The molecular spectroscopy market is projected to register a CAGR of 6.8% during the forecast period, with a revenue of approximately USD 6,350 million in 2020, and is expected to reach USD 9,545 million by 2026. The major factors that are driving the growth of the market include the rapid adoption in the pharmaceutical industry, penetration of MS technology in various verticals, and increased emphasis on the discovery of newer molecules by pharmaceuticals.
The growing COVID-19 has also shown a positive impact on the market as scientists are increasing the applications of Raman Spectroscopy to COVID-19 testing. For instance, a Northern Arizona University (NAU) research team, was found developing a new test technology for SARS-CoV-2 using single-molecule surface-enhanced Raman spectroscopy (SM-SERS). The project was namely “Development of a New Test for SARS-CoV-2 Using Single-Molecule Surface-Enhanced Raman spectroscopy” that was been awarded a USD 200,000 grant from the National Science Foundation’s Rapid Response Research (RAPID) funding program. Therefore, with the increase in research and development activities by pharmaceuticals, related to drug discovery, the demand for molecular spectroscopy is consistently expected to grow over the forecast period.
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Molecular spectroscopy is being used in the field of R&D of pharmaceutical and other biotechnology products and one of the molecular spectroscopy types used in R&D is near-infrared spectroscopy (NIR). In recent years, NIR spectroscopy has also gained a wide appreciation within the pharmaceutical industry due to its major advantages over other analytical techniques that includes an easy sample preparation and the expectation of chemical and physical sample parameters from one single spectrum. Therefore the rising affinity toward this technology has been widely adopted and has resulted in the high growth of the market.
Key Market Trends
NMR Spectroscopy is Expected to Observe Good Growth Over the Forecast Period
The Nuclear Magnetic Resonance (NMR) spectroscopy is an analytical chemistry technique used in quality control and research for determining the content and purity of a sample as well as its molecular structure. The advantages of NMR spectroscopy are that it requires less sample preparation and a non-destructive method, thus retains the molecules being examined.
With the increase in COVID-19, there is an increasing demand for research and development activities by pharmaceutical companies that have stimulated the demand for drug discovery and development, and hence the market is significantly increasing over the years.
In the course of recent years, NMR spectroscopy has become the leading technique for determining the structure of organic compounds and it has its wide usage in application areas, like pharmaceuticals, biotechnology and biopharmaceuticals, food and beverage testing, environmental testing, and research institutes. In addition, NMR spectroscopy is also increasingly being used in biochemical and biological application areas, including hit and lead discovery, metabolite profiling, and in-vivo spectroscopy (MRS), and imaging (MRI).
North America is Expected to Witness a High Growth Over the Forecasted Period
North America is found driving the market due to increased usage of molecular spectroscopy in the pharmaceutical sector, increased funding for environmental testing, rising concerns about food safety and favourable government initiatives and policies.
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