The global Raman Spectroscopy Market Growth Accelerated by Wide...

The global Raman Spectroscopy Market Growth Accelerated by Wide Applications in Healthcare and Clinical Testing Sectors

Posted 2024-02-01 06:56:22

Raman spectroscopy is a non-destructive chemical analysis technique that uses monochromatic light, usually from a laser, to identify the material it is being focused on. Raman spectroscopy finds wide applications in pharmaceutical, biotechnology, semiconductor and other industries. It helps in identifying unknown materials and determine molecular structures without sample preparation.

The global Raman Spectroscopy Market is estimated to be valued at US$ 1.36 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving growth in the global Raman spectroscopy market is its increasing application across the healthcare and clinical testing sectors. Raman spectroscopy provides label-free analysis of biomolecules which makes it an important tool in disease diagnostics. It helps in early detection of cancer, studying cellular activities and identifying micro-organisms. Major players are focusing on developing miniature Raman instruments with improved sensitivity and resolution for point-of-care applications. Growing demand for portable devices from clinics and hospitals coupled with advancements in spectroscopy techniques is expected to provide opportunities for market growth over the forecast period.

Segment Analysis
The global Raman Spectroscopy market is dominated by the pharmaceutical and biotechnology segment. This segment accounts for over 35% of the global market share owing to extensive use of Raman spectroscopy in quality control, process analytical technology and research and development activities undertaken by pharmaceutical and biotechnology companies. Raman spectroscopy helps in identification of active pharmaceutical ingredients (APIs), polymorphic forms etc non-destructively during product development and manufacturing. This helps companies comply with the stringent quality guidelines issued by regulatory authorities.

Key Takeaways
The Global Raman Spectroscopy Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global Raman Spectroscopy Market is estimated to be valued at US$ 1.36 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024-2031.

Regional analysis: North America currently dominates the global Raman Spectroscopy market with over 35% share. Presence of majority of key market players as well as availability of favorable regulatory environment and funding for R&D activities are driving demand. Asia Pacific is expected to be the fastest growing regional market over the forecast period supported by increasing government and private investments in life science and material science research in countries such as China and India.

Key players: Key players operating in the Raman Spectroscopy market are Quintiles IMS Holdings, Inc. (now IQVIA Holdings Inc.), PAREXEL International Corporation, ICON plc, Covance Inc. (acquired by LabCorp), PPD, LLC. These players are focusing on developing integrated solutions through partnerships and acquisitions to enhance their product portfolio and presence across different industry verticals. For instance, in 2021 Covance acquired PAREXEL to strengthen its presence in clinical research.