(PharmaNewsWire.Com, June 20, 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. North America is expected to account for the largest share of the global market.
However, longevity of instruments and dearth of skilled professionals is likely to restrain the growth of the market to a certain extent during the forecast period.
Market Growth Drivers:
- Applications of UV/Visible Spectroscopy in Environmental Screening
- Growing Use of UV/Visible Spectroscopy in the Pharmaceuticals & Biotechnology Industry
Based on instrument type, the market is segmented into single-beam systems, dual-beam systems, array-based systems and handheld systems. The single-beam systems segment is estimated to account for the major share of the UV/visible spectroscopy market. These instruments are routinely used analytical instruments in clinical examination, medicine, petrochemicals, biochemistry, biotechnology, quality control, and environmental protection as they are simple and economical.
Based on application, the market is segmented into academic applications and industrial applications. The industrial applications segment is estimated to account for the major share of the UV/visible spectroscopy market. The instruments are used in various industrial fields such as life science R&D, production, quality assurance/quality control (QA/QC) and environmental testing as they are easy to use, flexible, affordable, and scalable.
On the basis of region, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to account for the largest share of the UV/visible spectroscopy market. However, the Asia-Pacific market is slated to grow at the highest CAGR during the forecast period and serve as a revenue pocket for companies offering UV/visible spectroscopy systems and accessories. This is owing to the impetus provided by entry of key market players into this market, growing food safety and environmental pollution concerns and budding life science R&D sector in this region.
Some key players mentioned in the research report are:
The major players in 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.).
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