The global raman spectroscopy market to grow at a CAGR of 7.28% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global raman spectroscopy market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of Raman spectrometers across applications such as life sciences, pharmaceutical, environmental, and others in the Americas, APAC, and EMEA. The report also includes a discussion of the Key vendors operating in this market.
The latest trend gaining momentum in the market is Increasing demand for cloud-based spectroscopy. Cloud-based spectroscopy is considered to be the next-generation spectroscopy. Scanners, smartphones, and cloud-based data are used in this technique. Tellspec, one of the prominent providers of cloud-based spectroscopy, has developed a handheld food scanner that connects to a smartphone, as well as a cloud-based database, to apprise the user about the levels of chemicals, allergens, calories, nutrients, and the ingredients present in any food item. Tellspec's food scanner technology is based on near infrared spectroscopy. However, cloud-based spectroscopy model for Raman spectroscopy is expected to be offered by companies during the forecast period.
According to the report, one of the major drivers for this market is Increased focus on drug development in healthcare industry. The pharmaceutical industry is experiencing high R&D expenditure year-over-year. Raman spectroscopy is used extensively in the R&D in the pharmaceutical industry for testing and new drug discovery. This will drive the demand for Raman spectrometers across the globe.
Further, the report states that one of the major factors hindering the growth of this market is High cost of ownership. One of the major challenges for vendors in the market is the high cost incurred in the R&D of atomic spectroscopy. The development process of spectroscopy consists of the designing, testing, and implementation stages. The development of atomic spectroscopy begins with the establishment of technology platforms and then advances to the design of specific applications, followed by the development and intensive testing processes. Hence, the process is lengthy, expensive, and time-consuming.