USD 38.69 billion
Raman Spectroscopy Market Size, Share, Growth Analysis, By Technology(Fourier Transform Raman Spectroscopy (FT-Raman) and dispersive Raman spectroscopy), By End user(Pharmaceuticals, materials science, life sciences, and more), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35J2073 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Raman Spectroscopy Market Insights
Raman Spectroscopy Market size was valued at USD 38.69 billion in 2022 and is poised to grow from USD 41.75 billion in 2023 to USD 71.08 billion by 2030, at a CAGR of 7.9% during the forecast period (2023-2030).
The growth of the Raman spectroscopy market depends on a number of factors such as growing geriatric population worldwide in addition to increasing focus towards drug discovery and development in developing regions. With the increasing number of elderly people, there are many healthcare requirements available that came forward which are a chain of lead demand in terms of drugs. Furthermore, the emphasis placed on innovation and research by the pharmaceutical sector stimulates progress in drug development which drives the Raman spectroscopy market growth. Moreover, the potential for unexploited markets in developing countries also provides attractive opportunities for market expansion and capital investment which drives growth and development of the sector.
Raman spectroscopy has turned out to be one of the most used tools in different fields including food safety and quality. The rise in foodborne diseases, along with the need for strict regulations from food regulatory authorities is increasing the demand for advanced quality checks. Raman spectroscopy equipment is an important component for contaminated food testing and making food safety analysis. The finding of food contaminants and the versatility in clinical applications definitely makes it an indispensable tool that is needed for public health. In addition, the development of carbon nanomaterials has optimized the Raman spectroscopic method giving important structural information to study food samples. Building on theories of electromagnetic and chemical enhancement, this technology is maturing and gaining traction in a wide range of industries.
US Raman Spectroscopy Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
Pharmaceuticals
Fastest Growth
Pharmaceuticals
Growth Rate
7.9% CAGR
Global Raman Spectroscopy Market ($ Bn)
Country Share for North America Region (%)
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Raman Spectroscopy Market Segmental Analysis
The global raman spectroscopy market can be segmented by technology, end-use, and region. In terms of technology, it includes Fourier Transform Raman Spectroscopy (FT-Raman) and dispersive Raman spectroscopy. The end-use industries encompass pharmaceuticals, materials science, life sciences, and more. Geographically, the market is divided into North America, Europe, Asia Pacific, and the rest of the world.
Raman Spectroscopy Market Analysis by Product
Based on product, the benchtop Raman spectroscopy instruments segment is dominating with the largest Raman spectroscopy market share. This is because these tools are convenient and can be used on a laboratory workbench. These devices need little space and can be easily placed on the workbench. Portable units suffer from poor signal-to-noise and fluorescence interference because of low excitation wavelength, whereas benchtop Raman spectroscopy instruments have higher excitation wavelengths. Additionally, benchtops may analyze broader sample areas than a portable device, which in turn minimizes measurement errors. Thus, various end-user industries are benefiting as these features help in reducing the time required for laboratory analysis & replacing routine tests with devices that can analyze multiple samples simultaneously. All these advantages of the benchtop model will ultimately be beneficial to the growth of this segment in the market during the forecast period.
According to the Raman Spectroscopy market analysis, the portable Raman spectroscopy segment is witnessing the fastest growth in the market. This rapid growth is mainly due to the increasing research into oil and gas reservoirs, growing pharmaceutical industry, and rising incidents of diseases. The portable devices are most used by medicinal chemists to monitor and follow chemical metabolism during drug development and analyte validation processes. The demand for the portable spectrometers will continue to rise as these tools are increasingly being used for forensic science applications like arson investigation, trace evidence analysis, identification of explosive residues, and drug abuse confirmation.
Raman Spectroscopy Market Analysis by End Use
The pharmaceutical segment is dominating with the largest Raman spectroscopy market share globally. Pharmaceutical is a domain that requires precise and molecular-level information, which Raman spectroscopy provides almost naturally. Raman spectroscopy has emerged as an essential tool within the pharmaceutical industry due to its high-resolution and non-invasive nature, providing rapid physical chemical insights at a molecular level. Raman spectroscopy is widely used by researchers and scientists for pharmaceutical analysis including the identification and characterization of small-molecule drugs, molecular structure studies, polymorphs studying, solid state characteristics research and excipient interaction investigation.
