmlessly on the body to capture signs of cancer. Due to these advantages, terahertz spectroscopy is used in a number of cancer-related research activities. This is key factor increasing demand of molecular spectroscopy market.

What the Industry Looks Like?

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%.

Pharmaceutical Application:

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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Key Factors Driving Industry Growth:

1. Applications of Molecular Spectroscopy in Environmental Screening
2. Growing Use of Molecular Spectroscopy in Pharmaceutical & Biotechnology Industries
3. Technological Advancements in Molecular Spectroscopy Systems
4. Growing Focus on Ensuring the Quality of Food Products
5. Potential Applications of Terahertz Spectroscopy in Healthcare

Key Players in Molecular Spectroscopy Market:

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)

Bruker corporation, Inc. (U.S.) is one of the major player in the molecular spectroscopy market in 2016. The company provides a wide range of molecular spectroscopy technologies, accessories, and software in the market.