Press Releases

North American Market for Raman Spectroscopy to Reach $1.0 Billion by 2023

Growth Attributed to Drug Quality Control and Reduction of Rework and Scrap

February 20, 2019

WELLESLEY, Mass., February 20, 2019 – Raman spectroscopy is a chemical analysis that helps professionals in life sciences, material sciences, the chemical industry and semiconductor manufacturing maintain product quality and operational efficiency. Due to its ease of use and successful applications in a variety of industries, the North American market for Raman spectroscopy has demonstrated uncapped growing potential.

In 2018, the North American market for Raman spectroscopy was worth $695.1 million. A new report by BCC Research, “Raman Spectroscopy: Technologies and North American Markets,” estimates that the market will reach a value of $1.0 billion by 2023, indicating a compound annual growth rate (CAGR) of 7.7%.

Top competitors and manufacturers in the industry include: Bruker Corp. (BRKR), PerkinElmer Inc., Renishaw plc (RNSHF), Smiths Detection Inc. (SMGZY), and Thermo Fisher Scientific Inc. (TMO).

Report Highlights

  • Market predictions. For example, the U.S. is expected to hold the largest market share and grow rapidly, with a CAGR of 7.9%, due to increased adoption of Raman spectrometers in life sciences, material sciences and semiconductors.
  • Market drivers. For example, the major factor driving the market for probe-based Raman spectroscopy is its ease of use. End-users can conduct Raman spectroscopy in real-time and provide information regarding the materials or samples easily.
  • Market analysis. Surface-Enhanced Raman Scattering (SERS), a raman spectroscopy sampling technique, accounted for the largest market share in 2017 at 42.3%. Increasing demand for real-time analysis of samples in the harshest conditions is expected to propel demand for SERS in the future.

Driving Factors of the Raman Spectroscopy Global Market

The impact of Raman spectroscopy reaches further beyond the American market, as the push for early diagnosis of cancer is driving growth in Mexico and Canada. These countries are also utilizing the technology for government safety regulations in the healthcare, food and beverages, and chemical industries.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Raman Spectroscopy: Technologies and North American Markets( IAS145A )
Publish Date:     

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