Spectroscopy Market Size to Grow by $ 6.30 bn through 2020-2024

The spectroscopy market is expected to grow by $ 6.30 bn, accelerating at a CAGR of almost 7% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus. View Free Sample Report

Spectroscopy Market: Segmentation by Technology

This report provides a detailed analysis of the market by Technology (Mass spectroscopy, Molecular spectroscopy, and Atomic spectroscopy) and Geography (North America, Europe, APAC, South America, and MEA). This research report will provide insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges which are likely to influence market growth during the forecast period. These insights are expected to equip clients with reliable information based upon which they can design a growth strategy for their business and area of operations.

Spectroscopy Market: Vendor Analysis

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Agilent Technologies Inc., Bruker Corp., Danaher Corp., Hitachi High-Technologies Corp., JEOL Ltd., PerkinElmer Inc., Rigaku Corp., Shimadzu Corp., Thermo Fisher Scientific Inc., and Waters Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

For more insights into this market: Download a Free Sample Report. Our custom reports provide market insights at the global and regional level along with a pipeline analysis of new product launches. It also provides a peek into the latest R&D along with an impact analysis of government regulations.

Technavio has been monitoring the global spectroscopy market and it is expected to grow by USD 6.30 billion accelerating at a CAGR of over 7% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. View Our Free Sample Report

Spectroscopy Market: Increasing Investments in R&D to Promote Growth

Increased focus on drug development in the healthcare industry will drive the growth of the Spectroscopy Market. The global R&D expenditure on the pharmaceutical industry is increasing year-over-year. Spectrometers are used extensively for testing and new drug discovery.  Moreover, there is an increased focus by the pharmaceutical industry to meet international standards such as ISO and Six Sigma certifications to expedite approvals for their new products. In line with this, spectrometers are used to study the human genome as well as the rapid cloning and synthesis of DNA molecules/fragments, which is driving the global spectrometry market. 

Other factors such as the growing demand from the agriculture sector and medical research facilities in emerging countries and the growing funding for research activities in APAC, will drive the growth of  mass spectroscopy segment, which will further drive market growth over the forecast period. North America was the largest spectroscopy market in recent years, and the region will offer several growth opportunities to market vendors during the forecast period owing to fctors such as the increasing investments in R&D and the high demand for sophisticated and high-performance test and measurement equipment.

Spectroscopy Market: Vendor Analysis

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Agilent Technologies Inc., Bruker Corp. and Danaher Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

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For detailed insights on this market: Download a Free Sample Report