Market Snapshot
| Study Period: | 2019-2027 |
| Base Year: | 2021 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | North America |
| CAGR: | 5 % |
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Market Overview
The UV spectroscopy market is projected to register a CAGR of 5.1% during the forecast period.
The COVID-19 pandemic increased the demand for UV spectroscopy which is expected to drive the market's growth as it plays a major role in the vaccine production process. The infection rate of COVID-19 is rising exponentially across the world, which increases the need for the launch of vaccination for the rapidly spreading disease. Ultraviolet-visible spectroscopy can increase speed and accuracy when characterizing vaccine candidates and their components.
Certain factors like increasing applications of Ultraviolet Spectroscopy in the pharmaceutical and biotechnology industries are expected to drive the market's growth. In Pharmaceutical Industry, Ultraviolet-Visible spectroscopy is increasingly used to detect the presence of impurities in inorganic molecules. Ultraviolet-Visible spectroscopy also enables microvolume sampling and automation in instrumentation, including the high throughput screening, which increases the adoption of these techniques for industrial applications.
Scope of the Report
As per the scope of this report, Ultraviolet-visible spectrometry refers to absorption spectroscopy that utilizes light in the visible spectral ranges, thereby measuring the absorption of ultraviolet radiation due to interaction with a sample. The UV spectroscopy market is segmented by Instrument (Single beam, Double beam, Array-Based systems) By Application(Academic, Industrial and Environmental Studies), By End User (Pharmaceutical and biotechnology industries, academic and research institutions), Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends of 17 countries across major global regions. The report offers the value (in USD million) for the above segments.
Key Market Trends
The Pharmaceutical and Biotechnology industry Segment is Expected to Hold a Major Market Share in the UV spectroscopy Market
During the COVID-19 pandemic, the demand for UV spectroscopy will increase, resulting in the demand for UV spectroscopy as it is used extensively in the vaccine production process. Ultraviolet-visible spectroscopy is extensively used in the pharmaceutical industry for the structure elucidation of different organic molecules in order to determine the presence of heteroatoms or to gather information regarding the saturation state of a compound. It also finds a wide range of applications in the industries' quality assurance and quality control areas. The increase in the innovations in biotechnology research and increasing focus on pharmaceutical and biotechnology companies to expand their product pipelines attribute to the growth of this segment.
As per the data published in 2020 by, Organisation for Economic Co-operation and Development (OECD) the gross domestic spending on Research and development in the United States was around 0.58 million USD in 2019, which was an increase from 0.61 Million USD in 2018. Therefore, the increasing gross domestic expenditure on Research and development by the biotechnology industries is expected to drive the demand for the UV spectrophotometer in the forecast period.
Additionally, The rise in the necessity for environmental monitoring contributes to the market's growth. According to World Health Organization, in 2020, An estimated 24% of the global disease and 23% of all deaths can be attributed to environmental factors. Therefore, the employment of Ultraviolet Visual Spectroscopy is crucial in environmental monitoring to examine the risk factors which propel the market's growth.
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North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period.
The United States is expected to hold a major share in the Ultraviolet-visible spectroscopy market due to the growing concern over the environment and rising demand for food analysis. The presence of a number of topmost biotechnology industries that require to employ Ultraviolet-visible spectroscopy is also a contributing factor to the market growth in this region. The increase in the biotechnology industries in the United States region is expected to boost the market's growth as Ultraviolet visual spectroscopy plays a crucial role in industrial processes. According to the National Association of Securities Dealers Automated Quotations, in 2021, there will be over 100 biotech industries that are newly established. Thus, the demand for Ultraviolet visual spectroscopy is increasing in the United States due to the increase in biotechnology industries, which is attributed to the growth of the market in this region. Also, the adoption rate of technologically advanced research equipment is accredited to the market's growth in this region. Moreover, major players in the region and increasing investments to develop cutting-edge equipment are contributing factors to regional growth.
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Competitive Landscape
The UV spectroscopy market is fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are ThermoFisher Scientific, Utech labs, Cecil instrumentation services ltd, GBC scientific equipment, Shimadzu Corporation, JASCO International Co., Ltd, Eppendorf, Analytik Jena GmbH, Biochrom Ltd, Perkin Elmier Inc., Buck Scientific instrument manufacturing company, Cole- Parmer instrument company, LLC, Danaher, and others.
Recent Developments
In January 2022, CRAIC technologies introduced the 2030 PV PRO UV-visible- NIR microspectrophotometer. The latest microspectrophotometer is designed to non-destructively analyze many types of microscopic samples from the deep ultraviolet to near-infrared.
In December 2021, Agilient Technologies Inc. announced that the Agilient Cary 3500 UV- Vis spectrophotometer is now compatible with the Agilient open lab software suite of products. The Cary 3500 UV- Vis data can now be managed, protected, and stored in a secure central database helping to meet global regulatory requirements.
In March 2021, Shimadzu released six new UV- Vis spectrophotometer models under a new UV-I selection brand. These instruments are equipped with the lab solutions UV-Vis analytical data systems for UV- Vis spectrophotometers.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definitions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising application of Ultraviolet-spectroscophy in pharamecutical and biotechnology industries.
4.2.2 Technological advancements
4.3 Market Restraints
4.3.1 Lack of experienced professional
4.3.2 Longevity of Instruments
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Instrument
5.1.1 Single-Beam
5.1.2 Dual Beam
5.1.3 Array- Based Systems
5.2 By Application
5.2.1 Academic
5.2.2 Industrial
5.2.3 Environmental studies
5.3 By End Users
5.3.1 Pharmaceutical and Biotechnology Industries
5.3.2 Academic and Research Institutions
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle-East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 ThermoFisher Scientific
6.1.2 Utech Labs
6.1.3 Cecil Instrumentation services Ltd
6.1.4 GBC Scientific equipment
6.1.5 Shimadzu Corporation
6.1.6 Eppendorf
6.1.7 Analaytik Jena GmbH
6.1.8 Biochrom Ltd
6.1.9 Perkin Elmier Inc.,
6.1.10 Buck scientific Instrusment manufacturing company
6.1.11 Cole- Parmer instrument company LLC
6.1.12 Danher
6.2 MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global UV spectroscopy market market is studied from 2019 - 2027.
What is the growth rate of Global UV spectroscopy market?
The Global UV spectroscopy market is growing at a CAGR of 5% over the next 5 years.
Which region has highest growth rate in Global UV spectroscopy market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global UV spectroscopy market?
North America holds highest share in 2021.
Who are the key players in Global UV spectroscopy market?
ThermoFisher Scientific, Eppendorf-, PerkinElmer Inc, Danher , Shimadzu Corporation are the major companies operating in Global UV spectroscopy market.
