Molecular Spectroscopy Market by Technology: Future Growth Analysis
The molecular spectroscopy market is expected to reach USD 6.85 Billion by 2022 from an estimated USD 4.98 Billion in 2017, at a CAGR of 6.6%.
(EMAILWIRE.COM, August 17, 2018 ) The global molecular spectroscopy market is expected to reach USD 6.85 Billion by 2022 from USD 4.98 Billion in 2017, at a CAGR of 6.6%. The growth of this market is majorly driven by food safety concerns, the growth of the pharmaceutical and biotechnology industry, technological advancements in molecular spectroscopy and application of molecular spectroscopy in environmental screening. However, the high cost of equipment is likely to restrain the growth of the molecular spectroscopy market during the forecast period.
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The increasing funding for environmental protection and an increase in research funding in a number of countries such as the US and Canada, will open new opportunities for market players. For instance, in 2016, in the US, the Annual Performance Plan and Budget of USD 8.267 billion was increased by USD 127 million above the previous year (USD 8.139 billion). The increased funding was allocated for the purchase of new instruments for testing high-hazard samples. Also, in March 2016, the Minister of State for Science and Technology announced an investment of USD 23 million for supporting 95 research projects at 26 universities across Canada.
By technology, the NMR spectroscopy segment accounted for the largest share of the market in 2017
On the basis of technology, the molecular spectroscopy market is broadly segmented into nuclear magnetic resonance (NMR) spectroscopy, UV-Visible spectroscopy, infrared (IR) spectroscopy, near-infrared spectroscopy, color measurement spectroscopy, raman spectroscopy, and other technologies (fluorescence spectroscopy and hybrid spectroscopy). In 2017, the NMR spectroscopy segment is expected to account for the largest share of this market. The extensive applications of NMR spectroscopy coupled with the technological advancements in molecular spectroscopy are driving the growth of this segment.
North America accounted for the largest share of the molecular spectroscopy market in 2016, followed by Europe. High usage of molecular spectroscopy in the pharmaceutical sector, growing funding for environmental testing in the US, growing food safety concerns in the US, and government initiatives to improve lab infrastructure and propel fundamental scientific research in Canada will drive market growth during the forecast period.
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