Spectrophotometer Market by Application and Geography - Forecast and Analysis 2020-2024

The spectrophotometer market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analysing the growth of 4.04% and CAGR of 6% with a market of USD 869.24 million by segment Application (life science, pharmaceutical, food and beverage, environmental, and others) and Geography (North America, Europe, Asia, and ROW) during the forecast period 2019 to 2024.

This market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (life science, pharmaceutical, food and beverage, environmental, and others) and geography (North America, Europe, Asia, and ROW). The spectrophotometer market report also offers information on several market vendors, including Agilent Technologies Inc., Avantor Inc., Bio-Rad Laboratories Inc., Bruker Corp., Danaher Corp., Harvard Bioscience Inc., Hitachi Ltd., PerkinElmer Inc., Shimadzu Corp., and Thermo Fisher Scientific Inc. among others.

What will the Spectrophotometer Market Size be During the Forecast Period?

Download the Report Sample to Unlock the Spectrophotometer Market Size for the Forecast Period and Other Important Statistics

Parent Market Analysis

Our Technavio Research categorizes the global spectrophotometer market belonging to Life Sciences Tools & Services industry. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.

Spectrophotometer Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post-COVID-19 era. The increase in the launch of new products is notably driving the market growth, although factors such as the high cost of spectrophotometers may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the spectrophotometer industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.

Key Spectrophotometer Market Driver

One of the key factors driving growth in the market is the increasing launches of new products. With vendors developing technologically advanced spectrophotometers, the launch of new products has increased. They are introducing advanced features in their products to expand their portfolio and increase sales. Such efforts are expected to help the growth of the market during the forecast period. A few new products that were launched in the market recently have been mentioned below:

• In December 2019, Shimadzu Corp. launched six new UV-VIS spectrophotometer models under the new UV-i Selection brand. The six models in the UV-i Selection series are the UV-1900i, UV-2600i, UV-2700i, UV-3600i Plus, SolidSpec-3700i, and SolidSpec-3700i DUV. The UV-i Selection brand models are equipped with the LabSolutions UV-Vis analytical data system for UV-Vis spectrophotometers. The new models are used in a wide range of fields, including academia, pharmaceuticals, and chemicals.
• In November 2019, Cole-Parmer Instrument Co. LLC launched the new Jenway 76 Series Visible and UV/Visible Scanning Spectrophotometer, featuring split-beam optics and CPLive connectivity. The use of split-beam technology ensures improved accuracy and repeatability while studying samples. Such new product launches are expected to drive the growth of the global market during the forecast period. 

Key Spectrophotometer Market Challenge

The high cost of spectrophotometers will be a major challenge for the market during the forecast period. The average cost of a spectrophotometer is approximately USD 10,000-USD to 30,000. The cost varies based on the type of spectrophotometer. For instance, the cost of an atomic absorption spectrophotometer is considerably higher than a UV-Vis spectrophotometer. The cost of a UV-Vis spectrophotometer is approximately USD 5,000-USD 15,000, whereas that of an infrared spectrophotometer ranges between USD 10,000 and USD 35,000. Depending on global economic growth, the global market witnesses an increase or decrease in orders and inventories based on the demand for the product. To meet the increasing demand, spectrophotometer manufacturers are looking for sophisticated components such as diffraction grating glass, prisms, and dielectric materials. These components are expensive and require technical expertise to set up or commission a new spectrophotometer. A UV-visible spectrophotometer requires a detector, data output meter, and monochromator, while a near-infrared spectrophotometer requires a detector, prism, diffraction grating glass, and quartz halogen light bulbs, which together result in high capital expenditure for spectrophotometer manufacturers. Thus, the cost of spectrophotometers and their components and the requirement for high initial capital investments are likely to hinder the growth of the market. 

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Who are the Major Spectrophotometer Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Agilent Technologies Inc.
• Avantor Inc.
• Bio-Rad Laboratories Inc.
• Bruker Corp.
• Danaher Corp.
• Harvard Bioscience Inc.
• Hitachi Ltd.
• PerkinElmer Inc.
• Shimadzu Corp.
• Thermo Fisher Scientific Inc.

 

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Agilent Technologies Inc. - The company offers the Cary 60 UV-Vis Spectrophotometer, It comprises a double beam, Czerny Turner monochromator with a wavelength range of 190 to 1100 nm. The Life Sciences and Applied Markets segment provides application-focused solutions that include instruments and software to identify, quantify, and analyze the physical and biological properties of substances and products. The Diagnostics and Genomics segment includes genomics, nucleic acid contract manufacturing and research and development, pathology, companion diagnostics, microfluid business, and reagent partnership businesses.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market report contains comprehensive market knowledge and an in-depth vendor landscape add-on to an analysis of the key vendors.

Spectrophotometer Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain, and parent market of the market which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.

Which are the Key Regions for Spectrophotometer Market?

For more insights on the market share of various regions Request PDF Sample now!

38% of the market’s growth will originate from North America during the forecast period. The US is the key market for spectrophotometers in North America. Market growth in this region will be faster than the growth of the market in the European regions.

The market in North America will be driven by factors such as the increasing prevalence of diseases, which in turn, augments the demand for new drug discovery; the rising product launches; the growing presence of regional and global vendors; and research grants from government and non-profit organizations for medical research. The presence of key vendors in the region such as Agilent Technologies, PerkinElmer, Bruker, Danaher Corp., and Thermo Fisher Scientific significantly contributes to the growth of the market. This will facilitate market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Spectrophotometer Market?

To gain further insights on the market contribution of various segments Request a PDF Sample

The market share growth by the life science segment will be significant during the forecast period. The life science segment accounts for the largest share of the global market. Factors such as new product launches, government initiatives to promote life science research, increasing funding in life science research, and the presence of established players with a strong product portfolio will boost the growth of this segment during the forecast period. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Spectrophotometer Market Scope
Report Coverage	Details
Page number	120
Base year	2019
Forecast period	2020-2024
Growth momentum & CAGR	Accelerate at a CAGR of 6%
Market growth 2020-2024	$ 869.24 million
Market structure	Fragmented
YoY growth (%)	4.04
Regional analysis	North America, Europe, Asia, and ROW
Performing market contribution	North America at 38%
Key consumer countries	US, UK, China, Germany, France, and Japan
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Agilent Technologies Inc., Avantor Inc., Bio-Rad Laboratories Inc., Bruker Corp., Danaher Corp., Harvard Bioscience Inc., Hitachi Ltd., PerkinElmer Inc., Shimadzu Corp., and Thermo Fisher Scientific Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
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.

Request PDF sample

What are the Key Data Covered in this Spectrophotometer Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the spectrophotometer industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch