(PharmaNewsWire.Com, April 02, 2020 ) The growth of molecular spectroscopy market is majorly driven by food safety concerns, the growth of the pharmaceutical and biotechnology industry, technological advancements in molecular spectroscopy and application of molecular spectroscopy in environmental screening. However, the high cost of equipment is likely to restrain the growth of the market during the forecast period.
The global molecular spectroscopy market is expected to reach USD 6.85 billion by 2022 from USD 4.98 billion in 2017, at a CAGR of 6.6%.
The Pharmaceutical Application is Projected to Grow at the Highest CAGR:
Based on application, the molecular spectroscopy market is segmented into pharmaceutical applications, environmental testing, food and beverage testing, biotechnology and biopharmaceutical application, academic research and other applications. During the forecast period, the pharmaceutical application is expected to grow at the highest CAGR. This growth is mainly due to the growing importance of molecular spectroscopy in various stages of drug development and increasing R&D in pharmaceutical industries.
Asia Pacific to witness the highest growth during the forecast period
Asia Pacific is expected to grow at the highest CAGR in the global molecular spectroscopy market during the forecast period of 2017–2022. Thriving biotechnology market in China, growing focus on environmental protection, growing biomedical and medical research in Japan, and rising food safety concerns in India are expected to drive market growth during the forecast period.
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