The Raman Spectroscopy Market size is projected to reach USD 861 million by 2026 from an estimated USD 602 million in 2021, at a CAGR of 7.4% from 2021 to 2026. Increased focus on drug development in healthcare and rise in adoption of Raman Spectroscopy in clinical applications are among the factors driving the growth of the Raman Spectroscopy Market.
By Instrument, the Handheld & Portable Segment is projected to hold the largest share of Raman Spectroscopy Market during the forecast period
The market for Handheld & Portable Segment is projected to hold the largest share of Raman spectroscopy market during the forecast period. Handheld & portable Raman spectroscopy has the ability to offer a simple point-and-shoot format and fully portable testing with an ergonomic design. So, it enables rapid responses for unknown characterization against integrated digital libraries and pre-existing method data. In addition, these spectroscopies can be easily carried out and operated by low-skilled personnel to acquire the molecular fingerprint of raw materials for pharmaceutical, life science, and materials science applications.
By Sampling Technique, Surface Enhanced Raman Scattering (SERS) Segment is projected to witness the growth at the highest CAGR during the forecast period
The surface enhanced Raman scattering (SERS) segment is expected to record the highest CAGR during the forecast period. Continuous technological development of nanotechnology and extensive theoretical and experimental research have significantly broadened the scope of surface enhanced Raman scattering and resulted in an increase in its demand in research of pharmaceuticals, life science, and materials science. Also, the SERS sampling technique can be used to amplify weak Raman signals, especially when signals are using visible light excitation and a low number of scattered photons are available for detection. Hence, surface enhanced Raman scattering finds its application in drug delivery, detection of trace amounts of chemical and biological threat agents, Point-of-care (POC) medical diagnostic devices, and forensic field testing.
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By Application, the Pharmaceutical Segment is projected to witness growth at the highest CAGR during the forecast period
The pharmaceutical application segment is expected to record the highest CAGR during the forecast period. The growth of the segment is attributed to the surge in usage of solid-state pharmaceutical products in both industries and academia. Current pharmaceutical applications cover a broad range, from discovery to manufacturing of drugs in the pharmaceuticals industry like identifying polymorphs, monitoring real-time processes, detection of counterfeit & adulterated pharmaceutical products, and imaging solid dosage formulations. Owing to its ability to visualize the drug and excipients distribution in pharmaceutical formulations such as tablets, creams and ointments, Raman Spectroscopy is in great demand in the pharmaceuticals industry.
By Region, APAC to hold the largest share of the Raman Spectroscopy Market throughout the forecast period
The APAC region held the largest share of the Raman Spectroscopy Market in 2020, and a similar trend is expected to be continued during the forecast period. Also, the region is expected to record the highest CAGR during the forecast period. This growth is attributed to the increasing demand from pharmaceutical, life science, materials science applications in countries such as China, Japan, South Korea, and India. Moreover, the presence a large number of pharmaceutical and life science companies and contract manufacturing organizations (CMOs) is also driving the growth of the Raman Spectroscopy Market in the APAC region. In addition, increasing healthcare expenditure by government agencies and their initiatives on advanced healthcare technologies in their respective countries are also a prominent factor behind the growth of the Raman Spectroscopy Market in the region.
Key Players
Thermo Fisher Scientific, Inc. (US); Agilent Technologies, Inc. (US); Bruker Corporation (US); Mettler-Toledo International, Inc. (Switzerland); Renishaw PLC (UK); Horiba, Ltd. (Japan); Metrohm AG (Switzerland); Kaiser Optical Systems, Inc. (US); Rigaku Corporation (Japan); and PerkinElmer, Inc. (US); are some of the key players in the Raman Spectroscopy Market.
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