Global Spectroscopy Technology Market to Reach More Than $16 Billion by 2023
Growth Attributed to Increased Demand and Adoption in Bioscience Fields
WELLESLEY, Mass., March 14, 2019 (Newswire.com) - A new report from BCC Research, “Traditional and Emerging Spectroscopy Techniques in Life Sciences,” estimates that by 2023, the global market for spectroscopy technology will reach $16.3 billion, up from $13.2 billion in 2018, indicating a compound annual growth rate (CAGR) of 4.4%.
Spectroscopy refers to the study of matter with electromagnetic radiation. Spectroscopic techniques have been used to assess the quality of samples across various industry verticals, including pharmaceuticals, environment, biotechnology, and food and beverages.
- Geographic market analysis. The Asia-Pacific market is expected to grow at the highest rate of 4.9% annually by 2023 due to increasing healthcare expenditures, strong growth in biotechnology and pharmaceutical sectors and a growing geriatric population.
- Market segment analysis. Molecular spectroscopy held the largest market share in terms of revenue at 37.1% in 2017, followed by atomic spectroscopy and mass spectroscopy. By 2023, the molecular spectroscopy market segment is expected to exceed $6.2 billion.
- Market consumer analysis. Pharmaceutical and biotechnology companies is the fastest growing end-user segment in the global spectroscopy technology market, as it accounted for $6.5 billion of the market in 2018, and is expected to reach $8.1 billion in 2023, indicating a CAGR of 4.6%.
“Growth in the pharmaceutical sector, along with increasing R&D in the pharma and biotech industry, presents a huge growth opportunity for the spectroscopy market,” said BCC Research analyst Sathya Durga.
Significant Market Drivers
The global spectroscopy technology market is being driven by several factors, including improvements in mass spectrometry workflow and instruments, the miniaturization of handheld instruments, increasing adoption of spectroscopic analytical methods in pharma and biotech industries, high demand of sophisticated equipment for measurement and high-performance testing and growing adoption of spectrometric analysis in clinical and toxicological applications.
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Source: BCC Research