Raman Spectroscopy Market by Type (Benchtop, Portable), Instrument (Microscopy, FT, Handheld & Portable), Sampling Technique (Surface-enhanced Raman Scattering, Tip-enhanced Raman Scattering), Application and Region- Global Forecast to 2028
[257 Pages Report] The Raman Spectroscopy Market is expected to reach USD 1.1 Billion by 2028 from USD 0.8 Billion in 2023, at a CAGR of 7.0% during the 2023–2028 period.
The increased focus on drug development in healthcare is a major factor driving the Raman spectroscopy market. The rising demand for cloud-based spectroscopy will likely provide market growth opportunities. However, the high cost of ownership hinders the growth of the Raman Spectroscopy Industry. The rising demand for precise, accurate, and high-quality Raman spectrometers from end users is propelling the growth of the Raman spectroscopy market worldwide.
Raman Spectroscopy Market Forecast to 2028
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Raman Spectroscopy Market Dynamics
Driver: Growing awareness regarding food safety
Technologies for food detection are essential for assuring food safety in supply chains. Conventional food contamination detection techniques involve a lot of work, are costly, take a lot of time, and frequently change the food samples. Due to these drawbacks, the food business must create more useful food detection tools that can find contaminants in all three classes. Widespread food safety evaluation using Raman spectroscopy is non-destructive, simple to use, precise, and quick. Food testing has become more popular as the packaged and convenience food industries have expanded. The globalization of the food trade and the increased public knowledge of foodborne illnesses have resulted in stringent guidelines and testing procedures from the food regulatory authorities. Diseases caused by contaminated food are more common in developing and impoverished nations. Many nations are enacting strict food laws to control foodborne diseases. Raman spectroscopy equipment is widely used for quality checks and tracking the levels of preservatives in food, so the development of food safety testing will significantly impact the market. The ability to identify food contaminants has recently been improved by Raman spectroscopic techniques, which significantly broaden their applications in food safety.
Restraint: Lack of awareness regarding potential applications of Raman spectroscopy among end users
Although the scope of the Raman spectroscopy market is immensely high in the food & beverage and pharmaceutical industries, carbon materials, and clinical applications in developing nations, the awareness among the end users of all these applications is low. As it is a relatively newer technique, its usage is more restricted and confined to research institutes and laboratories. This confinement is due to the fact that not many end users are aware of the potential applications that Raman spectroscopy can cater to.
Opportunity: Increasing demand for Raman spectroscopy in carbon materials application
There is a high demand for methods that can be used to characterize carbon nanomaterials due to the degree of interest in the processing, modification, and customization of these materials. One method that has been demonstrated to be particularly effective for many of the characterization needs with these materials is Raman spectroscopy. Highly symmetric covalent links with little to no natural dipole moment are the ones to which Raman spectroscopy is most sensitive. The carbon-carbon bonds that make up these materials precisely meet this criterion, making Raman spectroscopy extremely sensitive to them and able to reveal structural information. Raman spectroscopy is an extremely useful technique for characterizing carbon nanomaterials because it can detect even minute structural changes. Raman spectroscopy can facilitate the analysis of fullerenes, diamonds, graphene, graphite, carbon nanotubes, etc.
Raman micro-spectroscopy is the best technique for examining jewels with commercial potential. Raman analysis is perfect for analyzing even high-value gems like diamonds because it is non-destructive and does not require sample preparation. A stone’s micro-Raman analysis also offers a distinct record for identifying needs. For instance, EnSpectr L365 Spectrometer, a low-cost, handheld spectral analysis tool that provides a fast and easy solution to the issue of identifying colorless natural diamonds, is offered by Enhanced Spectrometry, Inc.
Challenge: Lack of development of low-cost, highly efficient Raman spectrometers
Currently, a Raman analyzer with an excellent signal-to-noise ratio and resolution is very costly. On the other hand, low-cost Raman analyzer devices are required as standard laboratory equipment. However, those systems generally have low signal-to-noise ratios, low-power visible lasers with poor resolution, and are inefficient for any high-performance chemical analysis. Therefore, more affordable and higher-resolution Raman systems are essential for promoting and allowing Raman spectroscopy. As a consequence, high ownership costs limit market growth. These are the primary factors that pose a challenge to the expansion of the global market during the projection era.
