The global UV/Visible Spectroscopy Market is expected to be valued at USD 1.49 billion by 2028 from USD 1.00 Billion in 2020, registering a CAGR of 5.1% during the forecast period. The increasing applications of UV/visible spectroscopy in the biopharmaceutical sector, in R&D activities, and technological developments in the instrument are the key elements contributing to the growth of the market. The escalating demand for testing and screening of compounds in the pharmaceutical and food and beverage industry are other major factors projected to propell the industry’s progress in the forecast timeframe.
UV/Visible spectroscopy is an advanced analytical technique that can provide quantitative data on the number of analytes present in the compound based on the amount of light it absorbs. It is extensively used in chemistry to determine the presence of various analytes such as biological macromolecules, organic compounds, and transition metal ions. It generally requires lesser sample volumes, is highly sensitive and efficient, and provides accurate estimations. These characteristics are boosting the adoption of UV/visible spectrometers in the pharmaceutical and food and beverages industry, thereby adding to market growth.
Owing to the increasing demand for state-of-the-art and accurate research equipment and the subsequently growing investment in the healthcare facilities and research laboratories has boosted the development of the UV-Visible spectroscopy market. However, the lack of skilled professionals and long-term replacement plans for the equipment is estimated to hamper the industry’s growth in the projected timeline.
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Key Highlights from the Report:
- The dual-beam segment is projected to observe a significant growth in the forecast timeframe due to their increasing adoption in academic and research institutes and pharmaceutical companies. The adoption can be accredited to the augmented capability of dual-beam spectrometers to measure samples and blank corrects to provide quick and accurate results.
- The industrial application segment is foreseen to account for a significant share of the market in the projected timeframe attributable to the increasing convenience, flexibility, and cost-efficiency of the UV-visible spectrometers.
- Pharmaceutical and biotechnology companies are the most prominent end-users of the UV/Visible spectroscopy market accredited to the constant research and development activities, growing product pipeline, and accelerating advancements and innovations in the sector.
- North America is forecast to command the industry growth in the projected timeframe owing to the increasing need for environmental screening, rapidly expanding pharmaceutical sector and escalating technological upgrades and advancements in the region. Moreover, the presence of key players and the introduction of state-of-the-art medical equipment are also adding to the regional growth.
- Prominent companies of the market include Agilent Technologies, Shimadzu Corporation, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., PerkinElmer, Inc., Cole-Parmer, Hitachi High-Technologies Corporation, Bruker Corporation, Buck Scientific, Mettler-Toledo, and GBC Scientific Equipment, among others.
- In 2019, Shimadzu Corporation, a leading-edge science, and medical equipment company, unveiled a series of UV-Vis spectrophotometers with a broad spectrum of applications in academic and research facilities, the chemical sector, and the pharmaceutical sector.
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For the purpose of this report, Reports and Data has segmented the global UV/Visible Spectroscopy Market based on instrument, application, end-user, and region:
Instrument Outlook (Revenue, USD Billion; 2018-2028)
- Array-Based Systems
Application Outlook (Revenue, USD Billion; 2018-2028)
- Environmental Studies
End-User Outlook (Revenue, USD Billion; 2018-2028)
- Pharmaceutical and Biotechnology Organizations
- Academic and Research Institutions
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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