At 5.1% CAGR, North America Molecular Spectroscopy Market is Projected to be Worth US$ 2,332.87 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America molecular spectroscopy market was valued at US$ 1,568.61 million in 2022 and is expected to reach US$ 2,332.87 million by 2030, recording a CAGR of 5.1% from 2022 to 2030. Increase in drug discovery and R&D and increasing use of nuclear magnetic resonance spectroscopy are among the critical factors attributed to drive the North America molecular spectroscopy growth.

The demand for and use of molecular spectroscopy increased significantly during the COVID-19 pandemic. In July 2022, Bruker PhenoRisk launched PACS RuO, a research-only NMR test for molecular phenonomic research on blood samples from "long COVID-19" patients. The PhenoRisk PACS RuO test holds promise for exploring early-stage risk factors, monitoring longitudinal recovery, and prospective secondary organ damage in cardiovascular disease, type II diabetes, inflammation, and renal dysfunction. In addition, molecular spectroscopy plays a crucial role in drug discovery and development. Raman spectroscopy has proven to be one of the most powerful analytical techniques for drug discovery and pharmaceutical development. In September 2020, an American Chinese biotech company, Xtalpi, raised US$ 319 million in funding to further develop its intelligent digital drug discovery and development platform (ID4), which includes solid shape selection, predicting small molecule candidate properties, and other services. A research team at Northern Arizona University (NAU) was found to be developing a new testing technology for SARS-CoV-2 using surface-enhanced single-molecule Raman spectroscopy. The project was "Development of a new test for SARS-CoV-2 using surface-enhanced single-molecule Raman spectroscopy." It received a US$ 200,000 grant from the National Science Foundation's Rapid Response Research (RAPID) grant program. According to BioPharma Trend 2020, the pharmaceutical industry's rapid advances in artificial intelligence (AI) are expected to lead to significant spending on research and development to discover new therapeutic targets. In addition, biotech investors are increasingly relying on using AI in drug development and are investing heavily in AI-based drug development methods. These scientific achievements have resulted in many groundbreaking discoveries of highly effective drugs for chronic diseases. For this reason, most investors gravitate toward drug discovery and R&D activities, which are expected to drive the molecular spectroscopy market in the future.

On the contrary, shortage of technically skilled personnel and high cost of maintenance and installation hampers the growth of North America molecular spectroscopy market.

Based on product, the North America molecular spectroscopy market is bifurcated into instrument and accessories. The instrument segment held 85.5% market share in 2022, amassing US$ 1,341.62 million. It is projected to garner US$ 2,030.83 million by 2030 to register 5.3% CAGR during 2022-2030.

In terms of technology, the North America molecular spectroscopy market is categorized into UV-Visible spectroscopy, infrared spectroscopy, nuclear magnetic resonance spectroscopy, Raman spectroscopy, Near-infrared spectroscopy, and others. The UV-Visible spectroscopy segment held 27.3% share of North America molecular spectroscopy market in 2022, amassing US$ 428.32 million. It is anticipated to garner US$ 614.76 million by 2030 to expand at 4.6% CAGR during 2022-2030.

By application, the North America molecular spectroscopy market is segmented into academic and research applications, biotechnology applications, pharmaceutical applications, and others. The academic and research applications segment held 41.3% share of North America molecular spectroscopy market in 2022, amassing US$ 648.48 million. It is projected to garner US$ 1,004.61 million by 2030 to expand at 5.6% CAGR from 2022 to 2030.

Based on country, the North America molecular spectroscopy market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 79.0% share of North America molecular spectroscopy market in 2022. It was assessed at US$ 1,238.57 million in 2022 and is likely to hit US$ 1,877.49 million by 2030, registering a CAGR of 5.3% during 2022-2030.

Key players operating in the North America molecular spectroscopy market are Horiba Ltd, Thermo Fisher Scientific Inc, Merck KGaA, Revvity Inc, Ostec Instruments, JEOL Ltd, Shimadzu Corp, JASCO Corp, Bruker Corp, Agilent Technologies, Inc., Oxfords Instruments plc, and Teledyne Princeton Instruments, among others.

• In March 2023, Horiba, a leading manufacturer of instruments for measurement and analysis, had launched a new MICROPOLE System QL Series Quadrupole Mass Analyzer for monitoring gas components in vacuum chambers used in semiconductor manufacturing processes. This system improves the yield rate and contributes to the production efficiency of semiconductors.
  
  
• In April 2023, JEOL Ltd and Cumberland Additive Inc (CAI) announced that Cumberland's Neighborhood 91 facility in Pittsburgh, Pennsylvania, will be the first North American installation of JEOL's new Electron Beam Powder Bed Fusion (PBF-EB) machine. JEOL introduced its new PBF-EB machine to the North American market at Rapid TCT in May 2022. Its display of serially built nested parts and a lightweight, strong titanium electron beam column garnered interest.
  
  

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