Raman Spectroscopy Market Ecosystem
The prominent players in the Raman spectroscopy market are Thermo Fisher Scientific Inc. (US), Mettler Toledo (Switzerland), Agilent Technologies Inc. (US), Bruker (US), and Renishaw Plc (UK). These companies not only boast a comprehensive product portfolio but also have a strong geographic footprint.
The surface-enhanced Raman scattering sampling technique is projected to grow at the fastest rate of the Raman spectroscopy market during the forecast period
Surface enhanced Raman scattering (SERS) is a vibrational spectroscopy technique that produces precise molecular fingerprints and enables direct identification of target materials, down to the single-molecule level. Raman spectroscopy has evolved as a highly efficient method to analyze the structural details of a complex molecular structure. Owing to its ultra-high sensitivity and selectivity, SERS has a vast array of applications in surface and interface chemistry, catalysis, nanotechnology, biology, biomedicine, food science, environmental analysis and other areas. SERS is a technique that provides an opportunity to overcome the limitation of the low Raman scattering cross section, which has been widely used for detecting the vibration and chemical information on molecules. Randomly adsorbed molecules make SERS signals the averaged information on all vibrations.
The surface enhancement process in SERS works on the basis of 2 mechanisms: electromagnetic theory and chemical enhancement theory. In electromagnetic models, the molecule is modeled as a point dipole that responds to elevated local fields at or near the metal surface. The roughness that establishes the relation of the incident field with surface plasmons provides these augmented fields. Chemical models relate SERS intensity to the changed molecular polarization caused by interactions with metals, resulting in molecular resonance and enhancement.
Pharmaceuticals application is expected to grow at the highest CAGR of the Raman spectroscopy market during the forecast period
The pharmaceutical application segment is expected to record the highest CAGR during the forecast period. The segment’s growth can be attributed to the surge in the usage of solid-state pharmaceutical products in both industries and academia. Current pharmaceutical applications cover a broad range, from discovery to manufacturing of drugs in the pharmaceuticals industry, like identifying polymorphs, monitoring real-time processes, detecting counterfeit & adulterated pharmaceutical products, and imaging solid dosage formulations. Due to its ability to visualize the drug and excipients distribution in pharmaceutical formulations such as tablets, creams and ointments, Raman spectroscopy is in great demand in the pharmaceutical industry.
Asia Pacific is projected to grow at the highest CAGR of the Raman spectroscopy market by 2028
The Raman spectroscopy market in Asia Pacific has been studied for China, Japan, South Korea, India, and Rest of Asia Pacific. Asia Pacific is likely to be the fastest-growing Raman spectroscopy market owing to the ongoing technological advancements and innovations and expanding healthcare sector in emerging countries in the region. The growth of the regional market can be attributed to the active participation of governments in improving healthcare infrastructure, rapid urbanization, rise in the GDP of emerging markets, and support provided by governments and several companies to expand the pharmaceuticals and life sciences industries in developing countries in the region.
Raman Spectroscopy Market by Region
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Key Market Players
The major players in the Raman Spectroscopy Companies include Thermo Fisher Scientific Inc. (US), Mettler Toledo (Switzerland), Agilent Technologies Inc. (US), Bruker (US), Renishaw Plc (UK), Rigaku Corporation (Japan), Oxford Instruments (UK), Endress+Hauser Group Services AG (Switzerland), HORIBA Ltd. (Japan), PerkinElmer Inc. (US), Hamamatsu Photonics K.K (Japan), Metrohm AG (Switzerland), and Anton Paar GmbH (Austria). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the market.