During the Raman spectroscopy market forecast period, the academic segment is anticipated to grow the fastest. Raman spectroscopy is a vital tool for fundamental research in many disciplines, which is increasing its adoption and innovations. Raman spectroscopy is adopted as an analytical measuring tool in the academic segment for analyzing chemical and material. The tools help in material analysis, quality assurance, and process optimization. In academics the field of life science is also using Raman spectroscopy due to its versatile nature for chemical and molecular analysis. The field of materials science and carbon materials is using Raman spectroscopy for extensive material characterization. These factors are increasing the growth of the segment, leading to the advancement of the market.
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Raman Spectroscopy Market Regional Insights
North America is dominating with the largest Raman spectroscopy market share. In this region the market is primarily led by the US due to its well-established industrial infrastructure. The market is also expanding because many companies are investing funds in R&D activities and improving usage of Raman spectrometers in life sciences and pharmaceutical companies. Furthermore, the presence of leading players in this region is also fueling the growth of the market. During the forecast period, North America Raman spectroscopy market is rapidly increasing due to the contribution of factors such as increasing government and private sector investment in research & development activities in United States.
Asia Pacific is expected to grow at the fastest rate with countries like China and India promising significant manufacturing activities. The demand is driven by several key factors such as growing technological advancements coupled with increasing funding & investments for scientific research worldwide. Raman spectroscopy usage for polymer identification, semiconductor testing and counterfeit drug detection would further increase the Raman spectroscopy market growth. However, high price of the Raman instrument as well as unavailability of skilled manpower are major issues in this region. This availability of handheld and MEMS-based Raman spectrometers capable of real-time in-field analysis potentially is expected to open new avenues for new end-use applications including process monitoring, quality control and threat detection footprint.
Global Raman Spectroscopy Market By Geography
- Largest
- Fastest
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Raman Spectroscopy Market Dynamics
Raman Spectroscopy Market Drivers
Increasing Investment on Drug Discovery
- Increase in concentration towards drug discovery and development is one of the significant driving factors for the growth of the market. The rise in the prevalence of several chronic diseases globally has increased the focus of pharmaceutical and biotechnology companies as well as research institutes on drug discovery and development. Characterization of the disease at a molecular level has helped attain Raman spectrometers used in drug discovery and development, advancement prospects via innovation levels.
Growing Demand for Food Safety
- Food detection technologies are necessary for ensuring food safety along supply chains. Conventional food pathogen detection methods are laborious, expensive and time consuming, and often alter the character of the sample food. These limitations highlight the need in the food industry to develop more functional tools for discovering contaminants across all three classes. Raman spectroscopy is a non-invasive, user-friendly, accurate, and rapid food safety testing tool for easy application.
Raman Spectroscopy Market Restraints
Low Awareness of Wide Application of Raman Spectroscopy
- The potential for the Raman spectroscopy market is huge within all applications, specifically food & beverage and pharmaceutical industries, carbon materials and clinical applications. However, end user awareness of all these applications is low throughout the globe. Since it's a newer technique, its use is limited and only available in research institutes/labs.
Shortage of Capable Laboratory Technicians
- One of the significant challenges impeding the growth of this market is the shortage of skilled laboratory professionals. Raman spectrometry involves special skills to handle the laboratory as well as necessary training. Clinical laboratories are required to deliver results within short time spans. Spectral analysis, data acquisition and visualization has always been an issue with Raman Spectroscopy but since it presents results in the form of spectra or peaks that require trained experts to analyze.
