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.
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Process
Spectroscopy Market Report Highlights
- 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.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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