LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global molecular spectroscopy market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global molecular spectroscopy market for 2017-2021. The report also lists molecular spectroscopy consumables and molecular spectroscopy instruments as the two major product segments of which the molecular spectroscopy consumables segment accounted for a little over 54% of the market share in 2016.
According to Amber Chourasia, a lead analyst at Technavio for lab equipment research, “The rapid growth of the biomedical sector in APAC is likely to boost the adoption of molecular spectroscopy solutions such as Raman spectroscopy. The countries in this region will provide a huge base for clinical trials and drug discovery, which augurs well for the growth of the market.
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Technavio analysts highlight the following four market drivers that are contributing to the growth of the global molecular spectroscopy market:
- Technological advances
- Rising focus on drug discovery and development
- Rapid innovations in the field of life sciences
- Rising expenditure on R&D globally
In the last few years, molecular spectroscopy has witnessed an extension of its applications in medical, biological, and sensing fields. This has prompted the vendors to improve their existing instrumentation and develop new products based on the changing needs of customers. For instance, recent advances in Raman spectroscopy have led to major changes in the assessment of diffusely scattering samples and emerging applications that include non-invasive diagnosis of bone disease and monitoring of glucose levels.
Rising focus on drug discovery and development
There is an increase in focus on drug discovery and development by pharmaceutical and biotechnology companies, as well as by research institutes, which has been propelling the demand for molecular spectroscopy solutions. The governments of many developed and developing countries have been supporting research for new drug discovery and development. Thus, with the increase in drug discovery, there will also be an indirect hike in the consumption of instruments such as smart spectrometers as the applications are likely to be widened among end-users.
Rapid innovations in the field of life sciences
There has been rapid advances in the life sciences sector driven by factors such as an increase in chronic diseases, aging population, population growth, the rise in life expectancy, and higher disposable income. The technologies used in this sector must keep up with the varying needs of researchers. Though the technology scenario regarding laboratory equipment has seen major changes over the last decade, molecular spectroscopy continues to be a critical device for the life sciences sector. Since the life sciences sector is one of the largest users of spectroscopy, its growth will propel the demand for molecular spectroscopy solutions during the forecast period.
Rising expenditure on R&D globally
The global expenditure on R&D has shown consistent growth in the last 10 years. With the economies of developing countries growing faster than those of developed countries, the developing countries are expected to witness the emergence of several new research facilities and institutes over the next five years.
“The increase in the number of testing and research facilities, particularly in the field of pharmaceutical and biotechnology, will lead to a hike in demand for laboratory and research equipment such as molecular spectroscopy and other consumables,” says Amber.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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