Raman Spectroscopy Market Report Scope:
Report Metric |
Details |
Estimated Market Size in 2023 |
USD 0.8 Billion |
Projected Market Size in 2028 |
USD 1.1 Billion |
Growth Rate |
CAGR of 7.0% |
Market size available for years |
2019–2028 |
Base year considered |
2022 |
Forecast period |
2023–2028 |
Forecast units |
Value (USD Million), Volume (Thousand Units) |
Segments covered |
By Instrument, Sampling Technique,, Application, and Region |
Geographies covered |
North America, Europe, Asia Pacific, and Rest of World |
Companies covered |
The major players in the Raman spectroscopy market are Thermo Fisher Scientific Inc. (US), Mettler Toledo (Switzerland), Agilent Technologies Inc. (US), Bruker (US), Renishaw Plc (UK), Rigaku Corporation (Japan), Oxford Instruments (UK), Endress+Hauser Group Services AG (Switzerland), HORIBA Ltd. (Japan), PerkinElmer Inc. (US), Hamamatsu Photonics K.K (Japan), Metrohm AG (Switzerland), Anton Paar GmbH (Austria), JASCO (Japan), Tornado Spectral Systems (Canada), Enhanced Spectrometry, Inc. (US), Zolix (China), Smiths Detection (UK), Ocean Insight (US), Ostec (US), TSI (US), Laser Detect System (Israel), Photon Systems, Inc. (US), B&W Tek (US), and Real Time Analyzers (US). |
Raman Spectroscopy Market Highlights
The study segments the Raman spectroscopy market based on instrument, sampling technique, application, and region at the regional and global level.
Segment |
Subsegment |
By Instrument |
|
By Sampling Technique |
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By Application |
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By Region |
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Recent Developments
- In February 2023, Agilent Technologies Inc. introduced Vaya handheld Raman spectrometer’s latest software update, which facilitates raw material identification and has extended features to the customers through opaque and transparent container analysis.
- In June 2022, Renishaw plc launched the inLux SEM Raman interface, which provides a scanning electron microscope (SEM) chamber with superior Raman capabilities. Raman spectra can be gathered to create 2D and 3D pictures while also imaging in the SEM.
- In Mary 2022, Bruker and TOFWERK AG (Switzerland) entered a partnership to focus on Bruker’s commercial scale to accelerate penetration in selected market segments, including TOFWERK’s compact time-of-flight mass spectrometers (TOF-MS) for small molecule and volatiles analyses that require exceptional speed and sensitivity.
- In April 2022, Thermo Fisher Scientific Inc. announced the release of a new Raman spectroscopic analyzer for process monitoring and applications such as biopharmaceutical manufacturing. In August 2020, National Instruments Corporation launched the enterprise version of SystemLink Software. This new version enables increased visibility and control of test systems across an organization.
Frequently Asked Questions (FAQ):
What is the current size of the global Raman spectroscopy market?
The Raman spectroscopy market is estimated to be worth USD 0.8 billion in 2023 and is projected to reach USD 1.1 billion by 2028, at a CAGR of 7.0% during the forecast period.
Who are the winners in the global Raman spectroscopy market?
Companies such as Thermo Fisher Scientific Inc. (US), Mettler Toledo (Switzerland), Agilent Technologies Inc. (US), Bruker (US), and Renishaw Plc (UK), fall under the winners category.
Which region is expected to hold the highest market share?
Asia Pacific is expected to dominate the Raman spectroscopy market during forecast period. Presence of established manufacturing companies, increasing yearly production and rising investments in research related to cloud-based spectroscopy are some of the major factors driving the market growth in the region.
What are the major drivers and opportunities related to Raman spectroscopy market?
Increased focus on drug development in healthcare sector and rise in adoption of Raman spectroscopy in clinical application are some of the major drivers and opportunities for Raman spectroscopy market.
What are the major strategies adopted by market players?
The key players have adopted product launches, acquisitions, and partnerships to strengthen their position in the Raman spectroscopy market.
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The research study involved 4 major activities in estimating the size of the Raman spectroscopy market. Exhaustive secondary research has been done to collect important information about the market and peer markets. The validation of these findings, assumptions, and sizing with the help of primary research with industry experts across the value chain has been the next step. Both top-down and bottom-up approaches have been used to estimate the market size. Post which the market breakdown and data triangulation have been adopted to estimate the market sizes of segments and sub-segments.
Secondary Research
In the secondary research process, various secondary sources were referred to for identifying and collecting information required for this study. The secondary sources include annual reports, press releases, and investor presentations of companies, white papers, and articles from recognized authors. Secondary research was mainly done to obtain key information about the market’s value chain, the pool of key market players, market segmentation according to industry trends, and regional outlook and developments from both market and technology perspectives.
Primary Research
In the primary research process, various primary sources have been interviewed to obtain qualitative and quantitative information related to the market across four main regions-Asia Pacific, North America, Europe, and RoW (the Middle East, Africa, and South America). Primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing directors, technology directors, and a few other related key executives from major companies and organizations operating in the Raman spectroscopy market or related markets.
