March 14, 2019
WELLESLEY, Mass., March 14, 2019— A new report from BCC Research, “Traditional and Emerging Spectroscopy Techniques in Life Sciences,” estimates that by 2023, the global market for spectroscopy technology will reach $16.3 billion, up from $13.2 billion in 2018, indicating a compound annual growth rate (CAGR) of 4.4%.
Spectroscopy refers to the study of matter with electromagnetic radiation. Spectroscopic techniques have been used to assess the quality of samples across various industry verticals, including, pharmaceuticals, environment, biotechnology, and food and beverages.
“Growth in the pharmaceutical sector, along with increasing R&D in the pharma and biotech industry, presents a huge growth opportunity for the spectroscopy market,” said BCC Research analyst Sathya Durga.
Significant Market Drivers
The global spectroscopy technology market is being driven by several factors, including improvements in mass spectrometry workflow and instruments, the miniaturization of handheld instruments, increasing adoption of spectroscopic analytical methods in pharma and biotech industries, high demand of sophisticated equipment for measurement and high-performance testing and growing adoption of spectrometric analysis in clinical and toxicological applications.
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Traditional and Emerging Spectroscopy Techniques in Life Sciences( HLC217A )
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