Global Spectroscopy Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Technology (Atomic, Mass, Molecular), By Application (Pharmaceutical, Environmental, Life Sciences, Industrial, Others), And By Geography - Forecasts From 2021 To 2026

The global spectroscopy market is evaluated at US$ 19.526 billion for the year 2019 and is projected to grow at a CAGR of 3.87% to reach the market size of US$25.470 billion by the year 2026.

Introduction.

Spectroscopy refers to a plethora of different techniques that employ radiation to obtain data on the structure and properties of matter, which is used for solving a wide variety of analytical problems. Spectroscopic instruments are used extensively in the R&D activities in the pharmaceutical industry for drug development as well as for testing a new drug.

Market outlook.

The booming pharmaceutical industry on a global platform owing to the rising aging population and increase in chronic diseases coupled with growing awareness and concern among people about health is expected to drive the global market of spectroscopy. Moreover, the expansion of environmental and life science applications further contributes to the global spectroscopy market significantly. However, the scarcity of trained personnel and high costs of instruments used in spectroscopy may restrain the market growth. The ongoing technological advancement and high-speed innovation create ample opportunities for the market to grow over the projected period.

COVID-19 Impact On Global Spectroscopy Market

The advent of COVID-19 had a positive impact on the market of spectroscopy as it became an integral part of the treatment procedures that were followed during the period to cure the patients. 

Since the COVID-19 virus outbreak, due to the lockdown, the production and supply chain of spectroscopic instruments have been restricted. Hence, the studied market is expected to be impacted during the pandemic. According to the article published on the National Institute of Health 2020, spectroscopy is being widely used for detecting and monitoring COVID-19. However, the local players have experienced an increase in the research and development activities related to drug discovery against COVID-19 by various pharmaceutical companies.

Global Spectroscopy Market Scope:

Segmentation

• By Technology
  • Atomic
  • Mass
  • Molecular
• By Application
  • Pharmaceutical
  • Environmental
  • Life sciences
  • Industrial
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Others
  • Middle East & Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the spectroscopy market size by 2026?
A1. The spectroscopy market is projected to reach a total market size of US$25.470 billion in 2026.

Q2. What is the size of global spectroscopy market?
A2. Spectroscopy Market was valued at US$19.526 billion in 2019.

Q3. What are the growth prospects for the spectroscopy market?
A3. The global spectroscopy market is projected to grow at a CAGR of 3.87% over the forecast period.

Q4. Who are the major players in the spectroscopy market?
A4. Prominent key market players in the global spectroscopy market include Thermo Fischer Scientific Inc., Merck KGaA, PerkinElmer Inc., VIAVI Solutions Inc., Agilent Technologies Inc., Bruker Corporation, Danaher Corporation, among others.

Q5. What factors are anticipated to drive the spectroscopy market growth?
A5. The booming pharmaceutical industry on a global platform owing to the rising aging population and increase in chronic diseases coupled with growing awareness and concern among people about health is expected to drive the global spectroscopy market.