Molecular Spectroscopy Market Size, Share & Trends Analysis Report Types of Spectroscopy (NMR Spectroscopy, Raman Spectroscopy, UV-visible Spectroscopy, Mass Spectroscopy, Infrared Spectroscopy, Near-Infrared Spectroscopy, Other Types of Spectroscopies), By Application (Pharmaceutical Applications, Food and Beverage Testing, Biotechnology and Biopharmaceutical Applications, Environmental Testing, Academic Research, Other Applications) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global molecular spectroscopy market size is projected to reach USD 3,851 million by 2030, up from USD 2,641 million in 2021, and is anticipated to register a CAGR of 4.28% between 2022 and 2030. According to a study published in Pharmaceuticals, the FDA approved three peptides of active pharmaceutical ingredients (APIs) in February 2020. In 2019, 48 medications were approved, with 10 being biologics and the other 38 being new chemical entities (NCEs), including peptides and oligonucleotides.

A molecule comprises a cloud of negatively charged electrons surrounding a collection of positively charged atomic nuclei. Its stability is due to a balance between the nuclei's and electrons' attractive and repulsive forces. The total energy generated from these interacting forces defines a molecule. Like those of atoms, a molecule's allowed energy levels are quantized.

Molecular spectra result from electromagnetic radiation absorption or emission as molecules transition from one quantized energy state to another. The mechanisms are similar to those found in atoms, although they are more complex. The interactions of the many nuclei with each other and with the electrons add to the complexity, which does not exist in single atoms. To study molecular spectra, all contributions from all types of molecular movements and energies must be considered simultaneously.

Market Dynamics

Global molecular spectroscopy market drivers

Rapid adoption in the pharmaceutical industry

The interaction of electromagnetic radiation with materials is used in molecular spectroscopy to gather structural and compositional information. Pharmaceuticals rely heavily on molecular spectroscopy. The key applications of pharmaceutical spectroscopy are analyzing molecular bond strengths, identifying individual bonds within a molecule, identifying specific atoms within a molecule, gaining clues to the particular orientation of a molecule, and pharmacological purity analysis.

Aromatic compounds are identified via UV-visible spectroscopy, while infrared spectroscopy is used to identify compounds by monitoring the particular vibrations of molecular components. NMR spectroscopy confirms the presence of medicinal ingredients and contaminants and the structure of biologics. The information provided by NMR spectroscopy is rich, coherent, very stable, and repeatable over time, which is why it has become so popular in solving molecular structures in solution. For example, information from the proton, carbon13, and fluorine19 NMR chemical shifts can be understood in terms of the chemical environment of the atoms that produced those NMR signals.

The need for molecular spectroscopy is expanding significantly as pharmaceutical companies enhance their research and development operations linked to medication discovery and development. Raman spectroscopy, for example, has proven to be a powerful analytical method for drug discovery and development. Raman spectroscopy is used to investigate structural activity and interactions and optimize reaction conditions and other parameters, such as polymorph and formulation screening, to scale up medicinal compounds from discovery to development.

Implementation of molecular spectroscopy technology in many verticals

Spectroscopy is a scientific measurement technique used to investigate matter's interactions with various components of the electromagnetic spectrum. It can measure light by splitting it down into its component colors using a prism and studying the range that results. Researchers can derive analytical information about the matter's atomic or molecular structure due to such an interaction. Spectroscopic techniques can be used in almost any field of study, from environmental investigation to health sciences to space exploration.

In water or solid samples, metals can be determined using emission spectroscopy or atomic absorption in the visible and ultraviolet ranges. Before the analysis may begin, the analyte must be immersed in the solution using these methods. Raman is the method of choice for recognizing tiny microplastics rated at 20 m, according to an article by Catarina F. Araujo published in 2018, and nonlinear Raman techniques offer real-time monitoring of microplastics.

According to Terán, after treatment with raw montmorillonite (MMT) and an organic derivative (MMO) clay for heavy metal removal, laser-induced breakdown spectroscopy (LIBS) and atomic absorption spectroscopy (AAS) techniques were used for quantitative analyses of the remaining lead content in water samples.

