The global molecular spectroscopy market size was valued at USD 5.6 billion in 2021, growing at a CAGR of 7.2% during the forecast period 2022-2028. The interaction of electromagnetic radiation with materials to generate an absorption pattern known as spectrum, from which structural or compositional information can be derived, is known as molecular spectroscopy. Excitation of molecular movement or vibration, as in infrared (IR) spectroscopy, or excitation of an electron in a higher orbital, as in ultraviolet/visible (UV/VIS) spectroscopy, occurs throughout this process. With measurements in a variety of molecules and growing resolution, molecular spectroscopy has been quickly improving, resulting in the discovery of new effects and advancements in the theoretical explanation of spectra.
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NMR spectroscopy is regarded as a reliable technology, and its use in the creation of innovative therapies has expanded. This development in drug research and development will aid the expansion of the molecular spectroscopy market. In addition, the growing and rising use of molecular spectroscopy in environmental screening is likely to boost the molecular spectroscopy market forward. Furthermore, due to factors including a significant shortage of skilled personnel for method development, procedure, recognition, and troubleshooting activities; and adverse economic conditions and political unrest, product sales and demand may decrease, affecting the molecular spectroscopy market's optimal potential growth in the coming few years. Technological developments and the development of advanced markets, on the other hand, may provide chances for the molecular spectroscopy market to grow.
The global molecular spectroscopy market segmentation:
1) By Type (Infrared (IR) Spectroscopy, Visible/Ultraviolet (UV) Spectroscopy, Flame Spectroscopy, Near-infrared Spectroscopy, X-Ray Spectroscopy, Nuclear Magnetic Resonance Spectroscopy (NMR Spectroscopy), Others),
2) By Application (Pharmaceutical Applications, Biotechnology & Biopharmaceutical Applications, Food & Beverage Testing, Environmental Testing, Academic Research, Other Applications)
The largest market share was held by North America. The second-largest market was Europe. Because of increased use of molecular spectroscopy in the pharmaceutical sector, enhanced funding for environmental testing, increasing concerns about food safety, and supportive government initiatives and policies concerns in the US, and new initiatives to improve lab infrastructure, the North American region is found to be able to dominate the large market share of molecular spectroscopy.
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There are some major players working in molecular spectroscopy market, which include Avantes (Netherlands), Agilent Technologies (U.S.), Bruker Corporation (U.S.), Ibsen Photonics A/S (Denmark), Carl Zeiss AG (Germany), Magritek (New Zealand), PerkinElmer Inc. (U.S.), Merck Millipore (U.S.), Shimadzu Corporation (Japan), Viavi Solutions (U.S.), Thermo Fisher Scientific (U.S.)
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