Molecular Spectroscopy Market Expected to Hit $5.9B by 2018

The molecular spectroscopy market is expected to grow to $5.9 billion by 2018, according to the research firm MarketsandMarkets.

The industry was valued at $4.3 billion in 2013, and is in a position to increase 6.7 percent annually over the next several years. The researchers noted that this market would be growing even faster if not for the high cost of molecular spectroscopy systems, and the need for skilled personnel to operate them.

The demand for molecular spectroscopy is expected to grow due to increasingly rigorous quality requirements for medications and their excipients, food safety, technological advancements, and research and development.

North America is the largest market for molecular spectroscopy, followed by Europe and Asia. The researchers said this market will grow at the highest rate in Asia over the next several years.

This market includes UV-VIS (single beam, dual beam and array-based), IR spectroscopy (short- to far-wave and terahertz), NIR spectroscopy, color measurement spectroscopy, Raman spectroscopy and nuclear magnetic resonance (such as continuous wave, Fourier transform and solid state).

Molecular spectroscopy is used in applications such as pharmaceuticals, biotechnology, biopharmaceuticals, food and beverage testing, environmental testing and academic research.

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