Market Dynamics:
The global Raman Spectroscopy Market is expected to witness significant growth over the forecast period, owing to increased demand from pharmaceutical sector. Pharmaceutical industry is expected to be the major end user of Raman spectroscopy techniques as it provides non-destructive chemical identification and structural analysis of drugs and excipients. Growing generic and biosimilar drug development is also expected to drive the growth of this market. Moreover, technological advancements in Raman spectroscopy systems such as incorporation of mobile and handheld devices, development of surface enhanced Raman spectroscopy (SERS) technique, and integration of Raman spectroscopy with other techniques like infrared spectroscopy (FT-IR) and microscopy are also expected to support market growth during the forecast period.
SWOT Analysis
Strength: Raman Spectroscopy technique is non-destructive in nature allowing analysis without harming the sample which is a key advantage. It provides molecular fingerprint information and can analyze both organic and inorganic materials. Systems are getting compact and portable allowing on-site analysis reducing turnaround time.
Weakness: Accuracy of results depends highly on the skill of operator. Large instruments are expensive to purchase. Data analysis requires expertise to interpret Raman shifts observed in spectral patterns.
Opportunity: Growing research activities in pharmaceutical, biotechnology and semiconductor industries will drive demand. Adoption across various other industrial sectors like forensic analysis will boost market opportunities. miniaturization of systems will appealed more commercial settings.
Threats: Presence of alternatives techniques like infrared spectroscopy acting as substitute. Economic slowdowns impacting capital equipment purchases.
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 research and development activities across various industries.
Regional analysis North America region is expected to dominate the Raman Spectroscopy market over the forecast period owing growing life science research and aggressive marketing strategies by key players in the region. The Asia Pacific region is expected witness fastest growth rate attributed to expanding semiconductor and photonics industries and increasing investments by regional governments to establish advanced research facilities.
Key players operating in the Raman Spectroscopy are Thermo Fisher Scientific, Bruker Corp, Renishaw plc, Horiba Ltd, JASCO Corp, Shimadzu Corp, Kaiser Optical Systems, Inc, PerkinElmer Inc, JEOL Ltd, Agilent Technologies. Key players are focusing on new product launches and expansion plans to gain more market share. For instance, in 2021 Thermo Fisher Scientific launched new handheld Raman spectroscopy system called IDRack portable Raman analyzer targeting field applications.
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