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Raman Spectroscopy Market Competitive Landscape
The competitive landscape of global Raman spectroscopy industry is fragmented into large number of companies competing against each other. The top companies range from well-established players with robust product portfolios and global reach to disruptive startups which provide narrow solutions using groundbreaking technology. The strategic collaborations, mergers and acquisitions make the scenario even more competitive and dynamic. Driven by the growing requirement for non-destructive label-free molecular analysis across the range of applications, including pharmaceuticals, materials science, and life sciences sectors, market dynamics have shifted during recent years. Currently, the global market is further dominated by broad networks of distribution of large players in emerging markets. Shimadzu Corporation, Kett Electric Laboratory, ABB Ltd. and Bruker Corporation are dominating the market currently and hold a prominent market share.
Raman Spectroscopy Market Top Player’s Company Profiles
- Horiba Ltd. - Japan
- Thermo Fisher Scientific Inc. - United States
- Bruker Corporation - United States
- Renishaw plc - United Kingdom
- Agilent Technologies, Inc. - United States
- Shimadzu Corporation - Japan
- PerkinElmer, Inc. - United States
- B&W Tek, Inc. (A Metrohm Company) - United States
- Kaiser Optical Systems, Inc. (A part of Endress+Hauser) - United States
- JASCO International Co., Ltd. - Japan
- WITec Wissenschaftliche Instrumente und Technologie GmbH - Germany
- Princeton Instruments (A part of Teledyne Technologies) - United States
- Renishaw plc - United Kingdom
- BaySpec, Inc. - United States
- Enwave Optronics, Inc. - United States
- Snowy Range Instruments - United States
- Anton Paar GmbH - Austria
- Nanophoton Corporation - Japan
- Nanolive SA - Switzerland
- Cobolt AB (A part of HÜBNER Group) - Sweden
Raman Spectroscopy Market Recent Developments
- HORIBA Scientific announced the acquisition of Process Instruments Inc in October 2023. Process Instruments is a leading manufacturer of Raman spectrocopy.
- Agilent Technologies Inc. announced in February 2023, a new software upgrade for its Vaya handheld Raman spectrometer, bringing expanded raw material identification capabilities with both opaque and transparent container analysis to its customers.
- Renishaw plc debuted the inLux SEM Raman interface in June 2022 that features upgraded Raman capabilities for a solid SEM chamber. The ability to image in the SEM allows Raman spectra to be collected and assembled into both 2D and 3D images.
Raman Spectroscopy Key Market Trends
- Growing Application in Carbon Nanomaterials: Emerging The extraordinary amount of interest in the processing, modification and tailoring properties of carbon nanomaterials has created a significant need for approaches that can be employed to characterize these materials. Raman spectroscopy is one of the most effective techniques for many of the characterization needs with these materials. Raman spectroscopy is thus most sensitive to the higher symmetrical covalent links with little or no intrinsic dipole moment. This is expected to propel Raman spectroscopy market size during the forecast period.
- Increasing Demand for Raman Imaging: Raman imaging has witnessed an increasing demand, which is a significant trend under the coverage of Raman spectroscopy market analysis. Raman imaging is a powerful technique that merges the chemical resolution of Raman spectroscopy with spatial information, resulting in the ability to visualize a sample's chemical composition. The Raman imaging technology is gaining more significance in the market as it is improving on spatial resolution and imaging speed, becoming more adopted for research purposes and diagnostic applications.
Raman Spectroscopy Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, Raman spectroscopy industry is anticipated to experience steady growth owing to rising Raman spectroscopy techniques adoption in various end-use sectors such as pharmaceutical, life science, material science and forensic science. Geographically, the market is led by North America due to large number of key players and increasing investments in R&D pertaining to development of new drugs. Nevertheless, Asia pacific is expected to be the very fastest growing market owing to China & India functioning as manufacturing centers. Some of the significant factors boosting the demand are the rise in global funding & investments for scientific research and technological advancements. Growing implementation of Raman spectroscopy for polymer identification, semiconductor testing and counterfeit drug detection will bolster the Raman spectroscopy market growth. But the high costs of Raman instruments and the requirement for trained personnel continues to be one of the main bottlenecks.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 38.69 billion |
| Market size value in 2030 | USD 71.08 billion |
| Growth Rate | 7.9% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Raman Spectroscopy Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Raman Spectroscopy Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Raman Spectroscopy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Raman Spectroscopy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Raman Spectroscopy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Raman Spectroscopy Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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