Report : South & Central America Molecular Spectroscopy Market Forecast to 2030 - Regional Analysis - by Product (Instrument and Accessories), Technology (UV-Visible Spectroscopy, Infrared Spectroscopy, Nuclear Magnetic Resonance Spectroscopy, Raman Spectroscopy, Near-Infrared Spectroscopy, and Others), and Application (Academic and Research Applications, Biotechnology Applications, Pharmaceutical Applications, and Others)
At 4.5% CAGR, South & Central America Molecular Spectroscopy Market is Projected to be worth US$ 317.31 million by 2030, says Business Market Insights
According to Business Market Insights' research, the South & Central America molecular spectroscopy market was valued at US$ 222.35 million in 2022 and is expected to reach US$ 317.31 million by 2030, recording a CAGR of 4.5% from 2022 to 2030. Increase in drug discovery and R&D and rapid growth of pharmaceutical industry are among the critical factors attributed to drive the South & Central 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. 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 South & Central America molecular spectroscopy market.
Based on product, the South & Central America molecular spectroscopy market is bifurcated into instrument and accessories. The instrument segment held 85.9% market share in 2022, amassing US$ 191.02 million. It is projected to garner US$ 277.38 million by 2030 to register 4.8% CAGR during 2022-2030.
In terms of technology, the South & Central 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 26.9% share of South & Central America molecular spectroscopy market in 2022, amassing US$ 59.91 million. It is anticipated to garner US$ 82.46 million by 2030 to expand at 4.1% CAGR during 2022-2030.
By application, the South & Central America molecular spectroscopy market is segmented into academic and research applications, biotechnology applications, pharmaceutical applications, and others. The academic and research applications segment held 42.8% share of South & Central America molecular spectroscopy market in 2022, amassing US$ 95.12 million. It is projected to garner US$ 141.22 million by 2030 to expand at 5.1% CAGR from 2022 to 2030.
Based on country, the South & Central America molecular spectroscopy market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 60.5% share of South & Central America molecular spectroscopy market in 2022. It was assessed at US$ 134.52 million in 2022 and is likely to hit US$ 196.79 million by 2030, registering a CAGR of 4.9% during 2022-2030.
Key players operating in the South & Central America molecular spectroscopy market are Horiba Ltd; Thermo Fisher Scientific Inc; Merck KGaA; Revvity Inc; JEOL Ltd; Shimadzu Corp; JASCO Corp; Bruker Corp; Agilent Technologies, Inc.; and Teledyne Princeton Instruments, among others.
- In December 2023, Shimadzu Corp, a leading manufacturer of precision instruments, measuring instruments, and medical equipment, had launched the GCMS-QP2050 quadrupole gas chromatograph mass spectrometer. Gas chromatograph mass spectrometers (GC-MS) analyze the type and amount of chemicals in a sample by splitting it at the atomic and molecular levels. GC-MS systems are used to test pesticides and other controlled environmental contaminants, as well as for quality control and commercial development of food and chemical products.
- In March 2024, A 785 nm laser, spectrometer, and detector are all housed in a small chassis in the PR-1w Palmtop Raman Spectrometer, a portable Raman spectrometer. In contrast to micro-Raman instruments, the PR-1w is an easy-to-use Raman spectrometer that may be used by anyone as soon as it is delivered. Setting precise parameter settings is not necessary for quick and easy measurements. It can be placed in different places and yield different measurement configurations, including in-line and in-situ measurements. A wide range of extra analysis tools allow to easily conduct different kinds of studies in addition to measurements.
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