Description

The global molecular spectroscopy market size valued USD 5.6 billion in 2020 and expected to reach USD 10.4 billion by 2027, at a CAGR of 7.23% during forecast period 2021 to 2027. Spectroscopy is the study of quantitative and qualitative characteristics of molecules or atoms by the use of absorption, emission or scattering of electromagnetic radiation. Interaction of electromagnetic radiation with the matter can cause redirection and or transition of energy levels between the energy levels of molecules or atoms. These properties vary from molecule to molecule and helps in identification of different molecules. Global molecular spectroscopy market is characterized by presence of many market players and highly fragmented. Market players are adopting innovation of new products and geographically expanding their market to get competitive advantage. For instance, In August 2017, PerkinElmer, Inc., launched Spectrum Two N FT-NIR system designed for use in spectroscopy analysis on a wide range of food, industrial and pharmaceutical samples. Furthermore, to increase their R&D and product portfolio companies adopting strategies such as acquisition and mergers. For instance, in July 2017, Agilent Technologies Inc. acquired Cobalt Light Systems, provider of raman spectroscopic instruments for pharmaceutical industry, applied markets and public safety to expand the market share.

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