Raman spectroscopy is an advanced analytical technique used for non-destructive analysis of molecular structure and chemical composition of samples. Raman spectrometers detect molecular vibrations by irradiating the sample with a laser beam and analyzing the scattered inelastic scattered light. This technique provides valuable chemical and molecular structure information about the sample that can aid in identification and characterization of molecules. The increasing usage of Raman spectroscopy in pharmaceutical and biotechnology industries for raw material identification, polymorph screening, and strain identification is a major factor propelling the growth of the global Raman spectroscopy market.
The global Raman spectroscopy market is estimated to be valued at US$ 1.36 billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for portable Raman spectrometers from industries is a key trend influencing the market growth. Portable Raman spectrometers provide on-site analysis and are suitable for applications such as manufacturing quality control, material identification in security and forensics applications, counterfeit detection, and others. They are gaining popularity as they eliminate the need for sample transportation and provide more efficient workflows. Major players are focusing on launching compact and affordable portable Raman spectrometers to capitalize on this opportunity, which is boosting the overall market growth. Another notable trend is the increasing adoption of surface-enhanced Raman spectroscopy (SERS) for trace detection of chemical and biomolecular samples. SERS provides significantly improved sensitivity and lower detection limits compared to conventional Raman spectroscopy. SERS has potential applications in drug discovery, environmental monitoring, food safety testing, and medical diagnostics.
Threat of new entrants: The threat of new entrants is moderate as significant capital investment would be required to establish manufacturing facilities and gain brand awareness. However, the growing market provides opportunities for new entrants.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many suppliers and substitutes in the market. Buyers can easily switch between suppliers based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While raw material prices may impact the production cost, leading players try to maintain long-term relationships with suppliers to ensure uninterrupted supply.
Threat of new substitutes: The threat of substitutes is low as Raman spectroscopy provides unique analytical capabilities compared to other technologies. However, alternative techniques pose competition.
Competitive rivalry: The competition is intense with the presence of numerous global and regional players offering price-competitive products. Players differentiate through continuous innovations.
The Global Raman Spectroscopy Market Size is expected to witness high growth. The global Raman spectroscopy market is estimated to be valued at US$ 1.36 billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.
North America currently dominates the market due to extensive research and development spending and presence of key players. The Asia Pacific region is expected to grow at the fastest pace during the forecast period with increasing academic activities and R&D investments in countries like China and India. Europe and North America are significant markets for Raman spectroscopy due to growing pharmaceutical and biotechnology industries. North America is projected to continue dominating with technological advancements. However, Asia Pacific is likely to offer lucrative opportunities during the forecast period.
Key players: Key players operating in the Raman Spectroscopy market are Quintiles IMS Holdings, Inc. (now IQVIA Holdings Inc.), PAREXEL International Corporation, ICON plc, Covance Inc. (acquired by LabCorp), PPD, LLC. These players are focusing on new product launches and collaborations to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it