Dublin, Nov. 17, 2020 (GLOBE NEWSWIRE) -- The "UV/Visible Spectroscopy Market by Instrument Type (Single-Beam, Dual-Beam), Application (Academic Application, Industrial Application), End User (Pharmaceutical & Biotechnology Companies, Academic & Research Institutes) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global UV/visible spectroscopy market is projected to reach USD 1.2 billion by 2025 from USD 1.0 billion in 2020 at a CAGR of 4.7%.
Growth in UV/visible Spectroscopy market is mainly driven by factors such as application of UV/visible spectroscopy in environmental screening, growing use of UV/visible spectroscopy in pharmaceutical & biotechnology industry, technological advancements and increasing need for food analysis.
"Dual-beam Systems segment is expected to account for the largest share of the UV/visible Spectroscopy instrument type market in 2019."
On the basis of instrument type, the UV/visible Spectroscopy market is segmented into dual-beam systems, single beam systems, array-based systems and handheld systems. In 2019, the dual-beam systems segment accounted for the largest share of the UV/visible spectroscopy market. This segment is also projected to register the highest CAGR during the forecast period. Dual-beam systems enable a high level of automation in data collection. Such advantages offered by dual-beam systems are supporting its increased adoption in the UV/visible spectroscopy market.
"Industrial applications segment is expected to grow at the highest CAGR in the global UV/visible Spectroscopy market during the forecast period."
On the basis of application, the UV/visible spectroscopy market is segmented into academic and industrial applications. The industrial applications segment accounted for the largest share of the UV/visible spectroscopy market in 2019. This is mainly due to the ease of use, flexibility, affordability, and scalability of UV/visible spectrometers. Technological advancements in instrumentation that have enabled high-throughput screening, microvolume sampling, and automation in instrumentation and software integration have also increased the adoption of this analytical technique for industrial applications.
"Pharmaceutical and Biotechnology companies is expected to account for the largest share during the forecast period."
Based on end user segment, the market is segmented into Pharmaceutical & biotechnology companies, academic & research institutes, agriculture & food industries and Environmental testing labs. Pharmaceutical & biotechnology companies segment accounted for the largest share of the UV/visible spectroscopy market. The large share of this segment can be attributed to factors like innovations in biotechnology research and increasing focus on pharmaceutical and biotechnology companies to expand their product pipelines.
"North America is expected to dominate the UV/visible spectroscopy market during the forecast period."
Geographically, North America is expected to dominate the global the UV/visible spectroscopy market in 2019, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the increasing environmental concerns, rising demand for food analysis and increasing need to adopt technologically advanced products.
Impact of Covid-19 Pandemic on the UV/visible spectroscopy Market:
The COVID-19 outbreak has upended many lives and businesses on an unprecedented scale. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe. Due to the COVID-19 outbreak, medical practices of all sizes are under immense pressure, and healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis.
Biopharmaceutical scientists and engineers are working round the clock to develop advanced biomanufacturing operations that can cater to future pandemics and outbreaks. This has resulted in large-scale investments from government as well as private institutions in setting up more facilities with advanced technologies.
Pharmaceutical & Biotechnology companies the biggest end users of the UV/visible spectroscopy market have not been affected by the Covid-19 outbreak while the growth of academic and research institutes has been hampered due to the lockdown imposed.
Application of UV/Visible Spectroscopy in Environmental Screening
Growing Use of UV/Visible Spectroscopy in the Pharmaceutical & Biotechnology Industry
Increasing Need for Food Analysis
Longevity of Instruments
Dearth of Skilled Professionals
Development of Microvolume Sampling Systems
Growing Opportunities in Emerging Nations
Increasing Investments in Molecular Diagnostics
Emergence of Biobanking
Impact of the COVID-19 Pandemic on the UV/Visible Spectroscopy Market
Value Chain Analysis
Research & Development
Manufacturing & Assembly
Distribution, Marketing & Sales, and Post-Sales Services
Supply Chain Analysis
Small and Medium-Sized Enterprises
Ametek Process Instruments
Analytik Jena (A Subsidiary of Endress+Hauser)
GBC Scientific Equipment
Hamamatsu Photonics K.K.
Hitachi High-Technologies Corporation
PG Instruments Ltd.
Thermo Fisher Scientific
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