Market Size of Molecular Spectroscopy Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.87 Billion |
| Market Size (2029) | USD 3.44 Billion |
| CAGR (2024 - 2029) | 3.72 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Molecular Spectroscopy Market Analysis
The Molecular Spectroscopy Market size is estimated at USD 2.87 billion in 2024, and is expected to reach USD 3.44 billion by 2029, growing at a CAGR of 3.72% during the forecast period (2024-2029).
The major factors driving 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 pandemic has also had a positive impact on the market as scientists are increasing the applications of Raman spectroscopy for 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 named 'Development of a New Test for SARS-CoV-2 Using Single-Molecule Surface-Enhanced Raman spectroscopy' and was 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 rise over the forecast period.
Molecular spectroscopy is being used in the research and development (R&D) of pharmaceuticals 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 include 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 noted, which may drive the growth of the market.
Molecular spectroscopy is also found to be widely adopted across different application sectors, including pharmaceuticals and many others. Raman spectroscopy has proven to be a strong analytical technique for drug discovery and pharmaceutical development.
It is being used to study the structural activity relationships and 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 market is expected to grow rapidly during the forecast period.
