Spectroscopy studies interaction between radiated energy and matter. It is commonly used for the study of physical processes of the atoms as well as molecules. Molecular spectroscopy has a very diverse nature and varied applications. Growth in demand is expected to be the strongest driver for the global molecular spectroscopy market. Technological advancements in the industry are also creating healthy growth environment for the industry, which is a positive sign for the existing businesses. Rising applications and adoption from emerging markets are expected to steer the industry towards healthy growth as far as the next few years are concerned.
Scope of Research in Molecular Spectroscopy Industry
In order to understand the basic growth trends and drivers for the industry, researchers have segmented the global molecular spectroscopy market into different components. These components include the types of products, their applications and demand patterns across different geographic regions. The types of products are sub-segmented into NMR, infrared, ultraviolet-visible, and Raman spectroscopy. The applications of these methods range across pharmaceuticals, food and beverage testing, biotechnology and biopharmaceuticals, academic research institutes, and environmental testing industries. Geographically, the spectroscopy market is categorized into Asia, Europe, North America and the rest of the world.
Drivers and Future Growth
According to the analysis of the aforementioned segments and all the components of the industry, researchers draw conclusions about the industry. Based on the advanced research, explosive rise in demand is expected to be the strongest driver for the industry. The rise in demand is expected to be on the higher side, which is expected to drive the industry on global scale. In order to meet the rising demand, the industry players are also engaging into research and development activities, which are resulting into innovative applications as well. All these factors are expected to drive the molecular spectroscopy market in the next few years to come.
According to the latest market research reports, the molecular spectroscopy market is expected to maintain a healthy CAGR of over 6%, which is expected to remain constant from 2013 to 2018. The reports claims that North America is expected to dominate the global marketplace with maximum adoption and applications of these products. Increasing government investments in biotechnology, pharmaceuticals and academic research are expected to drive the North American market. Emerging markets, on the other hand, are also expected to witness healthy growth during the forecasting period. Increasing research activities are set to drive the market in this region at steady CAGR.