Vibrational spectroscopy can precisely forecast disease conditions when combined with multivariate analysis or machine learning methodologies. Raman spectroscopy may reveal tissues' biochemical and biomolecular structures and conformation, giving researchers the unique ability to discern between distinct diseased tissue types at the molecular level. Kan Lin, for example, demonstrated in a 2017 study that Raman spectroscopy can be used in real-time during the endoscopic screening of nasopharyngeal cancer patients.

The various applications of these spectroscopic techniques are driving up demand for these devices, resulting in market expansion.

Global molecular spectroscopy market restraint

High maintenance and installation costs

Spectroscopic instruments are more expensive since they have more extensive capabilities and usefulness. Apart from the system's purchase price, the expense of adhering to the system's and industry standards is also quite significant. Spectroscopic instruments are always associated with substantial capital expenditures when purchased, installed, and maintained. The cost of the instruments rises as the number of advanced features and applications increases.

As most research organizations and colleges have little money available for each project, the initial investment is the most challenging hurdle to overcome. In the long run, the instrument will require frequent maintenance, which will add to the capital cost. For example, a basic laboratory spectrophotometer costs around USD 5000–14000 on average, and the cost rises with sophisticated technology. Furthermore, the high costs of technologically advanced spectroscopies, such as UV-visible spectroscopy, and the complexities and problems associated with operating and maintaining them have hampered the expansion of the molecular spectroscopy market share.

Moreover, advanced spectroscopy requires a significant capital investment because it necessitates the setup of a computer configuration and user interface and a high cost of software maintenance. Even though spectroscopy has a wide range of applications in pharmaceuticals, biotechnology, food and beverage, and healthcare, its use is limited due to the high initial cost of purchase and ongoing maintenance required for reliable results. As a result, the high cost of instruments is projected to constrain the molecular spectroscopy market.

Global molecular spectroscopy market opportunity

Increased emphasis on discovery of newer molecules by pharmaceuticals

Molecular spectroscopy is also frequently used in various applications, including pharmaceuticals. As a result, Raman spectroscopy is a powerful analytical method for drug discovery and development. Pharmaceutical companies' increased focus on drug discovery supports market growth. The number of studies into new therapies is likewise expanding.

In addition, a study published in Molecules suggests that the US Food and Drug Administration (FDA) approved a total of 208 new medications between 2015 and 2019. (150 new chemical entities and 58 biologics).

According to a study published in BioPharma Trend 2020, the pharmaceutical industry's rapid advancement in artificial intelligence is projected to encourage significant expenditure in R&D operations for discovering novel therapeutic targets. Furthermore, biotech investors are becoming increasingly hopeful about using artificial intelligence in drug development and are investing heavily in AI-based drug discovery methods. Many breakthrough discoveries of highly effective medications against chronic diseases have emerged from these scientific achievements. As a result, most investors are leaning toward drug discovery research and development, which has helped the industry grow.

Regional Analysis

Based on regions, the global molecular spectroscopy market share is divided into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.

Significant growth in north america and europe

The North American region dominated the global market, with revenue forecast to grow at a CAGR of 4.32% to USD 1,511.33 million by 2030. The increasing R&D and funding, US researchers investigating materials and molecular structures that may be able to benefit from new and exact scientific instrumentation, and the presence of key market players in the country are the major factors driving the US market.

The National High Magnetic Field Laboratory, for example, includes a multi-user nuclear magnetic resonance (NMR) lab facility with staffed researchers at Florida University in Tallahassee, Florida. Canada is a prominent North American country. The primary cause of market expansion in the country is increasing R&D activity in the pharmaceutical and biotech industries to develop new novel medications for disease management.

