The Global UV Visible Spectroscopy Market in terms of revenue was estimated to be worth $2.5 billion in 2022 and is poised to reach $3.6 billion by 2027, growing at a CAGR of 7.1% from 2022 to 2027. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.

Market is driven by increase in cancer incidence globally, increased radiation safety awareness, an increase in the number of PET/CT scans, and increased use of nuclear medicine and radiation therapy for diagnosis and treatment.

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Drivers: Increasing application of UV/visible spectroscopy in pharmaceutical & biotechnology industry to drive market growth

The application of UV/visible spectroscopy as an analytical technique in pharmaceutical and biotechnology R&D is likely to grow due to technological advancements in spectroscopy systems that have enabled high throughput screening, microvolume sampling, and software integration with instruments. Such advancements have ensured that a large number of data points can be gathered, recorded, and shared using these systems, which proves highly beneficial for R&D and is a major factor driving the growth of UV/visible spectroscopy market.

Restrains: Longevity of instruments

UV/visible spectroscopy systems have a lifespan of three to five years. Thus, once the instrument is purchased, it is not regularly replaced or upgraded. This is especially noted in academic settings. The long life of these instruments limits their purchase among end users. This bottleneck is highly visible in the price-conscious Asia Pacific and RoW markets (as compared to North America and Europe). Furthermore, UV/visible spectroscopy techniques consume a lesser volume of reagents and consumables as compared to other analytical techniques, such as high-performance liquid chromatography. The longevity of instruments, coupled with the low requirement of consumables, is expected to restrain the growth of the UV/visible spectroscopy market.

Opportunities: Growing opportunities in emerging nations

As compared to mature markets such as the US and Europe, emerging markets such as China and India are expected to provide significant growth opportunities for players.

Many key industry players are strengthening their presence worldwide by establishing new facilities, R&D centers, and innovation centers. For example, in 2019, Agilent Technologies, Inc. (US) established the European R&D hub molecular spectroscopy. Shimadzu Corporation set up a new research facility at the Technology Research Laboratory in Keihanna Science City, Japan. The new facility will focus on R&D and transform the delivery of innovative products. Further, in 2017, Shimadzu established an innovation center in its Asian subsidiary, Shimadzu Asia Pacific Pte. Ltd. The center enables Shimadzu scientists and university researchers in Asia and Oceania to conduct advanced R&D activities.

Dual-beam Systems segment is expected to account for the largest share of the UV/visible Spectroscopy instrument type market in 2019

On the basis of instrument type, the UV/visible Spectroscopy market is segmented into dual-beam systems, single-beam systems, array-based systems, and handheld systems. In 2019, the dual-beam systems segment accounted for the largest share of the UV/visible spectroscopy market. This segment is also projected to register the highest CAGR during the forecast period. Dual-beam systems enable a high level of automation in data collection. Such advantages offered by dual-beam systems are supporting its increased adoption in the UV/visible spectroscopy market.

Industrial applications segment is expected to grow at the highest CAGR in the global UV/visible Spectroscopy market during the forecast period

On the basis of application, the UV/visible spectroscopy market is segmented into academic and industrial applications. The industrial applications segment accounted for the largest share of the UV/visible spectroscopy market in 2019. This is mainly due to the ease of use, flexibility, affordability, and scalability of UV/visible spectrometers. Technological advancements in instrumentation that have enabled high-throughput screening, microvolume sampling, and automation in instrumentation and software integration have also increased the adoption of this analytical technique for industrial applications.

Pharmaceutical and Biotechnology companies is expected to account for the largest share during the forecast period.

Based on the end-user segment, the market is segmented into pharmaceutical & biotechnology companies, academic & research institutes, agriculture & food industries, and environmental testing labs. The pharmaceutical & biotechnology companies segment accounted for the largest share of the UV/visible spectroscopy market. The large share of this segment can be attributed to factors like innovations in biotechnology research and increasing focus on pharmaceutical and biotechnology companies to expand their product pipelines.

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North America is expected to dominate the UV/visible spectroscopy market during the forecast period

Geographically, North America is expected to dominate the global the UV/visible spectroscopy market in 2019, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the increasing environmental concerns, rising demand for food analysis and an increasing need to adopt technologically advanced products.

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