Market Leadership - Raman Spectroscopy Market
The global Raman spectroscopy market is projected to reach USD 861 million by 2026 from an estimated USD 602 million in 2021, at a CAGR of 7.4% from 2021 to 2026. Increased focus on drug development in healthcare and rise in adoption of Raman spectroscopy in clinical applications are among the factors driving the growth of the Raman spectroscopy market.
Thermo Fisher Scientific, Inc. (US); Agilent Technologies, Inc. (US); Bruker Corporation (US); Mettler-Toledo International, Inc. (Switzerland); Renishaw PLC (UK); Horiba, Ltd. (Japan); Metrohm AG (Switzerland); Kaiser Optical Systems, Inc. (US); Rigaku Corporation (Japan); and PerkinElmer, Inc. (US); are some of the key players in the Raman spectroscopy market. These players have adopted various growth strategies, such as product launches, expansions, partnerships, collaborations, and mergers and acquisitions to retain their presence in the Raman spectroscopy market. Product launches has been the most dominating strategy adopted by the key players from January 2018 to December 2021 to help them strengthen their product portfolio and broaden their customer base.
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Thermo Fisher Scientific, Inc. held the leading position in the Raman spectroscopy market as one of the key manufacturers of Raman spectrometers. The company held ~25-27% share of the Raman spectroscopy market in 2020. Thermo Fisher Scientific, Inc. has primarily adopted organic growth strategies in the form of product launches to stay competitive in the market. Also, the company focuses on investing significantly in R&D to sustain its position in the market. For instance, the company invested ~4% of its annual revenue in R&D activities in 2020.
Agilent Technologies, Inc. held the second position in the Raman spectroscopy market. The company is a well-established brand in the Raman spectroscopy market. Agilent Technologies, Inc. held ~16-18% share of the Raman spectroscopy market in 2020. The company entered into the Raman spectroscopy market through the acquisition of a UK-based firm named Cobalt Light Systems in 2017. Agilent Technologies, Inc. has adopted a mix of organic and inorganic growth strategies to stay competitive in the market. Also, the company focuses on investing significantly in R&D to sustain its position in the market. For instance, the company invested ~10% of its annual revenue in R&D activities in 2020.
Bruker Corporation. has secured third position in the Raman spectroscopy market. Bruker Corporation has a major foothold in the Raman spectroscopy market for pharmaceutical applications. Furthermore, the company is focused on diversifying its products into different markets to decrease its dependency on a single market. Bruker Corporation has adopted both organic and inorganic growth strategies, such as product launches, and acquisitions, to stay ahead of the competition in the market. To achieve the company’s vision, the focus is primarily on making necessary investments in research and development activities. For instance, in 2020, the company invested ~10% of its total revenue, in R&D activities.
Mettler-Toledo International, Inc. has secured fourth position in the Raman spectroscopy market. The company is a global manufacturer and marketer of precision instruments. Mettler-Toledo International, Inc. has a strong base in the American and European markets and is eyeing expansion in the APAC market. The company is focusing on strengthening its Raman product portfolio. For that, the company is making significant investments in R&D. For instance, in 2020, Mettler-Toledo International, Inc. invested ~4.5% of its overall revenue in R&D.
Renishaw PLC has secured fifth position in the Raman spectroscopy market. The company designs, develops, and delivers high-precision solutions and systems. A large customer base, wide geographic presence, and strong distribution network across diverse regions are the key strengths of the company. Apart from this, the company adopted organic growth strategies to strengthen its position in the Raman spectroscopy market. Moreover, to strengthen its position and to grow in the Raman spectroscopy market, Renishaw PLC is focusing on extensive R&D to enhance its product portfolio. For instance, in 2020, the company spent ~13% of its overall revenue in R&D.
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Raman Spectroscopy Market with COVID-19 Impact Analysis by Instrument (Microscopy Raman, Handheld & Portable Raman), Sampling Technique (Surface Enhanced Raman Scattering), Application (Pharmaceutical, Life Science), and Region - Global Forecast to 2026
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