Market Size of Global UV Spectroscopy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
UV Spectroscopy Market Analysis
The UV spectroscopy market is projected to register a CAGR of 5.1% during the forecast period (2022-2027).
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. 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 UV spectroscopy is consistently expected to rise over the forecast period.
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.
Inventions in product design for enhanced functioning of spectroscopy are projected to boost the rate of adoption in the market. For instance, in March 2020, Shimadzu, under a UV-i Selection brand launched six new UV-VIS spectrophotometer models. The systems are convenient for use in a wider range of fields, comprising pharmaceuticals, chemicals, and academia. They offer an automated analysis of various samples, extremely user-friendly operability, and additional features to satisfy a wide spectrum of customer needs.
In addition, major manufacturers are providing solutions to academic institutions. For instance, in May 2021, PASCO Scientific announced the launch of a new UV-Vis Spectrometer which offers universities a comprehensive solution for everyday applications in spectrophotometry.
Hence, due to the above mentioned factors the market is expected to grow rapidly during the forecast period.
However, the lack of experienced professionals and longevity of Instruments are restraining the market's growth.
