Sustainability and technology advancement driving spectroscopy market

The process spectroscopy market will grow from $21.75 billion in 2024 to $23.4 billion in 2025, according to research by The Business Research Company.

Their report ascertained that growth between 2019-2024 resulted from factors such as quality control demands, cost efficiency, rapid analysis, market competition, healthcare innovations.

The market is expected to see strong growth in the next few years, the authors asserted. It will grow to $31.77 billion in 2029 at a compound annual growth rate (CAGR) of 7.9 percent.

In this forecast period, the market is expected to see growth due to key factors including “industry 4.0 integration, miniaturisation and portability [and] sustainability focus”.

The research also noted that major trends include “cross-industry collaboration, customisation & software solutions, emerging markets expansion, remote monitoring solutions”.

Technological advancement in the process spectroscopy market

As a key part of drug development and drug formulation, the report highlighted that demand for process spectroscopy is being fuelling by the growing pharmaceutical industry. 

As technology advancement becomes a stronger trend in the market, the authors highlighted that major market players are developing advanced technologies to sustain their position in process spectroscopy.

Molecular spectroscopy

As one of the main types of spectroscopy technology, the molecular spectroscopy market is anticipated to expand at a compound annual growth rate (CAGR) of 9.1 percent between 2024 and 2025. This growth from 2019 to 2024 was recognised as being driven by greater demand for molecular analysis, focus on environmental monitoring, as well as an increased emphasis on quality control, the related report found.

Dominant region in the process spectroscopy market

North America was identified as the largest region in the process spectroscopy market last year. The Asia-Pacific region is projected to witness the fastest growth in the forecast period, the authors added.

Overall, companies identified as major players in the global process spectroscopy market included Agilent Technologies Inc., Bruker Corporation, Sartorius AG, Thermo Fisher Scientific Inc., Oxford Instruments PLC.