Molecular Spectroscopy Market Size, Share, Growth by 2030

The molecular spectroscopy market is anticipated to expand significantly, with projections indicating an increase from US$ 3.80 billion in 2022 to US$ 5.58 billion by 2030. This growth represents a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030.

The rise in the adoption of molecular spectroscopy techniques, coupled with the rapid expansion of the pharmaceutical sector, is a key driver of this market's growth.

Molecular spectroscopy plays a crucial role in the research and development (R&D) of pharmaceuticals and various biotechnological products, contributing to the overall growth of the molecular spectroscopy market. Among the various types of molecular spectroscopy, near-infrared (NIR) spectroscopy has gained significant traction in the pharmaceutical industry in recent years, primarily due to its numerous advantages over traditional analytical methods. NIR spectroscopy facilitates straightforward sample preparation and allows for the extraction of both chemical and physical parameters from a single spectrum. Additionally, Raman spectroscopy is recognized as a powerful analytical tool in drug discovery and pharmaceutical development. It is utilized to investigate structure-activity relationships and optimize reaction conditions, as well as to screen for polymorphs and formulations, which are essential for advancing drug compounds from the discovery phase to development. Furthermore, nuclear magnetic resonance (NMR) spectroscopy is regarded as a robust analytical technique, and its application in the development of new therapeutics has seen a notable increase, significantly influencing the molecular spectroscopy market outlook.

The Growing Adoption of Molecular Spectroscopy Fuels Market Expansion

Molecular spectroscopy is integral to the R&D processes in pharmaceuticals and biotechnological products. NIR spectroscopy, in particular, has become increasingly popular in the pharmaceutical sector due to its efficiency in sample preparation and its capability to derive chemical and physical parameters from a single spectrum. Raman spectroscopy also plays a vital role in drug discovery and pharmaceutical development, aiding in the analysis of structural activity relationships and the optimization of various parameters necessary for transitioning drug compounds from discovery to development. Moreover, NMR spectroscopy has emerged as a critical tool in the development of innovative therapeutics. For instance, in March 2021, Bruker Corp. introduced the permanent magnet Fourier 80 system, an advanced 80 MHz high-performance Fourier transform NMR benchtop spectrometer designed for multinuclear gradient spectroscopy, equipped with industry-standard automation features.

Market Opportunities Arising from Increased Use of NMR Spectroscopy

NMR spectroscopy serves as a vital analytical technique for quality control and research, enabling the determination of sample purity and molecular structure. It is a powerful method in analytical chemistry and condensed matter science, particularly for elucidating the structure and dynamics of macromolecules. The advantages of NMR include minimal sample preparation and its non-destructive nature, which preserves the integrity of the molecules under investigation. NMR has become a leading technique for determining the structures of organic compounds and is extensively utilized across various fields, including pharmaceuticals, biotechnology, and biopharmaceuticals. Additionally, NMR is increasingly applied in biochemical and biological contexts, such as hit-to-lead detection, metabolite profiling, in vivo magnetic resonance spectroscopy, and magnetic resonance imaging.

Recently, NMR has found significant applications in the rapidly evolving field of metabolomics, which focuses on studying metabolites to gather insights into diseases. Traditionally, metabolomics has been centered on research applications, proving invaluable in laboratory diagnostics. It offers critical information regarding the downstream products of metabolic and cellular processes, shedding light on the conditions of specific tissues and organs. NMR spectroscopy has effectively quantified metabolite concentrations in various biological fluids, including urine, plasma, and serum. Recent advancements in NMR technology have enhanced sensitivity and versatility, broadening its range of applications. The introduction of advanced NMR diagnostic techniques into frontline healthcare is expected to facilitate rapid and cost-effective disease diagnosis. As research and industry demands evolve, NMR spectroscopy remains a leading analytical technique, driving growth in the spectroscopy market.

Moreover, the molecular spectroscopy market has experienced significant growth due to increased research in conservation and supportive government policies aimed at promoting environmental studies. Molecular spectroscopy is frequently employed as an analytical tool in environmental surveys and studies. Consequently, market players are actively exploring innovative molecular spectroscopy methods for diverse environmental applications, a trend that is expected to persist throughout the forecast period, providing further growth opportunities for the market.

The "Global Molecular Spectroscopy Market" is categorized based on product type, technology, application, and geographical region.

Insights Based on Product Type

In terms of product type, the molecular spectroscopy market is divided into instruments and accessories. The instruments segment accounted for a larger share of the market in 2022 and is projected to achieve a higher CAGR of 5.1% during the forecast period.

Spectrometers can be classified into three primary categories based on their operating principles: dispersive, filter-based, and Fourier transform instruments. Over the past few decades, Fourier transform spectrometers (FTS or FT spectrometers) have largely supplanted dispersive instruments in many infrared and near-infrared applications. The interferometer is the core component of every Fourier transform spectrometer, and the latest generation of FT spectrometers employs various interferometer designs.

Insights Based on Application

Regarding applications, the molecular spectroscopy market is segmented into academic and research applications, biotechnology applications, pharmaceutical applications, and others. The academic and research applications segment held the largest market share in 2022 and is expected to register a higher CAGR of 5.4% during the forecast period.

Academic and research institutions are crucial contributors to the molecular spectroscopy market, particularly those engaged in biotechnology, cell culture, and regenerative medicine. These institutions serve as essential testing and validation centers, rigorously evaluating the biocompatibility and scalability of various products. Research and development organizations are actively involved in innovating, introducing new products and technologies, and providing services within the molecular spectroscopy market. The growth of R&D organizations is primarily driven by the increasing adoption of bioreactors for research and innovation processes. Furthermore, research institutes are making substantial investments to enhance bioprocesses, thereby contributing to market growth.

Key organizations such as the US Food and Drug Administration, Centers for Disease Control and Prevention, Japan's Ministry of Economy, Trade, and Industry, Saudi Arabia's Ministry of Investment, National Health Services, and the European Medicines Agency are among the relevant sources referenced in the preparation of the molecular spectroscopy market research report.