Process Spectroscopy Market size was valued at USD 1,058.0 billion in 2021 and is poised to grow at a significant CAGR of 9.1% over 2022–2028. Process spectroscopy is a specialized technique involved in the analysis of the interaction between light, electromagnetic radiation, and matter. Process spectroscopy uses a wide range of devices, such as micro, benchtop, portable and hyphenated spectroscopes, signal processors, amplifiers, display units, and microscopes. Fourier Transform Infrared Spectroscopy (FT-IR), Raman spectroscopy, nuclear magnetic resonance (NMR), and Near-Infrared (NIR) have amid applications of process spectroscopy. Hence, it has various use cases across various industries, including healthcare, pharmaceuticals, food and agriculture, chemicals, water and wastewater, pulp & paper, metal & mining, biological research, and electronics. However, the increasing adoption of spectroscopic techniques in the pharmaceutical and food & agriculture sectors is driving the global market of process spectroscopy. The growing awareness of quality food & drugs and the government initiatives and support are the key factors expected to drive the growth of the global market. Moreover, the global players in this market are continuously influencing the market growth through constant innovations and new advanced products. Spectroscopy techniques are very popular in institutions and laboratories. With continuous innovations and amid investment in the research and development sector enhancing the techniques day by day has led to numerous discoveries in a wide range of applications. For instance, according to UNESCO, Global spending on R&D has reached a record high of almost US$ 1.7 trillion about 10 countries account for 80% of spending. As part of the Sustainable Development Goals (SDGs), countries have pledged to substantially increase public and private R&D spending as well as the number of researchers by 2030. The forensics department is another sector that will further boost the growth of the global process spectroscopy market.
Recent Market Developments:
In Feb 2022, Agilent Technologies acquired Virtual Control’s ACIES advanced artificial intelligence (AI) technology. ACIES will be integrated into Agilent’s gas chromatography and mass spectrometry (GS/MS) platforms to enhance productivity, efficiency, and accuracy at the many high-throughput labs they serve worldwide.
In April 2022, Bruker Corporation announced the acquisition of Optimal Industrial Automation and Technologies, a leader in pharma and biopharma process analytical technology (PAT), pharma manufacturing automation, and Quality Assurance (QA) software and systems integration.