The global UV/visible Spectroscopy market is expected to reach USD 1.2 billion by 2025 from USD 1.0 billion in 2020, at a CAGR of 4.7%. Growth in UV/visible Spectroscopy market is mainly driven by factors such as the application of UV/visible spectroscopy in environmental screening, growing use of UV/visible spectroscopy in the pharmaceutical & biotechnology industry, technological advancements and the increasing need for food analysis. On the other hand, the longevity of instruments and the dearth of skilled professionals is expected to limit market growth to a certain extent during the forecast period.
The major players operating in the UV/visible spectroscopy market include Shimadzu Corporation (Japan), Agilent Technologies (US), Thermo Fisher Scientific, Inc. (US). An analysis of market developments between 2017 and 2019 showed that market players adopted strategies such as product launches, acquisitions, partnerships, agreements, collaborations, and other developments to strengthen their product portfolios and maintain a competitive position in the UV/visible spectroscopy market.
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In 2019, Shimadzu Corp dominated the UV/visible spectroscopy market. Shimadzu has been operating in the life science and analytical instruments business since 1875 and it operates under five business segments—Analytical Instruments, Medical Systems, Aircraft Equipment, Industrial Machinery, and Testing and Measuring Instruments. It is one of the pioneers in the field of UV/visible spectroscopy and has managed to establish a brand of its own. Product launches, strategic collaborations, and acquisitions will further augment its position in the market. Last year, Shimadzu released six new UV/visible spectrometers under a new UV-i Selection brand, further strengthening its position in the market. The company dominates the markets in Asian countries and the developing countries of Europe. Shimadzu is competing in the highly competitive analytical instruments market primarily on the basis of the ease of use, software compatibility, and the cost-efficiency of its products.
In 2019, Agilent Technologies was the second-largest player in the UV/visible spectroscopy market. A large part of the company’s revenue is generated from its Life Sciences and Applied Markets and Agilent CrossLab segments. The growth of the company is attributed to strategic mergers & acquisitions and improved R&D and capital expenditure. Expansions undertaken by Agilent to introduce new research and logistics bases in Asian countries are expected to further strengthen its position in this market. The company sells a majority of its products through its direct sales force. To complement the capabilities of this direct sales force, the company focuses on agreements with various channel partners across the globe, such as resellers, manufacturers’ representatives, and distributors. In 2020, Agilent signed a sponsorship agreement with My Green Lab to highlight their ongoing commitment to sustainability.
In 2019, Thermo Fisher Scientific was the third-largest player in the UV/visible spectroscopy market. The company holds a strong presence in the market, owing to its robust portfolio of analytical instruments, products, and related accessories. Thermo Fisher has expanded its product portfolio through insight-driven innovation and strategic M&A to establish its position in the market. The company further offers its products across major customer categories, such as clinical laboratories, research and academic institutes, diagnostic laboratories, and hospitals. Thermo Fisher is expected to witness sustainable growth during the forecast period with its broad and technologically advanced product portfolio, wide geographic reach, and collaborations & agreements with other smaller market players.
Related Reports:
UV/Visible Spectroscopy Market by Instrument Type (Single-Beam, Dual-Beam), Application (Academic Application, Industrial Application), End User (Pharmaceutical & Biotechnology Companies, Academic & Research Institutes) - Global Forecast to 2025
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