The research analysts forecast the global raman spectroscopy market to grow at a CAGR of 7.28% during the period 2017-2021. Spectroscopy instruments have a wide range of applications in different segments. Its primary customers include the pharmaceutical industry, processed food industry, metal mining and chemical industry, government regulatory bodies, and others (cosmetic industry and environmental research organizations). These customers use spectroscopy equipment to analyze the compound structure, quality, and quantity of different elements, as well as the level of adulteration. This helps organizations in the R&D of new products. Due to the high growth potential in both generic and non-generic drugs markets, pharmaceutical companies are investing highly in the development of new drugs, which will further increase the demand for spectroscopy equipment during the forecast period.
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The publisher recognizes the following companies as the key players in the global raman spectroscopy market: Agilent Technologies, Bruker, Hitachi High-Technologies, JEOL, PerkinElmer, Shimadzu Corporation, and Thermo Fisher Scientific.
Other Prominent Vendors in the market are: FOSS, GBC Scientific Equipment, JASCO, Metal Power, Rigaku Corporation, and WATERS.
The latest trend gaining momentum in the market is Increasing demand for cloud-based spectroscopy. Cloud-based spectroscopy is considered to be the next-generation spectroscopy. Scanners, smartphones, and cloud-based data are used in this technique. Tellspec, one of the prominent providers of cloud-based spectroscopy, has developed a handheld food scanner that connects to a smartphone, as well as a cloud-based database, to apprise the user about the levels of chemicals, allergens, calories, nutrients, and the ingredients present in any food item. Tellspec's food scanner technology is based on near infrared spectroscopy. However, cloud-based spectroscopy model for Raman spectroscopy is expected to be offered by companies during the forecast period.
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According to the report, one of the major drivers for this market is Increased focus on drug development in healthcare industry. The pharmaceutical industry is experiencing high R&D expenditure year-over-year. Raman spectroscopy is used extensively in the R&D in the pharmaceutical industry for testing and new drug discovery. This will drive the demand for Raman spectrometers across the globe.
Further, the report states that one of the major factors hindering the growth of this market is High cost of ownership. One of the major challenges for vendors in the market is the high cost incurred in the R&D of atomic spectroscopy. The development process of spectroscopy consists of the designing, testing, and implementation stages. The development of atomic spectroscopy begins with the establishment of technology platforms and then advances to the design of specific applications, followed by the development and intensive testing processes. Hence, the process is lengthy, expensive, and time-consuming. Costs are added on because of the technology used and requirement for highly skilled specialists. Small companies and CROs might be deterred by these costs. These costs are passed on to customers, which increases the acquisition cost of the equipment.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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