After the completion of market engineering, primary research has been conducted to gather information and verify and validate critical numbers obtained from other sources. Primary research has also been conducted to identify various market segments; industry trends; key players; competitive landscape; and key market dynamics, such as drivers, restraints, opportunities, and challenges, along with the key strategies market players adopt. Most of the primary interviews have been conducted with the supply side of the market. This primary data has been collected through questionnaires, emails, and telephonic interviews.
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Market Size Estimation
The top-down and bottom-up approaches have been used extensively in market engineering. Several data triangulation methods have also been used to perform market forecasting and estimation for the report’s overall market segments and sub-segments. Multiple qualitative and quantitative analyses have been performed on the market engineering process to gain key insights throughout the report.
Secondary research has been used to identify the key players offering Raman spectroscopy. The revenues of those key players have been determined through both primary and secondary research. The revenues have been identified geographically as well as market segment-wise, using financial statements and analyzing annual reports of the key market players. Interviews with CEOs, VPs, directors, and marketing executives have also been conducted to gain insights into the key players and the Raman spectroscopy market. All the market shares have been estimated using secondary and primary research. This data has been consolidated, supplemented with detailed inputs and analysis from MarketsandMarkets, and presented in this report.
Market Size Estimation Methodology-Bottom-up Approach
The bottom-up approach has been employed to arrive at the overall size of the Raman spectroscopy market from the calculations based on the revenues of the key players and their shares in the market. Key players in the Raman spectroscopy market, including Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., Bruker Corporation, Mettler-Toledo International, Inc., Renishaw PLC, Horiba Ltd., Metrohm AG, Kaiser Optical Systems, Inc., Rigaku Corporation, and PerkinElmer, Inc. have been studied. The market size estimations have been carried out considering the market size of their Raman spectroscopy offerings.
Data Triangulation
After arriving at the overall market size from the market size estimation process explained above, the total market has been then split into several segments and sub-segments. Data triangulation has been employed to complete the market engineering process and arrive at the exact statistics for all segments and sub-segments. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.
Market Definition
Raman spectroscopy is an analytical technique where scattered light is used to measure the vibrational energy modes of a sample. This technique got its name after the Indian physicist C. V. Raman who, along with his research partner K. S. Krishnan, was the first to observe Raman scattering in 1928. It is a non-destructive chemical analysis technique that provides detailed information about the chemical structure, phase & polymorphism, crystallinity & molecular interactions, intrinsic stress/strain, and contamination & impurity within a material. The information about any material is extracted by generating a characteristic spectrum known as the “Raman fingerprint.” It is a unique chemical fingerprint for a particular molecule or material and can be used to swiftly recognize the substance or differentiate it from others.
Key Stakeholders
- Suppliers of raw materials
- Technology investors
- Original equipment manufacturers (OEMs)
- Third-party service providers
- Government labs
- In-house testing labs
- System integrators
- Distributors, resellers, and traders
- Research institutions and organizations
- Raman spectroscopy technology forums, alliances, consortiums, and associations
- Market research and consulting firms
- End users
The main objectives of this study are as follows:
- To describe, segment, and forecast the size of the global Raman spectroscopy market based on instrument, sampling technique, and application in terms of value
- To describe and forecast the global Raman spectroscopy market in terms of volume
- To describe and forecast the market size across four key regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW), in terms of value
- To provide detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the Raman spectroscopy market
- To provide a detailed overview of the supply chain pertaining to the Raman spectroscopy ecosystem and the average selling prices of Raman spectroscopy instruments
- To strategically analyze the ecosystem, tariffs and regulations, patent landscape, trade landscape, and case studies pertaining to the market under study
- To describe the detailed impact of the recession on the market
- To strategically analyze micromarkets1 with regard to individual growth trends, prospects, and contribution to the overall market.
- To analyze opportunities in the market for stakeholders and provide details regarding the competitive landscape of the market
- To analyze competitive developments such as product launches, partnerships, collaborations, and acquisitions in the Raman spectroscopy market
- To strategically profile the key players in the Raman spectroscopy market and comprehensively analyze their market rankings and core competencies2.
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
- Country-wise Information:
- Analysis for additional countries (up to five)
- Company Information:
- Detailed analysis and profiling of additional market players (up to five)
Growth opportunities and latent adjacency in Raman Spectroscopy Market