The Global Spectroscopy Market is predicted to grow at a CAGR of 3.87 % to attain a market size of US$25.470 million by the end of 2026. This market was worth US$19.526 million in the year-end 2019. In spectroscopy, the matter is examined for its light-absorption and emission properties. The process involves splitting light or electromagnetic radiation into their constituent components (a spectrum), much like a prism divides light into a rainbow of colours. Spectrometry is becoming increasingly important in many analytical applications, such as pharmaceutical development, proteomics, metabolomics, forensic analysis, and forensic analysis of water.
These techniques have become increasingly popular as the drug discovery process has evolved. It is also expected that new technologies will be introduced for novel applications throughout the forecast period. In addition to these uses, radio-frequency spectroscopy has a staggering number of others; for instance, magnetic resonance imaging (MRI) and x-ray machines use radio-frequency spectroscopy while ionizing radiation is used to study and test doping in sports. In spectroscopy, different kinds of energy are involved in certain types of interactions. This electromagnetic radiation is measured by varying its intensity or frequency in many applications. Different types of spectroscopy are distinguished also by the way they interact with materials. Some examples are:
- ABSORPTION SPECTROSCOPY
Absorption spectroscopy involves measuring the radiation absorbed by matter using spectroscopic methods. Testing the absorption of specific elements across the electromagnetic spectrum allows one to determine the atomic composition of a sample.
- BIOMEDICAL SPECTROSCOPY
The technique is used in biomedical science. For example, magnetic resonance spectroscopy (a specialized form of imaging technique) has been used to diagnose mental health conditions ranging from depression to physical tumours, in addition to analysing muscle metabolism. A spectrum of wavelengths is mapped in the brain that corresponds to the known spectrum, and then the pattern of peaks and valleys of those peaks is scrutinized carefully.
- ENERGY-DISPERSIVE X-RAY SPECTROSCOPY
An energy dispersive X-ray spectrometer, also called EDS or EDX, is used for identifying and quantifying elements found in a sample. This technique is employed by the Phenom ProX Desktop SEM. It can also be used in conjunction with Transmission Electron Microscopy (TEM) and Scanning Transmission Electron Microscopy (STEM) for creating spatially resolved elemental analyses in as small an area as a few nanometres.
Technology-driven developments in spectroscopy instruments and consumables are expected to drive this market's growth. Spectrometric devices have been increasingly used on the market due to the continual evolution of spectrometry techniques. Researchers would be able to produce better results if key players develop products that are easy to use and provide better results. Accordingly, the market is expected to grow over the forecast period.
The Market Is Dominated by Molecular Spectroscopy
Pharmaceuticals and other biotechnology products are being researched and developed with molecular spectroscopy, and one of the molecular spectroscopy types is near-infrared spectroscopy (NIR). The pharmaceutical sector also has gained a great deal of appreciation for NIR spectroscopy in recent years because of its major advantages such as easy sample preparation and the potential for the estimation of chemical and physical parameters from a single spectrum. The market might grow due to the popularity of this technology, which has been widely noted. PerkinElmer, Inc., for example, offers a wide range of instruments, accessories, consumables, as well as software and informatics in the field of molecular spectroscopy. As part of its molecular spectroscopy system, the company provides spectroscopies in the infrared, fluorescence, ultraviolet-visible (UV-Vis), and FT-IR wavelength ranges, as well as spectroscopic imaging systems.
Among All Application Areas, Pharmaceuticals Are Projected to Grow Most Rapidly
Pharmaceutical applications are predicted to grow at the highest rate during the forecast period. The growth in this market is mainly due to the increasing use of molecular spectroscopy in various stages of drug development and the growth of research and development in pharmaceutical industries. Some major players offer specific instruments for pharmaceutical analysis. An example of this is Agilent Technologies, Inc.'s Raman pharmaceutical analytical systems – the TRS100 quantitative pharmaceutical analysis system. In pharmaceutical finished-product testing and formulation development for capsules, tablets, and other dosage forms, the TRS100 system allows for simple and fast screening of whole content uniformity and polymorphism. A novel application for spectrometry technology is to quantify drugs in the pharmaceutical industry. To determine the effectiveness of the anti-COVID-19 drug remdesivir for treating disease, liquid chromatography-mass spectrometry (LC-MS) technology was used.
North America Is Expected to Grow Rapidly Over the Forecast Period
The North American market is poised to grow due to an increase in the use of spectroscopy in pharmaceutical production, improved funding for environmental testing, and favourable government policies and initiatives. Pharmaceutical Research and Manufacturers Association (PhRMA) data, for example, indicates that the United States is the world's largest biopharmaceutical market, accounting for one-third of the total global market and being a world leader in biopharmaceutical R&D. In addition, the United States is a very supportive environment for the discovery, development, and commercialization of pharmaceutical products with minimal barriers to entry. Over the next few years, the United States will increasingly use spectroscopic techniques for drug discovery and development. Furthermore, there are many pharmaceutical companies operating in Canada, which continue to play a key role in propelling the growth of the market. A collaboration agreement was announced by Numares AG and Bruker Corporation in January 2021 for the purpose of developing NMR diagnostic tests. Agilent Technologies Inc. also launched the Cary 3500 UV-Visible Spectrophotometer in November 2018, which simplifies analysis processes, optimizes lab productivity, and ultimately helps develop new therapeutics for life sciences, pharma, and biopharma. During the forecast period, the country's growing R&D activities in drug discovery and development are expected to drive the molecular spectroscopy market driven by new product launches from players in the United States.
High Cost of Spectroscopy Systems
A spectroscopy instrument is equipped with advanced features and functionalities, so its price is higher than other instruments. Along with the cost of the system itself, the system must also comply with industry standards. Compliance is the process of ensuring that the molecular spectroscopy system complies with the requirements specific to the industry where it will be used (whether mandated by the government or self-imposed). The following requirements must be met by spectroscopy systems in order to be compliant with industry standards:
Verification: This process, also known as performance verification, makes sure that the spectrometer is operating correctly at any given moment.
Qualification: Qualification is the process whereby assurance is provided that the system will function as desired and it is documented for the regulatory agencies. While purchasing an instrument as well as commissioning it, a well-documented and rigorous evaluation process is used.
Validation: Documenting the suitability of a spectrometer for a given application is known as validation. The standard operating procedures (SOPs) for the complete system, including the software, accessories, the intended application, and all associated software are covered in this process. These rigid verification steps added with high cost can hamper the market growth.
COVID-19 is also having a positive impact on the market, as more scientists are using Raman spectroscopy for the testing of COVID-19. Research teams at the Northern Arizona University (NAU) have developed a tested technology that uses single-molecule surface-enhanced Raman spectroscopy (SM-SERS) to detect SARS-CoV-2. SARS-CoV-2 was being tested using a new method based on single-molecule surface-enhanced Raman spectroscopy, which was approved for USD 200,000 from the National Science Foundation's Rapid Response Research (RAPID) program. Thus, the demand for molecular spectroscopy is consistently predicted to grow over the forecast period with the increase in research and development activities associated with drug discovery.