NIR and Raman Spectroscopy Market Analysis, Cost Structure and Prominent Key Players Analysis 2022-2030
NIR and Raman Spectroscopy Market Highlights
The NIR and Raman
spectroscopy market is expected to reach USD 3,152.22 million by 2030 and register a CAGR
of 11.72% during the forecast period of 2022 to 2030.
The global market
is developing due to the increase in the prevalence of chronic diseases,
growing demand for Process Analytical
Technology (PAT)
tools, and technological advancements in NIR and Raman spectroscopy Market.
Moreover, the rising demand for cloud-based spectroscopy will provide growth
opportunities for the market in the future. However, the shortage of skilled
and experienced professionals might hamper the market's growth in the forecast
period.
Regional Analysis
The global NIR and Raman
spectroscopy market report has been segmented based on region into North America, Europe,
Asia-Pacific, and Rest of the World.
The market growth
in North America is attributed to the high prevalence of various chronic
diseases, including cancer, diabetes & cardiovascular disorders, and
rising healthcare expenditure. The American Cancer Society estimated that 1.9
million new cancer cases would be diagnosed and 609,360 cancer-related deaths
in 2022 in the US. Similarly, according to the data published by World Health
Organization (WHO), in 2020, 2,281,685 new cancer cases were registered in the
US 2020. On the other hand, Canada accounted for 274,364 new cancer cases in
2020. Raman and NIR spectroscopy is widely used in PAT applications as these
techniques are non-destructive analytical techniques that are capable of analysing
materials in their current state without sample preparation (without dissolving
the materials). Near-infrared spectroscopy has gained significant attention in
the region as a simple, fast, portable, non-invasive, and inexpensive method
for functional diagnosis and therapeutic monitoring of cancer diseases.
The increasing
prevalence of chronic diseases, rising geriatric population, and NIR and Raman
spectroscopy technological advancements drive market growth. An article
published by Population Reference Bureau (PRB) in 2019 stated that Asia and
Europe are the home to the world’s oldest populations, aged 65 and above. Japan
(28%) registered the highest geriatric population, followed by Italy (23%),
Finland, Portugal & Greece (22%), and China (12%). In addition, the
countries in the southern European region, including Croatia, Malta, Portugal,
Greece, Italy, Slovenia, Serbia, and Spain, accounted for 21% of the population
aged 65 and above.
Segment Analysis
The global NIR and
Raman spectroscopy market is mainly segmented into product and application.
Based on product, the market has been segmented into near-infrared spectroscopy
and Raman spectroscopy. Based on application, the market has been segmented
into pharmaceutical applications, biotechnology &, biopharmaceutical
applications, food & beverage testing environment testing, academic
research, and others.
Key Players:
The global NIR and Raman spectroscopy market players
are Thermo Fisher Scientific Inc. (US), Bruker (US), PerkinElmer Inc. (US),
Agilent Technologies, Inc. (US), JASCO (Spain), Shimadzu Corporation (Japan),
Danaher (US), Merck KGaA (Germany), ABB (Sweden), and Horiba, ltd (Japan).
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