(EMAILWIRE.COM, September 04, 2020 ) The Growing opportunities in emerging nations, development of microvolume sampling-capable instruments, investments into the field of molecular diagnostics and growth of biobanking are likely to provide growth opportunities to the global UV/visible spectroscopy market. However, the dearth of skilled professionals and longevity of instruments is likely to restrain the growth of this market.

According MarketsandMarkets Research - The UV/Visible Spectroscopy Market is poised to reach USD 1,163.2 Million, growing at a CAGR of 4.3 % during the forecast period.

Major Market Growth Drivers:

- Applications of UV/Visible Spectroscopy in Environmental Screening
- Growing Use of UV/Visible Spectroscopy in the Pharmaceuticals & Biotechnology Industry
- Technological Advancement
- Increasing Need for Food Analysis

Market Growth Opportunities:

- Development of Microvolume Sampling-Capable Instruments
- Growing Opportunities in Emerging Nations
- Increasing Investments in Molecular Diagnostics
- Emergence of Biobanking

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Based on instrument type, the market is segmented into single-beam systems, dual-beam systems, array-based systems and handheld systems. The single-beam systems segment is estimated to account for the major share of the UV/visible spectroscopy market. These instruments are routinely used analytical instruments in clinical examination, medicine, petrochemicals, biochemistry, biotechnology, quality control, and environmental protection as they are simple and economical.

Based on application, the market is segmented into academic applications and industrial applications. The industrial applications segment is estimated to account for the major share of the UV/visible spectroscopy market. The instruments are used in various industrial fields such as life science R&D, production, quality assurance/quality control (QA/QC) and environmental testing as they are easy to use, flexible, affordable, and scalable.

Stakeholders of the UV/visible spectroscopy market;

- Analytical Instrument Manufacturers
- Analytical Instrument Suppliers and Distributors
- Pharmaceutical Companies
- Biotechnology Companies
- Academic Centers
- Research Institutes

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On the basis of region, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2016, North America is expected to account for the largest share of the UV/visible spectroscopy market. However, the Asia-Pacific market is slated to grow at the highest CAGR during the forecast period and serve as a revenue pocket for companies offering UV/visible spectroscopy systems and accessories. This is owing to the impetus provided by entry of key market players into this market, growing food safety and environmental pollution concerns and budding life science R&D sector in this region.

The major players in UV/visible spectroscopy market include Shimadzu Corporation (Japan), PerkinElmer Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Agilent Technologies Inc. (U.S.) and Hach Company (subsidiary of Danaher Corporation) (U.S.).