Pharmaceutical Application Is Fastest Growing Segment Fueling The Growth Of Global Raman Spectroscopy Market

Raman Spectroscopy Market


The global Raman Spectroscopy Market is estimated to be valued at US$ 1.18 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Raman spectroscopy is a chemical analysis technique that measures the vibrational energy of chemical bonds in a molecule. It provides "fingerprint" information about the molecular structure, phase, polymorphism and crystalline form. Raman spectroscopy is used extensively across industries like pharmaceuticals, chemicals, materials science etc. due to its advantages like non-destructive, non-contact nature and ability for in situ measurements without any complex sample preparation.

Market key trends:
Miniaturization is a key trend fuelling the growth of Raman spectroscopy market. The demand is growing among industries for smaller, compact and portable Raman spectroscopy systems with field deployment capabilities. Leading manufacturers are focused on developing miniature benchtop and handheld Raman spectrometers with enhanced analytical capabilities. Reduced device size allows for easy integration and in situ analysis in industrial processes and analytical labs. These new generations of miniature Raman spectrometers are fuelling the adoption especially in applications like pharmaceutical analysis, counterfeit detection, hazardous material identification etc.

Segment Analysis
The global Raman spectroscopy market is segmented into product, application, and end-user. Based on product, instruments segment dominates the market and accounts for the largest revenue share. High capital investments and robust capabilities of instruments to gather molecular fingerprint make instruments segment dominant in the market.

Key Takeaways
Global Raman Spectroscopy Market Demand is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing investment in life sciences research.

Regional analysis
North America dominates the global Raman spectroscopy market and is expected to continue its dominance over the forecast period. High adoption of advanced analytical techniques in pharmaceutical and biotechnology industries drives the growth of the market in the region. Asia Pacific exhibits the fastest growth in the market owing to increasing R&D spending in pharmaceutical and semiconductor industries in emerging countries like China and India.

Key players
Key players operating in the global Raman spectroscopy market are Thermo Fisher Scientific, Bruker Corp, Renishaw plc, Horiba Ltd, JASCO Corp, Shimadzu Corp, Kaiser Optical Systems, Inc, PerkinElmer Inc, JEOL Ltd, Agilent Technologies. Thermo Fisher Scientific dominates the market owing to its wide product portfolio in the spectroscopy market. 

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