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The Raman spectroscopy market size is forecast to increase by USD 287.28 million, at a CAGR of 6.95% between 2022 and 2027. The market's expansion hinges on several factors, notably the increasing elderly populace worldwide, heightened emphasis on drug discovery and development, and promising prospects in emerging economies. As the geriatric demographic grows, there's a parallel surge in demand for healthcare solutions, including pharmaceuticals. Moreover, the pharmaceutical industry's spotlight on innovation and research fuels advancements in drug development, driving market growth. Additionally, the allure of untapped markets in developing nations presents lucrative opportunities for market expansion and investment, further propelling the sector's trajectory towards growth and development.
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This market report extensively covers market segmentation by application (pharmaceuticals, life science, material science, semiconductor, and others), type (benchtop and portable), and geography (North America, Europe, Asia, and the rest of the world (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market thrives on the imperative need to combat foodborne illnesses through enhanced food safety testing. Regulatory bodies worldwide, intensifying their scrutiny, drive the demand for advanced quality checks and detection methods. Raman spectroscopic techniques, leveraging carbon nanomaterials, offer precise identification of food contaminants. Despite its efficacy, challenges persist in equipment affordability and complexity, particularly for impoverished nations. Emerging trends focus on expanding clinical applications and refining surface enhancement processes (SERS) for heightened sensitivity. Navigating through evolving regulations and technological advancements remains crucial for sustaining market growth.
The rising focus on drug discovery and development is a growing driver in the market. There is an increased focus on drug discovery and development by pharmaceutical and biotechnology companies as well as research institutes due to the rise in the prevalence of several chronic diseases globally. A better understanding of the disease at a molecular level has led to Raman spectrometers being used in drug discovery and development.
Moreover, rapid advances in development and miniaturization of instrumentation, and advances in physics regarding interactions between light and matter are expected to result in increased processing speed, thus increasing the chances of its possible use on large targets. Thus, the increase in drug discovery and development will drive the demand, which will drive the growth of the market during the forecast period.
Increasing research and development investments by market companies is a key trend in the market. A number of conglomerates operating on the worldwide market are taking steps towards increasing R&D investments, with a view to continuously upgrading their current product line and offering new products to customers. To produce lucrative growth opportunities and have a competitive edge in the oligopolistic market.
Moreover, the growth in R&D spending is expected to surge the market entry of innovative products and novel applications and upgrade existing products to the latest standards, which, in turn, will create new prospects for the growth of the market during the forecast period.
The lack of skilled laboratory professionals is a major challenge hindering the market growth. Raman spectrometry requires the use of skilled laboratory personnel as well as appropriate training. Clinical laboratories must provide results in short time spans. However, spectral analysis, data acquisition, and visualization have always been a problem with Raman Spectroscopy, since it presents results in the form of spectra or peaks that have to be analyzed by trained experts.
Therefore, the lack of people with relevant skills leads to a high degree of non-compliance among laboratory professionals. The root cause for laboratory workers' and researchers' lack of compliance, which led to deficiencies in the correct diagnosis is a severely limited number of qualified professionals. The dissatisfaction with salaries and inadequate training programs, thereby hampering the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Raman spectroscopy has become a vital tool in various sectors, especially in ensuring food safety and quality. With the increasing prevalence of foodborne illnesses and the stringent regulations enforced by food regulatory authorities, the demand for advanced quality checks is on the rise. Raman spectroscopy equipment plays a crucial role in detecting contaminated food and conducting thorough food safety testing. Its ability to identify food contaminants, along with its versatility in clinical applications, makes it indispensable for ensuring public health. Moreover, advancements in carbon nanomaterials have enhanced Raman spectroscopic techniques, providing valuable structural information for analyzing food samples. This technology, based on electromagnetic and chemical enhancement theories, continues to evolve, driving its adoption across diverse industries.
The market share growth by the pharmaceuticals segment will be significant during the forecast period. Raman spectroscopy is an analytical technique that is used to determine the molecular structure and purity of samples. As a result, the pharmaceutical industry is increasingly concerned with developing new drugs by means of Raman spectroscopy.
