The global process spectroscopy market size is estimated to reach USD 25.10 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 7.5% during the forecast period. Growing efforts in the pharmaceutical industry to undertake advanced research and development is leading to increased adoption of various spectroscopy techniques over the forecast period.
The technology is anticipated to witness healthy growth owing to rising awareness regarding the importance of product quality among industries. Reducing operational expenditure is another factor expected to drive the market over the forecast period. Furthermore, significant R&D activities are undertaken, which have led to several drug discoveries. Increasing number of drug discovery processes is leading to a greater number of treatment options for various diseases. Treatment options include drugs as well as non-drug therapies such as surgeries and radiations.
Surging demand for spectroscopic techniques and related equipment installations across the globe are poised to augment the market over the forecast period. The process spectroscopy market is likely to witness tremendous growth over the forecast years, owing to increasing awareness of quality spectroscopic devices among end-use industries.
Technological advancements necessitate matching international quality standards, such as ISO or Six Sigma, and cost- & time-saving approaches of companies are encouraging adoption of process spectroscopic instruments. Increasing availability of counterfeit products in the market are mandating governments globally to educate masses about quality products and quality standards.
Molecular spectroscopy is a technology that is widely adopted across different application sectors including pharmaceuticals and food & agriculture. The molecular spectroscopy segment held the largest share in the market in 2017 and is projected to maintain its dominance over the forecast period.
Additionally, the Raman spectroscopy technology is gaining popularity across the agricultural sector owing to its ability to allow non-destructive extraction of chemicals and physical information about samples of fruits, vegetables, and food grains and it helps in rapid analysis of these food items. Hence, these advantages of spectroscopic techniques are attracting new applications across the food & agricultural sector, ultimately fostering the growth of the global process spectroscopy market.
Although, the considerable initial investment required for installation of spectroscopic equipment have forced industry players to pass the cost onto consumers, thereby increasing prices of process spectroscopic instruments. However, emergence of cost-effective technologies in the coming years can lead to reduction in prices of these instruments.
Full Research Report On Process Spectroscopy Market Analysis: www.grandviewresearch.com/industry-analysis/process-spectroscopy-market
Further key findings from the report suggest:
- Several law enforcement authorities and government regulatory bodies imposed for betterment of product quality in the food & agriculture sector are encouraging the manufacturing & packaging industries to adopt measures to meet imposed specifications
- The adoption of various spectroscopic techniques is expected to rise significantly over the forecast period in the pharmaceutical and food & agriculture segments
- The Asia Pacific market is estimated to witness tremendous growth over the forecast period
- The key industry participants include ABB Group, Buchi Labortechnik AG, Danaher Corporation, Shimadzu Corporation, and Sartorius AG
- The prominent strategies followed by large market players include signing partnerships or distribution agreements and mergers & acquisitions along with enriching their portfolios by involving in intense R&D practices.
Browse More Reports Of This Category By Grand View Research At: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has segmented the global process spectroscopy market based on technology, application, component, and region:
Process Spectroscopy Technology Outlook (Revenue, USD Billion, 2014 – 2025)
- Molecular Spectroscopy
- Near Infrared (NIR)
- Fourier-Transform Infrared (FT-IR)
- Nuclear Magnetic Resonance (NMR)
- Mass Spectroscopy
- Atomic Spectroscopy
Process Spectroscopy Application Outlook (Revenue, USD Billion, 2014 – 2025)
- Oil & Gas
- Food & Agriculture
- Water & Wastewater
- Pulp & Paper
- Metal & Mining
Process Spectroscopy Component Outlook (Revenue, USD Billion, 2014 – 2025)
Process Spectroscopy Regional Outlook (Revenue, USD Billion, 2014 – 2025)
- North America
- Asia Pacific
- South America
- Middle East & Africa (MEA)
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