Molecular Spectroscopy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

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. 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.

Scope of the Report

As per the scope of the report, molecular spectroscopy is the qualitative and quantitative study of molecules by observing their interaction with various frequencies and energy, and in another way, it is the study of absorption of light by molecules. It is analyzed by ultraviolet (UV) light, visible light, and infrared radiations using an instrument called a spectrometer. The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The molecular spectroscopy market is segmented by type of spectroscopy (NMR spectroscopy, Raman spectroscopy, UV-visible spectroscopy, mass spectroscopy, infrared spectroscopy, near-infrared spectroscopy, and other types of spectroscopy), application (pharmaceutical applications, food and beverage testing, biotechnology and biopharmaceutical applications, environmental testing, academic research, and other applications), and geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.

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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.

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