The global UV/Visible Spectroscopy Market size was USD 1.49 Billion in 2021 and is expected to register a CAGR of 5.1% during the forecast period. The UV/Visible spectroscopy market is observing exponential growth owing to the increasing applications of UV/visible spectroscopy in the biopharmaceutical sector and in environmental assessment. Ultraviolet-visible spectroscopy mainly refers to the absorption spectroscopy in a fraction of the ultraviolet and full adjacent visible spectrum.
UV/Vis spectroscopy is routinely applied in analytical chemistry for the quantitative estimations of various analytes, such as biological macromolecules and transition metal ions, among others. UV/Vis spectroscopy technique is extensively used in the identification of pure drug compounds.
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Ultraviolet and visible radiation occupy a small segment of the electromagnetic spectrum. Ultraviolet-visible spectrum is generated when the materials absorb UV light and visible light. The UV-Vis spectrum comprises of absorption spectrum that offers quantitative data about the materials. The UV-Vis spectroscopy is highly sensitive, requires only a small amount of samples, and offers a high throughput screening. These attributes of the spectroscopy technique are projected to drive market growth over the projected timeframe.
The outbreak of the COVID-19 pandemic put immense pressure on medical institutions and healthcare facilities. With the increasing need to screen and identify the virus strain and develop a viable vaccine to cater to future pandemics, biopharmaceutical companies were actively engaged in expanding research and development activities. The growing investment in healthcare facilities and research laboratories boosted the development of the UV-Visible spectroscopy market owing to the increasing demand for advanced research equipment. However, the lack of skilled professionals and the elongated renewal plans of the equipment are projected to impede the market expansion.
Driver: Surging applications of UV/Visible Spectroscopy in the Biopharmaceutical Sector
The UV/Visible spectroscopy technique is extensively used in the pharmaceutical industry to screen for the existence of impure substances in organic compounds or biological macromolecules. The increasing innovations in the biotechnology industry and increasing efforts of pharma and biotech companies to expand their pipeline is driving the market growth. The qualitative analysis using spectroscopic methods confers faster and accurate results using small samples. This attribute to technology has become a pivotal tool in the pharmaceutical industry owing to its adaptability and economic value. The pharmaceutical industry heavily relies on UV-Vis spectroscopy for numerous applications, thereby driving the market demand.
Restraint: High costs and longevity of the equipment can restrict the market growth
Spectroscopy equipment comprising of advanced features and functionalities are often available at high prices and this is one of the significant elements hampering the market growth. Moreover, the longer lifespan of the equipment prevents the regular upgradation or replacement of the instrument once it is bought, thereby restricting the expansion of the market. Additionally, the absence of expert professionals and experienced individuals has the potential to restrict the growth of the industry in the forecast period. The low penetration of this technique due to these reasons is projected to hinder the market expansion in the projected timeframe.
Based on instruments, the global UV/Visible Spectroscopy Market is segmented into single-beam, dual-beam, array-based, and others. The dual-beam segment is foreseen to proliferate at a significant rate during the projected timeframe. The dual-beam spectroscopes measure the sample and perform blank corrections through the sample and reference beams and confer quick and accurate analysis of the sample, thereby boosting their adoption in the research institutes and pharmaceutical industry, in turn, driving the market growth.
Based on applications, the global market is segregated into academics, industrial, physical laboratories, environmental studies, and others. The industrial application segment is estimated to occupy the largest market share in the projected timeframe owing to the convenience of usage, scalability, and affordability of the UV/visible spectrometers. Moreover, the technological developments in the spectrometers and increased automation of the equipment have boosted the adoption of advanced analytical techniques for industrial purposes. The growing application of UV/Vis spectroscopy for quality control and quality assurance in the industries is further adding to the market growth.
Based on end-users, the global market is segregated into pharmaceutical and biotechnology organizations, academic and research institutions, and others. In the forecast timeframe, the pharmaceutical and biotechnology organizations are projected to observe significant growth and occupy a sizeable share of the market in the period. The segment growth can be accredited to the accelerated innovations in the biotech research activities, augmenting the product pipeline, and increasing research and development activities in the pharmaceutical industries.
Based on the regional analysis, North America is projected to command the market growth, occupying a share of over 35%, in the estimated years accredited to the increasing initiatives to safeguard the environment, growing requirement for analysis and quality check of food items, and the accelerated rate of adoption of technologically advanced research equipment. The existence of major players in the region and increasing investments to develop cutting-edge equipment are also adding traction to the regional growth.
The Asia Pacific is projected to register lucrative growth in terms of revenue in the forecast timeframe owing to the rapid expansion of the pharmaceutical industry in the region, growing demand for spectroscopy techniques to cater to the augmenting need for food safety, and the growing need to mitigate pollution in the region.
The competitive landscape of the market is highly competitive and fragmented owing to the presence of numerous global and regional players. Some of the key players of the market include Shimadzu Corporation, Agilent Technologies, Thermo Fisher Scientific, Inc., PerkinElmer, Inc., Bio-Rad Laboratories, Inc., Hitachi High-Technologies Corporation, Buck Scientific, Bruker Corporation, Mettler-Toledo, Cole-Parmer, and GBC Scientific Equipment, among others.
The key players are actively engaged in strategic initiatives to gain a robust footing in the market. Some of the notable developments of the market include:
- In December 2019, Japan-based Shimadzu Corporation introduced six innovative UV-VIS spectrophotometer models with wide-ranging applications in numerous fields such as academics, chemicals, and pharmaceuticals.
- In May 2019, Edinburg Instruments launched a DS5 Dual Beam UV-Vis Spectrophotometer which is highly suitable for analytical applications where accuracy and precision are necessary.
Segments Covered in the Report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2021 to 2030. For this study has segmented the global UV/Visible Spectroscopy Market based on Instrument, Application, End-user, and Region:
UV/Visible Spectroscopy Market Report Scope
Segments covered By Instrument Outlook, Application Outlook, End-User Outlook , Regional Outlook
By Instrument Outlook
By Application Outlook
By End-User Outlook
Pharmaceutical and Biotechnology Organizations
Academic and Research Institutions
Middle East & Africa
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