Spectroscopy Market Size, Share, and Trends 2024 to 2034

Spectroscopy Market Size and Forecast 2024 to 2034

The global spectroscopy market size is estimated at USD 22.83 billion in 2024 and is anticipated to reach around USD 65.58 billion by 2034, expanding at a CAGR of 11.13% from 2024 to 2034.

Spectroscopy Market Key Takeaways

• North America dominated spectroscopy market in 2023.
• By application, the pharmaceutical segment led the market in 2023.
• By component, the hardware segment led the market in 2023.

U.S. Spectroscopy Market Size and Growth 2024 to 2034

The U.S. spectroscopy market size is evaluated at USD 7.19 billion in 2024 and is predicted to be worth around USD 21.04 billion by 2034, rising at a CAGR of 11.32% from 2024 to 2034. 

On the basis of geography, North America accounts to dominate the market of spectroscopy in the estimated period. The significant rise of spectroscopy with increasing market revenue share. Increased utilization of the spectroscopy market in various industries due to increased efficiency of the spectroscopy method for detection of the sample with electromagnetic radiations. Increased infrastructure development is required for research and development in spectroscopy.

Enhance investment from the government for new development and integration of technologies in the laboratory for analyzing the samples. Which helps to drive the market of spectroscopy during the forecast period. Asia Pacific region to witness the market of spectroscopy along with Europe, the Middle East, and Africa help to propel the market of spectroscopy during the forecast period.

Market Overview

Spectroscopy belongs to the field of science which involves the study of samples with electromagnetic radiation with the source of light with improved adjustments in wavelength and frequency for the study of the sample involved and other techniques involved for the study of the structure and properties involved in the structure. The major part of spectroscopy is the study of the sample which is to be examined with electromagnetic radiation with the light source. Passing the light from the sample and diffraction of the light collected by the photodiode. A large number of applications involve spectroscopy with improved technologies for testing the sample.

Increased acceptance of the spectroscopy technology in various industries such as pharmaceutical, health care, food industry, chemical industry, and oil and gas industry with increased demands from the market and help to boost the spectroscopy market. The outbreak of the pandemic situation with the wide spread of the coronavirus reduced demands from the market for testing purpose and reduce the market of spectroscopy market. The post-pandemic situation with new development and technologies developed in biochemical analysis helped to expand the market of spectroscopy.

Spectroscopy Market Growth Factors

Spectroscopy is involved in testing the purpose with techniques developed in the spectroscopy market with increased applications in spectroscopy. Increasing the interaction of matter and electromagnetic radiation with wavelength and frequency set for testing purposes with increased efficiency and efficacy helps to expand the market of spectroscopy. 

The rapid adoption of new technologies in spectroscopy with increased utilization in healthcare centers, the pharmaceutical industry, food and agriculture industries, the chemical industry, and oil and gas industry with the rapid upgrade of technology in spectroscopy. Which helps to accelerate the spectroscopy market with increased market revenue share during the forecast period. Researchers with an increased focus on the development of spectroscopy with increased efficiency of the developed technology.

Increasing advanced technology upgraded software techniques and increased network connectivity in spectroscopy with increased results and accuracy and precision in the results with innovations in spectroscopy help to push the market growth to a larger extent. The key market players with the introduction of new developments with increased investment from the market players help to grow the market of spectroscopy. Governments from various regions with increasing funding for new developments in spectroscopy and improved testing in various sectors which helps to boost the market of spectroscopy during the forecast period.

Market Scope

Market  Dynamics

Key Market Driver

New developments and increased testing of the samples

• Spectroscopy techniques developed in the market with advanced technologies enhance the market of spectroscopy with an increased study of the sample with the interaction of magnetic radiation and increased results with enhanced accuracy and precision with increased structural information wide acceptance from various industries such as pharmaceutical industries, food, and drug industries, chemical industries, oil and gas industries with increased demands from the laboratories with enhance the analysis of the sample and improved results help to grow the market of spectroscopy during the forecast period.
• Spectroscopy with innovations and upgraded technologies by the key market players enhance the development day by day. Environmental pollution rising day by day with increasing demand for spectroscopy techniques help to drive the market. With increased identification of trace levels in the samples with spectroscopy method. Utilized in the identification of the water analysis and water waste treatment. 

Key Market Challenges 

• The increased cost of the spectroscopy method - The advanced developed technologies in spectroscopy with improved techniques in the spectroscopy market with increased efficiency of the method utilized for analysis of the sample in various industries with the increased cost of the method used for testing the sample may hamper the market of spectroscopy. Which makes it difficult for people to opt for advanced technology. Which led to reduced market demand and decreased market revenue in the spectroscopy market.
• Lack of skill - Introduction of new advanced development in spectroscopy for analysis of the sample in various industries and tracing the sample which is done by the professionals in the laboratories. Lack of knowledge and skill among the people to perform the procedure hamper the growth of spectroscopy with reduced market share and decreasing the demands from the customer for the spectroscopy technology. Along with new technology in spectroscopy upgraded skills among the people is utmost to grow the market of spectroscopy.

