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Asian Region to Offer Significant Growth Opportunities for the Molecular Spectroscopy Market in the Coming Years
The global molecular spectroscopy market is witnessing a significant growth and will continue to do so in the next five years. The factors contributing to this growth are the improvements in the funding scenario globally, increase in the number of government sponsored research activities, and developments in drug discovery research. In the forecast period, the Asian region is projected to grow at the highest CAGR, with the growth in this region centered at China, India, and Japan. Furthermore, countries such as Brazil, Mexico, and UAE also have a high projected growth.
In the Asian region, China is the leader in the molecular spectroscopy market. China is considered as a favorable region by key players in the molecular spectroscopy market. In May 2011, Bruker opened its second major applications, training, and service center in Shanghai, while expanding its existing facility in Beijing. The facility is aimed to provide valuable support for the company’s growing customer base in the government, academic, clinical, and industrial segments. In June 2013, Thermo Fisher Scientific, Inc. invested $9.5 million in its new China Innovation Center in Shanghai. The facility aims to support the company’s growing R&D organization. All the major players have seen steady growth in China, with favorable future prospects.
The U.S. and European markets are witnessing increasing funding for researches that use molecular spectroscopy. The governments of various countries in these regions have increased their focus on using molecular spectroscopy technologies in research processes. In the U.S., the National Institutes of Health funded the University of Georgia with a $1.2 million in grant for biomedical research. In Europe, Germany has increased its funding for research and in the U.K., molecular spectroscopy is used extensively in food testing processes. The markets in Brazil, Mexico, and UAE are expected to witness growth as well. This growth can be attributed to the use of molecular spectroscopy in the pharmaceutical industry of the respective countries.
Molecular Spectroscopy Market by Technology (NMR (FT, Continuous Wave), UV-Visible (Photodiode Array, Handheld), IR (Terahertz, Benchtop) NIR (FT-NIR) Raman (SERS, TERS, FT Raman), by Application (Pharmaceutical, Food) - Forecast to 2018
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