Raman spectroscopy market to grow by USD 287.28 million from 2022 to 2027 | The rising focus on drug discovery and development to boost market growth- Technavio

NEW YORK, Oct. 13, 2023 /PRNewswire/ -- The Raman spectroscopy market by application (pharmaceuticals, life science, material science, semiconductor, and others), type (benchtop and portable), and geography (North America, Europe, Asia, and the rest of the world (row)) - Forecast and Analysis 2023-2027" report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the Raman spectroscopy market between 2022 and 2027 is USD 287.28 million. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

The rising focus on drug discovery and development is the key factor driving market growth. Due to the rising prevalence of several chronic diseases across the globe, there is an increased focus on drug discovery and development by pharmaceutical and biotechnology companies as well as research institutes. A better knowledge of the condition at a molecular level has shown to Raman spectrometers being used in drug discovery and development. Thus, the increase in drug discovery and development will drive the demand for Raman spectroscopy, which will boost the growth of the market during the forecast period. Learn about additional key drivers, trends, and challenges available with Technavio. Read Free Sample PDF Report Now

Market Challenge 

The lack of skilled laboratory professionals is a challenge that affects market growth. Raman spectroscopy requires the use of appropriately trained and qualified laboratory personnel. Raman spectroscopy presents results in the form of spectra or peaks that need to be analyzed by trained experts. Therefore, a lack of people with appropriate skills leads to high levels of non-compliance among laboratory professionals, thereby impeding market growth during the forecast period.

The Raman spectroscopy market has been segmented by application (pharmaceuticals, life science, material science, semiconductor, and others), type (benchtop and portable), and geography (North America, Europe, Asia, and the rest of the world (row)). 

• The pharmaceuticals segment will be significant during the forecast period. Raman spectroscopy is an analytical technique used to define the molecular structure and probity of a sample. Therefore, the pharmaceutical industry is increasingly interested in developing new drugs using Raman spectroscopy. Raman spectroscopy has been used to determine the structure of therapeutic drug substances and determine their structural components for more dynamic molecules in the pharmaceutical industry. Thus, such factors will drive the growth of the pharmaceutical segment of the market during the forecast period. 
• North America is estimated to contribute 43% to the growth of the global market during the forecast period.

  View the Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Raman spectroscopy market:

Agilent Technologies Inc., Anton Paar GmbH, Bruker Corp., Endress Hauser Group Services AG, Hamamatsu Photonics KK, Hitachi Ltd., HORIBA Ltd., Ibsen Photonics AS, Ilife Biotech, Iza Analytics, JASCO, Metrohm AG, Mettler Toledo International Inc., Oxford Instruments plc, PerkinElmer Inc., Renishaw Plc, Rigaku Corp., Shimadzu Corp., Technos Instruments, and Thermo Fisher Scientific Inc.

Related Reports:

The global atomic spectroscopy market size is estimated to grow by USD 2,214.33 million at a CAGR of 7.02% between 2022 and 2027.

The near-infrared (NIR) spectroscopy market size is estimated to decline at a CAGR of 9.14% between 2022 and 2027. 

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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SOURCE Technavio