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The pharmaceuticals segments showed a gradual increase in the market share of USD 191.64 million in 2017 and continued to grow by 2021. Raman spectroscopy uses the spectroscopic technique to reveal the chemical structure, concentration, identity, and behavior of molecules in solids, liquids, gels, gases, slurries, or powder samples. Raman spectroscopy has been used to determine the structure of therapeutic drug substances and define their structural components for more dynamic molecules in the pharmaceutical industry.
Benchtop Raman spectroscopy instruments are used on a laboratory workbench for convenience. This is because these instruments do not take up significant space and can be placed easily on the workbench. Benchtop Raman spectroscopy instruments offer better signal-to-noise and fewer interferences from fluorescence due to higher excitation wavelength in comparison to that of portable devices. Also, benchtops can capture larger areas of samples compared with portable devices, thereby eliminating measurement inaccuracies. By reducing laboratory analysis time and replacing routine tests with devices capable of analyzing multiple samples at the same time, a few features will benefit the end-user industries. Such benefits of the benchtop model will directly contribute to the growth of the benchtop segment of the market in focus during the forecast period.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America was the largest revenue contributor to the market in 2022, with the US being the leading country. Greater resources for R&D activities, an increasing use of Raman spectrometers in the life sciences and pharmaceutical sectors, as well as a presence of leading market players in this region. The US will have the largest market share in North America for Raman spectroscopy during the forecast period due to significant government and private sector investment in research and development.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Agilent Technologies Inc.- The company offers Raman spectroscopy such as the Cary 600 Raman Microscope, the 800 Raman Imaging System, and the 8700 Raman Imaging System.
Bruker Corp. - The company offers Raman spectroscopy, such as the Senterra Raman Microscope and FT-Raman spectrometer.
Endress Hauser Group Services AG- The company offers Raman spectroscopy, such as RamanLab 400, the RamanLab 1000, and RamanLab 1500.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
The market is witnessing significant growth driven by diverse applications across various sectors, including food trade and pharmaceuticals. Stringent food laws mandate rigorous quality checks, leading to a demand for Raman spectroscopy in detecting preservatives in food and contaminants. Carbon materials like graphene and carbon nanotubes enhance Raman techniques, enabling precise molecular analysis. This technology finds applications in academia, pharmaceuticals, and materials science for real-time processes and drug distribution analysis. With advancements in surface enhancement processes and molecular resonance, Raman spectroscopy offers advanced analytical techniques for environmental monitoring and point-of-care diagnostics. However, challenges such as high costs and maintenance hinder market growth, despite its portability and on-site applicability.
Further, preservatives in food play a crucial role in maintaining food quality and safety, driving the need for advanced analytical techniques like Raman spectroscopy. With increasing awareness about food safety, there's a growing demand for methods to detect and analyze preservatives and contaminants, driving innovation and modification in Raman spectroscopy techniques. This technology utilizes principles like symmetric covalent links, natural dipole moments, and carbon-carbon bonds to enhance its capabilities, enabling precise analysis even at the molecular level. From pharmaceutical applications to the analysis of polymorphs and excipients distribution in tablets, creams, and ointments, Raman spectroscopy offers versatile solutions for various industries. Its on-site and field applications make it invaluable, despite considerations like ownership cost and consumables.
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Market Scope |
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Report Coverage |
Details |
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Page number |
174 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.95% |
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Market growth 2023-2027 |
USD 287.28 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.27 |
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Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
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Performing market contribution |
North America at 43% |
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Key countries |
US, Germany, UK, China, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Agilent Technologies Inc., Anton Paar GmbH, Bruker Corp., Endress Hauser Group Services AG, Hamamatsu Photonics KK, Hitachi Ltd., HORIBA Ltd., Ibsen Photonics AS, Ilife Biotech, Iza Analytics, JASCO, Metrohm AG, Mettler Toledo International Inc., Oxford Instruments plc, PerkinElmer Inc., Renishaw Plc, Rigaku Corp., Shimadzu Corp., Technos Instruments, and Thermo Fisher Scientific Inc. |
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Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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