(PharmaNewsWire.Com, March 28, 2020 ) The UV/visible spectroscopy market is poised to reach USD 1,163.2 Million, growing at a CAGR of 4.3 % during the forecast period.
The growth of the market can be attributed to application of UV/visible spectroscopy in environmental testing; growing use in the pharmaceuticals and biotechnology industries; technological advancements in instrumentation; and increasing need for food analysis. In the coming years, the market is expected to witness the highest growth rate in the Asia-Pacific region.
By instrument type, the market comprises of single-beam systems, dual-beam systems, array based systems and handheld systems. The single-beam systems segment is estimated to account for the largest share of the UV/visible spectroscopy market as these systems due to the simplicity, affordability and ease of operation of these systems.
By application, the UV/visible spectroscopy market comprises academic applications and industrial applications. In 2016, the industrial applications segment is estimated to account for the largest share of the UV/visible spectroscopy market. This is also the fastest-growing segment in the forecast period as UV/visible spectroscopy is widely being adopted in several industries as an analytical technique due to its affordability, simplicity and scalability. Besides, enhancements in equipment capabilities are also driving the adoption of this technique for various industrial applications.
Growing opportunities in emerging nations, development of microvolume sampling-capable instruments, investments into the field of molecular diagnostics and growth of biobanking are likely to provide growth opportunities to the global UV/visible spectroscopy market. However, the dearth of skilled professionals and longevity of instruments is likely to restrain the growth of this market.
The major players in the UV/visible spectroscopy market include Shimadzu Corporation (Japan), PerkinElmer Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Agilent Technologies Inc. (U.S.) and Hach Company (subsidiary of Danaher Corporation) (U.S.), Jasco, Inc. (U.S.) Hamamatsu Photonics K.K. (Japan), Horiba, Ltd.(Japan), Hitachi High-Technologies Corp. (Japan) and Buck Scientific (U.S.) among others.
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