The molecular spectroscopy market is projected to register a CAGR of 6. 8% during the forecast period, with a revenue of approximately USD 6,350 million in 2020, and is expected to reach USD 9,545 million by 2026.
New York, April 19, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Molecular Spectroscopy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06039466/?utm_source=GNW
The major factors that are driving the growth of the market include the rapid adoption in the pharmaceutical industry, penetration of MS technology in various verticals, and increased emphasis on the discovery of newer molecules by pharmaceuticals.
The growing COVID-19 has also shown a positive impact on the market as scientists are increasing the applications of Raman Spectroscopy to COVID-19 testing. For instance, a Northern Arizona University (NAU) research team, was found developing a new test technology for SARS-CoV-2 using single-molecule surface-enhanced Raman spectroscopy (SM-SERS). The project was namely “Development of a New Test for SARS-CoV-2 Using Single-Molecule Surface-Enhanced Raman spectroscopy” that was been awarded a USD 200,000 grant from the National Science Foundation’s Rapid Response Research (RAPID) funding program. Therefore, with the increase in research and development activities by pharmaceuticals, related to drug discovery, the demand for molecular spectroscopy is consistently expected to grow over the forecast period.
Molecular spectroscopy is being used in the field of R&D of pharmaceutical and other biotechnology products and one of the molecular spectroscopy types used in R&D is near-infrared spectroscopy (NIR). In recent years, NIR spectroscopy has also gained a wide appreciation within the pharmaceutical industry due to its major advantages over other analytical techniques that includes an easy sample preparation and the expectation of chemical and physical sample parameters from one single spectrum. Therefore the rising affinity toward this technology has been widely adopted and has resulted in the high growth of the market.
Furthermore, molecular spectroscopy is also found to be widely adopted across different application sectors, including pharmaceuticals and many others. Raman Spectroscopy has thus proven to be a strong analytical technique for drug discovery and pharmaceutical development. It is being used to study the structural activity relationships and to optimize the reaction conditions and other parameters, such as polymorph and formulation screening, which lead to the scaling up required for the transfer of drug compounds from discovery to development. Hence the studied market is expected to grow rapidly during the forecast period.
Key Market Trends
NMR Spectroscopy is Expected to Observe Good Growth Over the Forecast Period
The Nuclear Magnetic Resonance (NMR) spectroscopy is an analytical chemistry technique used in quality control and research for determining the content and purity of a sample as well as its molecular structure. The advantages of NMR spectroscopy are that it requires less sample preparation and a non-destructive method, thus retains the molecules being examined.
With the increase in COVID-19, there is an increasing demand for research and development activities by pharmaceutical companies that have stimulated the demand for drug discovery and development, and hence the market is significantly increasing over the years.
In the course of recent years, NMR spectroscopy has become the leading technique for determining the structure of organic compounds and it has its wide usage in application areas, like pharmaceuticals, biotechnology and biopharmaceuticals, food and beverage testing, environmental testing, and research institutes. In addition, NMR spectroscopy is also increasingly being used in biochemical and biological application areas, including hit and lead discovery, metabolite profiling, and in-vivo spectroscopy (MRS), and imaging (MRI).
Many new developments have been observed in NMR spectroscopy, which is driving the much-needed improvement in sensitivity and versatility that is expanding the number of applications. In October 2020 the company Bruker Corporation announced the European launch of Fourier 80 system which is a Nuclear Magnetic Resonance (FT-NMR) benchtop spectrometer. Hence there are also many new developments that is expected to witness significant growth during the forecast period.
North America is Expected to Witness a High Growth Over the Forecasted Period
North America is found driving the market due to increased usage of molecular spectroscopy in the pharmaceutical sector, increased funding for environmental testing, rising concerns about food safety and favourable government initiatives and policies.
Since the COVID-19 virus outbreak, due to the lockdown and the production and supply chain of spectroscopic instruments has been limited. Hence, the studied market is expected to be impacted during the pandemic. According to the article published on the National Institute of Health 2020, spectroscopy is being widely used for detecting and monitoring the Coronavirus (COVID-19). However, the local players have experienced an increase in the research and development activities related to drug discovery against COVID-19 by various pharmaceutical companies.
For instance, according to the Pharmaceutical Research and Manufacturers Association(PhRMA), the United States is the largest for the biopharmaceuticals market, accounting for one-third of the global market and a world leader in biopharmaceutical R&D. Also the United States has the world’s most supportive domestic environment for the research, development, and commercialization of pharmaceuticals with minimal market barriers. Thus, the use of the spectroscopic technique in drug discovery and development in the United States is expected to rise over the years.
In Canada, There is also presence of many pharma companies that continues to play a key role in propelling the growth of the market.
In January 2021, the company numares AG and Bruker Corporation had announced the collaboration agreement for developing novel diagnostics tests by utilizing NMR Spectroscopy.
In Nov 2018, Agilent Technologies Inc., had also launched the Cary 3500 UV-Visible Spectrophotometer, designed for research communities in life sciences, pharma, and biopharma, that helps by simplifying the analyses, optimize laboratory productivity and finally lead to the development of new therapeutics. Thus, the increasing R&D activities in drug discovery and development in pharmaceutical companies in the country, along with the new product launches by major players in the United States, are expected to drive the molecular spectroscopy market in the country during the forecast period.
The market for molecular spectroscopy is moderately competitive. With the growing applications of molecular spectroscopy, new players are looking forward to entering the market. In terms of the market share, few companies, such as Thermofisher Scientific, Inc, Agilent, Bruker, and Danaher, have better records from the past few years. The players are also involved in activities like mergers, acquisitions, joint ventures, partnerships, and collaborations. These activities help in increasing the influence of the players in the molecular spectroscopy market, eventually increasing the market growth.
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