The Global Raman Spectroscopy Market is estimated to be valued at US$ 1.18 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Raman spectroscopy is a type of technique used in analyzing vibrational, rotational, and other low-frequency modes in a system. With the use of monochromatic laser light, the frequency and structure of chemical bonds in molecules can be determined. Raman spectroscopy is commonly applied in chemistry, life sciences, and material sciences. The technique provides unique information about samples with advantages like non-destructive testing and minimal or no sample preparation.
Market key trends:
Rapid advancements in Raman spectroscopy technology is one of the major factors driving the growth of the global market. Key players are focusing on developing new products with enhanced capabilities. For instance, in 2019, Thermo Fisher Scientific launched an enhanced handheld Raman analyzer that offers fast and accurate results for identification of unknown materials and compounds. Additionally, increasing adoption of Raman spectroscopy in the pharmaceutical industry for identification of active pharmaceutical ingredients (APIs) and drug excipients is further propelling the market growth. With the growing pharmaceutical industry worldwide, demand for analytical techniques like Raman spectroscopy is also expected to rise over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established distribution channels lower barriers to entry in this market. However, presence of dominant players and need for technical expertise makes entry difficult.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of alternatives and price sensitivity. Additionally, bulk orders provide leverage to large buyers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power owing to availability of substitute components and fragmented supplier base. In addition, technical expertise required limits supplier dominance.
Threat of new substitutes: Emerging technologies like infrared spectroscopy and mass spectrometry present threats but do not replace Raman completely due to complementarity.
Competitive rivalry: Intense due to technological innovations and differentiated product offerings by major players.
SWOT Analysis
Strengths: Non-destructive analysis, fingerprint identification capabilities, compact design.
Weaknesses: High instrumentation costs, need for skilled labor, sample damage risk.
Opportunities: Rising funding for R&D,emerging nanotechnology applications, increased pharmaceutical outsourcing .
Threats: Intense competition, pricing pressures, strict regulations.
Key Takeaways
Global Raman Spectroscopy Market Demand is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing R&D investments in pharmaceutical and biotechnology industries. North America dominated the market in 2023 due to presence of major players and government support for analytical technologies. Asia Pacific is expected to be the fastest growing region, growing at 9% CAGR owing to rising pharmaceutical manufacturing in China and India.
Regional analysis related content comprises North America held largest share in 2023 due to increasing adoption of Raman spectroscopy in industries such as pharmaceutical, semiconductors and polymer in US and Canada. On other hand, Asia Pacific is projected to exhibit highest growth during forecast period. Rising investments in R&D and expansion of manufacturing base are expected to drive the demand.
Key players related content comprises Key players operating in the global Raman Spectroscopy market are Thermo Fisher Scientific, Bruker Corp, Renishaw plc, Horiba Ltd, JASCO Corp, Shimadzu Corp, Kaiser Optical Systems, Inc, PerkinElmer Inc, JEOL Ltd, Agilent Technologies. Major players are focusing on new product launches and geographical expansions to strengthen their market position.
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