by 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 used to obtain structural fingerprint information of chemical compounds. It helps identify molecules by analyzing the unique profiles of scattering due to their molecular variations, thus providing a fast, accurate and non-destructive optical analysis.
Market key trends:
One of the major market trends is the use of portable Raman spectroscopy devices in biomedical applications. Traditional Raman instruments are large and expensive laboratory devices. However, recent advancements have led to development of handheld portable Raman systems with disposable probes. These portable systems offer advantages like portability, easy handling, reduced contamination risk and ability to provide real time chemical analysis in biomedical applications like disease diagnosis and monitoring pharmaceutical formulation quality. Their usage is expected to grow significantly over the forecast period.
SWOT Analysis
Strength: The global Raman Spectroscopy market offers several advantages over other spectroscopy techniques such as infrared spectroscopy. It provides fingerprint information and is non-destructive in nature.
Weakness: Raman spectroscopy systems are expensive and require specialized expertise for operation and data analysis. Sample preparation is crucial for obtaining high-quality Raman spectra.
Opportunity: Rising demand for characterizing materials in various industries including life sciences, forensics, and semiconductor is driving the Raman Spectroscopy market growth. Growing pharmaceutical industry in emerging nations also presents an opportunity.
Threats: Availability of alternative technologies like Fourier transform infrared spectroscopy may hamper the market growth. Lack of skilled professionals can also challenge the growth of the Raman spectroscopy 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 demand from industries like pharmaceuticals, semiconductors and life sciences industries. The pharmaceutical industry is expanding rapidly in India, China and other developing nations which is fueling the adoption of Raman spectroscopy for drug discovery, materials characterization and quality testing.
Regional analysis: North America dominates the global Raman Spectroscopy market and is expected to continue its dominance over the forecast period. Presence of major players and availability of trained professionals drive the market growth in this region. Asia Pacific is expected to be the fastest growing market due to growing pharmaceutical and semiconductor industries in India and China. Rising R&D investments in the region present lucrative opportunities for market 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. Major players are focusing on new product launches, partnerships and acquisitions to strengthen their market presence and cater to rising end-user demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
