Global Raman Spectroscopy Market is Projected to Reach $1.1 Billion by 2028: Increased Focus on Drug Development in the Healthcare Sector Drives Growth

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Apr 24, 2023, 13:00 ET

DUBLIN, April 24, 2023 /PRNewswire/ -- The "Global 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- Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The Raman spectroscopy market is projected to reach USD 1.1 billion by 2028 from USD 0.8 billion in 2023, at a CAGR of 7.0% from 2023 to 2028.

In 2022, the surface-enhanced Raman scattering (SERS) segment held the largest share of the Raman spectroscopy market, and a similar trend is likely to be observed during the forecast period.

Continuous technological development of nanotechnology and extensive theoretical and experimental research has significantly broadened the scope of surface-enhanced Raman scattering and increased its demand in pharmaceutical, life science, and materials science research.

Also, the SERS sampling technique can be used to amplify weak Raman signals, especially when signals using visible light excitation and a low number of scattered photons are available for detection. Hence, surface-enhanced Raman scattering finds its application in drug delivery, detection of trace amounts of chemical and biological threat agents, Point-of-care (POC) medical diagnostic devices, and forensic field testing.

Handheld & Portable Raman instrument is expected to account for the largest market share in Raman spectroscopy hardware market during the forecast period

The handheld & portable Raman segment is projected to record the largest share of the market during the forecast period. Handheld & portable Raman spectroscopy has the ability to offer a simple point-and-shoot format and fully portable testing with an ergonomic design.

So, it enables rapid responses for unknown characterization against integrated digital libraries and pre-existing method data. In addition, low-skilled personnel can easily carry out these spectroscopies to acquire the molecular fingerprint of raw materials for pharmaceutical, life science, and materials science applications.

The major advantages of handheld and portable Raman instruments include the ability to perform in-field measurements of robust design as well as usual sample handling.

However, the spectra of handheld and portable Raman devices are sometimes less reproducible, less accurate, and are affected by noise, which can be considered as a significant drawback, especially in pharmaceutical applications. Handheld and portable Raman instruments are used for the analysis of pharmaceutical, life science, agriculture, drugs, explosives, and mineral samples.

North America accounted for the second-highest market share in 2022

The region is an early adopter of new and advanced technologies. The market growth in this region can be attributed to the presence of many Raman spectroscopy manufacturers in the US.

Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Bruker, and Mettler Toledo are among the few leading manufacturers offering Raman spectroscopy in the US. These players spend extensively on research and development (R&D) activities to provide innovative offerings in this market.

For instance, in 2021, Thermo Fisher Scientific, Inc. invested nearly USD 1.4 billion in R&D, whereas in the same year, Agilent Technologies, Inc. introduced the new Agilent Vaya Raman raw material identity verification system. This handheld instrument accelerates quality control testing in the pharmaceuticals and biopharmaceutical industries.

Market Dynamics

Drivers

Increased Focus on Drug Development in Healthcare Sector
Rising Adoption of Raman Spectroscopy in Clinical Applications
Advancements in Raman Spectroscopic Techniques Used in Catalysts and Catalytic Reactions
Growing Awareness Regarding Food Safety
Growing Requirement for Mineral Analysis

Restraints

High Ownership Cost
Requirement for Highly Skilled Workforce to Keep Up with Advancements in Raman Spectroscopy
Lack of Awareness Regarding Potential Applications of Raman Spectroscopy Among End-users
Unsuitability of Raman Spectroscopy with Metals and Alloys

Opportunities

Rising Demand for Cloud-Based Spectroscopy
Rising Demand for Process Analytical Technology (Pat) in Pharmaceutical Industry
Increasing Demand for Raman Spectroscopy in Carbon Materials Application
Rising Demand for Raman Spectroscopy in Semiconductor Industry
Increasing Research and Development (R&D) Expenditure on Raman Spectroscopy

Challenges

Lack of Improvements in Raman Spectrometer Design
Lack of Development of Low-Cost, Highly Efficient Raman Spectrometers

Companies Mentioned

Agilent Technologies, Inc.
Anton Paar
B&W Tek
Bruker
Endress+Hauser Group Services Ag
Enhanced Spectrometry, Inc.
Hamamatsu Photonics
Horiba, Ltd.
Jasco
Laser Detect System
Metrohm Ag
Mettler Toledo
Ocean Insight
Ostec
Oxford Instruments
Perkinelmer Inc.
Photon Systems, Inc.
Real Time Analyzers
Renishaw plc
Rigaku Corporation
Smiths Detection
Thermo Fisher Scientific Inc.
Tornado Spectral Systems
TSI
Zolix

For more information about this report visit https://www.researchandmarkets.com/r/apgj4q

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