Key Market Opportunities

• Increased funding by the government - Government from various regions with increased interest in developing spectroscopy techniques with increased utilization of the technology in various industries for testing the sample and increased output with improved results help to expand the market of spectroscopy. Providence from the government for development of spectroscopy with innovations in the method with rising demands from the professionals which gives accurate results with interpretation. Which helps to boost the market of spectroscopy during the forecast period.
• Increased connectivity - Software services involved in the spectroscopy technology with the integration of upgraded software for running the spectroscopy technology. Increased network connectivity such as embedded systems and other internet connections helps to grow the spectroscopy with improved internet connection or wifi and software services.
• The key market players - Enhance research and development in the spectroscopy technology with wide acceptance from the market for detection and tracing the sample with magnetic radiation with improved results. Which help to enhance the demands with new advanced technology and utilization of spectroscopy in various industries for testing purpose. Increasing investment from the key market players with constant research and development in spectroscopy. Key market players are the major role players in spectroscopy. Which helps to drive the spectroscopy technique with increased revenue share during the forecast period.

Technology Insights

On the basis of technology, the spectroscopy method with the highest market share in Raman spectroscopy with newly developed technologies in the spectroscopy technology with increasing instruments required in the spectroscopy technology with wide developments in Raman spectroscopy. Which helps to propel the market of spectroscopy with an increasing growth rate. Enhance requirements in various industries such as pharmaceutical and life sciences with the rising growth of spectroscopy with enhanced utilization. Significant rise and growth of the technology with improved efficiency helped to expand the market of spectroscopy during the forecast period. 

Component Insights 

On the basis of the component, the Hardware segment involved in spectroscopy accounts for the largest market growth in the spectroscopy market which dominates the market of spectroscopy with the increased market of spectroscopy with enhanced revenue share during the forecast period. Enhance adoption of the technology developed in the spectroscopy market with increasing techniques for performing the procedure with increased efficiency. Software services involved in spectroscopy technology also with highest market growth and an increasing number of instruments such as detectors, probes, exciting sources, and microscopes. Which helps to drive the market of spectroscopy.

Application Insights

On the basis of the application, the pharmaceutical segment accounts for the largest growth of the spectroscopy technology with increased utilization for testing purposes and tracing the elements in the sample with the interaction of magnetic radiation in spectroscopy. The pharmaceutical industry dominates the market of spectroscopy with increased acceptance of the developed technology in spectroscopy. Food and agriculture and wastewater treatment also dominate the market of spectroscopy with remarkable growth in the spectroscopy and enhance market growth during the forecast period and reduced the effect of wastewater on the environment. Increase detection of purity, impurity, and tracing of the material involved in the sample with the help of spectroscopy technology.

Spectroscopy Market Key Players

• Joel Ltd
• Danaher Corporation
• Jasco International Co.
• Ltd, Perkin Elmer Inc
• Thermo Fisher Scientific
• himadzu Corporation
• Agilent Technologies
• Leco Corporation
• Kore Technology
• Water
• Endress+hauser group
• Horiba Ltd
• Merck KGaA
• Kaiser optical system
• Kett electric laboratory
• Sartorius AG
• Yokogawa electric corporation

Recent Developments

• In the year 2016 International Phenome Center Network collaborated with Bruker's leverage of the NMR system and increased development in clinical and translational research.
• In the year 2016 Thermo Fisher Scientific acquisition of Affymetrix, Inc. With the increased capability of the company in the development of biosciences analysis and genetic analysis.
• In the year 2015, Perkin Elmer partnered with Johnson & Johnson innovation with increased analytical instruments and enhance services in the laboratory for J&J's life science incubator.

Segments Covered in the Report

By Technology

• Nuclear Magnetic Resonance (NMR) Spectroscopy
  • Continuous-wave (CW) NMR Spectroscopy
  • Fourier-transform NMR Spectroscopy
  • Solid-state NMR Spectroscopy(SSNMR)
• UV- visible spectroscopy
  • Single-beam UV-visible spectroscopy
  • Dual-beam UV-visible spectroscopy
  • Array-based UV-visible spectroscopy
• Infrared (IR) Spectroscopy
  • IR Spectroscopy by spectrum
    • Mid-wave infrared spectroscopy
    • Short-wave infrared spectroscopy
    • Far-wave infrared spectroscopy
  • IR Spectroscopy by type
    • Benchtop
    • Hyphenated
    • IR Microscopy
    • Portabe & Handheld
    • Terahertz
  • Near-infrared Spectroscopy 
    • Scanning
    • Fourier-transform
    • Filter or AOTF
• Color measurement spectroscopy
• Raman spectroscopy
  • Raman Spectroscopy by sampling technique
    • Surface-enhanced Raman Scattering
    • Tip-enhanced Raman Scattering
    • Other Sampling Techniques
  • Raman Spectroscopy by type
    • Micro-Raman Spectroscopy
    • Probe-based Raman Spectroscopy
    • FT- Raman Spectroscopy
    • Other technologies (Fluorescence Spectroscopy and Hybrid Spectroscopy)

By Application

• Pharmaceutical application
• Biotechnology & Biopharmaceutical application
• Food & Beverage Testing
• Environment testing
• Academic research
• Other applications

By Component

• Hardware
• Software

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)