At 5.3% CAGR, Asia Pacific Molecular Spectroscopy Market is Projected to be Worth US$ 1,281.51 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific molecular spectroscopy market was valued at US$ 849.03 million in 2022 and is expected to reach US$ 1,281.51 million by 2030, recording a CAGR of 5.3% from 2022 to 2030. Rapid growth of pharmaceutical industry and increasing use of nuclear magnetic resonance spectroscopy are among the critical factors attributed to drive the Asia Pacific molecular spectroscopy growth.

The pharmaceutical industry has experienced growth at an unprecedented pace over the recent years and is slated to propel further in the upcoming years. Besides developed economies, rapid growth has been witnessed in the research environment in emerging economies such as Brazil, China, and India. The growth of the pharmaceutical industry has also acted as a crucial part in increasing the demand for molecular spectroscopy. Molecular spectroscopy techniques, including infrared spectroscopy, UV-visible spectroscopy, and mass spectrometry, are among the most important tools for pharmaceutical research and development. The significant expansion of the pharmaceutical industry in recent years, primarily due to the COVID-19 outbreak, has significantly benefited the molecular spectroscopy market. The main applications of molecular spectroscopy in the pharmaceutical industry are for analyzing molecular bond strengths, identification of individual bonds and specific atoms within a molecule, obtaining clues to the orientation of a molecule, and analysis of pharmacological purity. The need for molecular spectroscopy is increasing significantly as pharmaceutical companies expand their research and development activities related to drug discovery and development. For example, Raman spectroscopy is used to study structural activities and interactions to improve reaction conditions and formulation screening, identify constraints such as polymorph, and scale medical compounds from discovery to development. Thus, the factors mentioned above are increasing the demand for molecular spectroscopy for the large-scale production of various therapeutics, in turn facilitating its market growth globally.

On the contrary, shortage of technically skilled personnel and high cost of maintenance and installation hampers the growth of Asia Pacific molecular spectroscopy market.

Based on product, the Asia Pacific molecular spectroscopy market is bifurcated into instrument and accessories. The instrument segment held 84.5% market share in 2022, amassing US$ 717.30 million. It is projected to garner US$ 1,101.95 million by 2030 to register 5.5% CAGR during 2022-2030.

In terms of technology, the Asia Pacific molecular spectroscopy market is categorized into UV-Visible spectroscopy, infrared spectroscopy, nuclear magnetic resonance spectroscopy, Raman spectroscopy, Near-infrared spectroscopy, and others. The UV-Visible spectroscopy segment held 26.6% share of Asia Pacific molecular spectroscopy market in 2022, amassing US$ 225.48 million. It is anticipated to garner US$ 327.90 million by 2030 to expand at 4.8% CAGR during 2022-2030.

By application, the Asia Pacific molecular spectroscopy market is segmented into academic and research applications, biotechnology applications, pharmaceutical applications, and others. The academic and research applications segment held 41.8% share of Asia Pacific molecular spectroscopy market in 2022, amassing US$ 354.63 million. It is projected to garner US$ 557.84 million by 2030 to expand at 5.8% CAGR from 2022 to 2030.

Based on country, the Asia Pacific molecular spectroscopy market is categorized into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 30.1% share of Asia Pacific molecular spectroscopy market in 2022. It was assessed at US$ 255.73 million in 2022 and is likely to hit US$ 378.82 million by 2030, registering a CAGR of 5.0% during 2022-2030.

Key players operating in the Asia Pacific molecular spectroscopy market are Horiba Ltd, Thermo Fisher Scientific Inc, Merck KGaA, Revvity Inc, Ostec Instruments, JEOL Ltd, Shimadzu Corp, JASCO Corp, Bruker Corp, Agilent Technologies, Inc., Oxfords Instruments plc, and Teledyne Princeton Instruments, among others.

• In March 2023, Horiba, a leading manufacturer of instruments for measurement and analysis, had launched a new MICROPOLE System QL Series Quadrupole Mass Analyzer for monitoring gas components in vacuum chambers used in semiconductor manufacturing processes. This system improves the yield rate and contributes to the production efficiency of semiconductors.
  
  
• In March 2023, NJ Bio contributed its expertise in antibody-drug conjugates, oligonucleotide conjugates, and other chemistries to develop platform solutions for its drug discovery clients - in particular, a platform for using NMR-derived structural information to optimize Targeted Protein Degraders (TPDs).
  
  
  

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