The Europe region accounts for the second largest global molecular spectroscopy market share, with a CAGR of 4.14% expected to generate USD 1,017.26 million in revenue by 2030. A solid foundation of global firms focusing on creating new advanced spectroscopic instruments, increased R&D efforts, and rising adoption by pharmaceutical sectors are the primary factors driving market expansion in Germany. To grow market share, industry participants in Germany are using various techniques, including collaborations, mergers, acquisitions, and innovative product launches.

Segmental Analysis

By type, the market is segmented into NMR spectroscopy, Raman spectroscopy, UV-visible spectroscopy, mass spectroscopy, infrared spectroscopy, near-infrared spectroscopy, and other types of spectroscopies. NMR spectroscopy type accounted for the largest share in the global molecular spectroscopy market. Revenue is anticipated to grow at a CAGR of 4.36%, generating revenue of USD 423 million by 2030.

NMR (nuclear magnetic resonance) spectroscopy is a powerful analytical technique that allows researchers to examine a material's molecular structure by viewing and measuring nuclear spin interactions in a strong magnetic field. NMR spectroscopy has the advantage of requiring minimal sample preparation and being a non-destructive approach, preserving the studied molecules. Due to its widespread use in application sectors such as pharmaceuticals, biotechnology and biopharmaceuticals, food and beverage testing,

The global molecular spectroscopy market is segmented into pharmaceutical applications, food and beverage testing, biotechnology and biopharmaceutical applications, environmental testing, academic research, and others. Pharmaceutical applications hold the largest share of the market and are forecast to grow at a CAGR of 4.26%, generating a revenue of USD 1,602 million by 2030.

The increasing importance of molecular spectroscopy in various stages of drug discovery and increased R&D in the pharmaceutical sector are driving the segment's growth. There are many multi-component formulations, biopharmaceutical products, and samples of complex matrix and biological origin on the market. Various analytical techniques, such as spectrophotometry, chromatography, and electrophoresis, can be used. However, UV spectrophotometric approaches for drug determination are simpler, cheaper, and faster.

Recent Developments

• May 2022: Agilent Technologies Inc. (NYSE: A) announced today that its PD-L1 IHC 22C3 pharmDx, Code SK006, has received EU CE-IVD approval for cervical cancer treatment. PD-L1 IHC 22C3 pharmDx can help doctors identify cervical cancer patients who might benefit from KEYTRUDA® (pembrolizumab) treatment. Merck created KEYTRUDA, an anti-PD-1 treatment (known as MSD outside the US and Canada). In Europe, KEYTRUDA is approved to treat persistent, recurrent, or metastatic cervical cancer in adults with tumors expressing PD-L1 [Combined Positive Score (CPS) 1] combined with chemotherapy with or without bevacizumab.
• May 2022: For its market-leading preclinical magnetic resonance imaging (MRI) systems, Bruker announced the debut of new 7 Tesla and 9.4 Tesla conduction-cooled Maxwell magnets today. Following the success of the BioSpec® Maxwell 3 Tesla model, the new Maxwell 7 Tesla and 9.4 Tesla magnets eliminate the requirement for liquid helium or nitrogen refills while providing high-field sensitivity and resolution for preclinical MRI and PET/MR studies.
• May 2022: The Bespoke Gene Therapy Consortium has welcomed Danaher Corporation as a member. The BGTC, which will be launched in October 2021, will create gene therapy resources that the research community may use to streamline gene therapy development for rare diseases, making the process more efficient and cost-effective. Danaher's Life Science companies will be represented by experts from Danaher Corporation and its companies, including Pall Corporation, Aldevron, and Cytiva, as well as the Food and Drug Administration (FDA), the National Institutes of Health (NIH), twelve pharmaceutical and biotech companies, and nine non-profits. As part of the Accelerating Medicines Partnership® program, the project is managed by the Foundation for the National Institutes of Health (FNIH).
• April 2022: TetraScience, Inc., Shimadzu Corporation, and Shimadzu Scientific Instruments, Inc. announced a strategic agreement today to assist pharmaceutical companies in drastically boosting the value of their scientific data using Shimadzu's LabSolutions (TM) Software and the Tetra R&D Data Cloud.