(PRWEB) June 03, 2014
The "Molecular Spectroscopy Market by Technology [NMR (FT, Continuous Wave), UV-Visible (Photodiode Array, Handheld), IR (Terahertz, Benchtop), NIR (FT-NIR) Raman (SERS, TERS, FT Raman)] & by Application (Pharmaceutical, Food) - Forecast to 2018” analyzes and studies the major market drivers, threats, opportunities, and challenges.
Browse 90 market data tables, 17 figures spread through 295 pages and in-depth TOC - http://www.marketsandmarkets.com/Market-Reports/molecular-spectroscopy-market-50034395.html.
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This report studies the global molecular spectroscopy market over the forecast period of 2013 to 2018. This market was valued at $4.3 billion in 2013 and is poised to grow at a CAGR of 6.7% from 2013 to 2018, to reach $5.9 Billion by 2018.
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The global molecular spectroscopy market is witnessing a significant growth and will continue to do so in the next five years. The factors contributing to this growth are the improvements in the funding scenario globally, increase in the number of government sponsored research activities, and developments in drug discovery research. In the forecast period, the Asian region is projected to grow at the highest CAGR, with the growth in this region centered at China, India, and Japan. Furthermore, countries such as Brazil, Mexico, and UAE also have a high projected growth.
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In the coming years, the demand for molecular spectroscopy is likely to increase owing to a number of factors such as the stringent quality requirements for drugs and excipients, growing concerns for food safety, extensive usage of molecular spectroscopy technologies by the pharmaceutical industry for the development and quality control of drugs, technological advancements, and increasing life sciences R&D spending. These factors are propelling the growth of this market. However, the high cost of the systems and the need for skilled personnel to operate high-end systems are the major factors hindering the growth of this market.
The U.S. and European markets are witnessing increasing funding for researches that use molecular spectroscopy. The governments of various countries in these regions have increased their focus on using molecular spectroscopy technologies in research processes. In the U.S., the National Institutes of Health funded the University of Georgia with a $1.2 million in grant for biomedical research. In Europe, Germany has increased its funding for research and in the U.K., molecular spectroscopy is used extensively in food testing processes. The markets in Brazil, Mexico, and UAE are expected to witness growth as well. This growth can be attributed to the use of molecular spectroscopy in the pharmaceutical industry of the respective countries.
The major players in this market include ABB Bomem, Inc. (U.S.), Agilent Technologies (U.S.), Bruker Corporation (U.S.), Danaher Corporation (U.S.), FOSS (Denmark), JASCO International Co., Ltd. (Japan), PerkinElmer, Inc. (U.S.), Shimadzu Corporation (Japan), Thermo Fisher Scientific, Inc. (U.S.), and JEOL, Ltd. (Japan).
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