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(Health-NewsWire.Net, July 29, 2021 ) The Growth in UV/visible Spectroscopy Market is mainly driven by factors such as application of UV/visible spectroscopy in environmental screening, growing use of UV/visible spectroscopy in the pharmaceutical & biotechnology industry, technological advancements, and the increasing need for food analysis.
According to the new market research report “UV Spectroscopy Market by Instrument Type (Single-Beam, Dual-Beam), Application (Academic Application, Industrial Application), End User (Pharmaceutical & Biotechnology Companies, Academic & Research Institutes) – Global Forecast to 2025” published by MarketsandMarkets™, the visible spectroscopy market is expected to grow from USD 1.0 billion in 2020 to USD 1.2 billion by 2025, at a CAGR of 4.7% during the forecast period
Opportunities: Growing opportunities in emerging nations;
As compared to mature markets such as the US and Europe, emerging markets such as China and India are expected to provide significant growth opportunities for players.
Many key industry players are strengthening their presence worldwide by establishing new facilities, R&Dcenters, and innovation centers. For example, in 2019, Agilent Technologies, Inc. (US) established the European R&D hub for molecular spectroscopy. Shimadzu Corporation set up a new research facility at the Technology Research Laboratory in Keihanna Science City, Japan. The new facility will focus on R&D and transform the delivery of innovative products. Further, in 2017, Shimadzu established an innovation center in its Asian subsidiary, Shimadzu Asia Pacific Pte. Ltd. The center enables Shimadzu scientists and university researchers in Asia and Oceania to conduct advanced R&D activities.
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Geographically;
North America is expected to dominate the global the UV/visible spectroscopy market in 2019, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the increasing environmental concerns, rising demand for food analysis and increasing need to adopt technologically advanced products.
Key Market Players;
The major vendors in the UV/visible spectroscopy market include Shimadzu Corporation (Japan), Agilent Technologies (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer, Inc. (US). Other players involved in this market include Bio-Rad Laboratories, Inc. (US), Bruker Corporation (US), Hach Company (US), Hitachi High-Technologies Corporation (Japan), HORIBA., Ltd (Japan), Mettler-Toledo (Switzerland), Hamamatsu Photonics KK (Japan), Cole-Parmer (UK), Analytik Jena (Germany), GBC Scientific Equipment (US), JASCO Inc. (US), Buck Scientific (US), Biochrom Ltd (UK), AMETEK Process, PG Instruments Ltd (UK) and PERSEE ANALYTICS, Inc (US).
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Market Segmentation in Detailed:
Pharmaceutical and Biotechnology companies is expected to account for the largest share during the forecast period.
Based on the end-user segment, the market is segmented into pharmaceutical & biotechnology companies, academic & research institutes, agriculture & food industries, and environmental testing labs. The pharmaceutical & biotechnology companies segment accounted for the largest share of the UV spectroscopy market. The large share of this segment can be attributed to factors like innovations in biotechnology research and increasing focus on pharmaceutical and biotechnology companies to expand their product pipelines.
Industrial applications segment is expected to grow at the highest CAGR in the global UV/visible Spectroscopy market during the forecast period
On the basis of application, the UV spectroscopy market is segmented into academic and industrial applications. The industrial applications segment accounted for the largest share of the spectroscopy market in 2019. This is mainly due to the ease of use, flexibility, affordability, and scalability of UV/visible spectrometers. Technological advancements in instrumentation that have enabled high-throughput screening, microvolume sampling, and automation in instrumentation and software integration have also increased the adoption of this analytical technique for industrial applications.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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