Raman Spectroscopy Market

[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:

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.

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.

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