The Spectrophotometer Market is estimated to be valued at US$ 18.75 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
A spectrophotometer is an instrument that analyzes the wavelength of electromagnetic radiation samples across the ultraviolet-visible and infrared regions. These instruments are used across industries like pharmaceutical, biotechnology, environment testing, and chemicals. Some common applications include DNA and protein quantification, diagnosis of blood-related diseases, water and wastewater testing, and identification of compounds in forensics and drug discovery research.
Increasing focus on drug development and pharma research: Spectrophotometers play a key role in analytical testing during drug discovery and development. They are used for quantification of active ingredients in drugs, quality control testing during production, and identification of impurities. The rising pharmaceutical R&D expenditure Globally is expected to drive the demand for spectrophotometers over the forecast period.
Growing environmental monitoring initiatives: Strict environmental regulations regarding water and wastewater treatment have increased the usage of spectrophotometers for monitoring pollutants. They help test parameters like chemical oxygen demand, biochemical oxygen demand, total dissolved solids, turbidity, and concentration of heavy metals. This growing need for wastewater analysis is projected to fuel the spectrophotometer market growth.
The Global spectrophotometer market can be segmented based on technology, application, end-user industry, and region. Based on technology, the market is segmented into UV-Visible spectroscopy, fluorescence spectroscopy, near-infrared (NIR) spectroscopy, Raman spectroscopy, and others. UV-Visible spectroscopy dominates the market as it is widely used in various end-user industries including healthcare, chemicals, food and beverage, and others. Its affordability and accuracy make it suitable for multiple applications.
Political: Government rules and regulations regarding spectrophotometer use in food testing, water quality monitoring, and environmental analysis are driving market growth.
Economic: Rising expenditure on life sciences R&D and analytical testing is augmenting demand.
Social: Growing health awareness has increased the emphasis on accurate diagnosis and treatment, boosting market prospects.
Technological: Advancements in spectroscopy techniques such as NIR and Raman are presenting new opportunities.
Global Spectrophotometer Market Demand is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing expenditure on life sciences R&D. The market size for 2023 is US$ 18.75 Bn. North America is expected to dominate the market over the forecast period due to strong biosciences industry and favorable government funding.
Asia Pacific is the fastest growing region in the spectrophotometer market supported by increasing expenditure on drug discovery and clinical research in countries such as China and India. These countries offer low-cost operations and regulatory flexibility, attracting outsourcing by large pharmaceutical firms.
Key players operating in the spectrophotometer market are Thermo Fisher Scientific, Bruker, Shimadzu, Waters Corporation, Agilent Technologies, PerkinElmer, and AB Sciex. Thermo Fisher Scientific and Shimadzu collectively hold over 35% of the market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it