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

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 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.  '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'

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 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. 

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.