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 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.