The spectroscopy market has been forecast to increase at a compound annual growth rate of 5.2% through 2016, driven by increasing technological innovation, and the increase in outsourcing activities.
The spectrometry market has exhibited sustainable development owing it to driving factors such as increase in number of criminal cases, raising application in various industries and accuracy in detection of the narcotics and explosives.
Drug discovery and development, pharmacogenomics, metabolomics and expanded application markets bode well for the spectroscopy market. Growth also will come from security and defence industries, research targeted at discovery and use of new materials, and continued expansion in applications suitable for use in the life sciences market.
Spectroscopy has been resilient despite economic adversities over the years, largely due to the increasing scientific needs of varied application areas. The only exception was in 2009, when sales declined because of the global economic crisis.
But the market recovered in 2010 and witnessed strong resurgence in 2011, driven by rising sales of spectroscopy instruments led by the increased purchases of instrument systems by laboratories.
In recent years, the market has been witnessing a new trend wherein numerous drug manufacturers are increasingly outsourcing their drug development activities to CROs. Outsourcing activities reduce manufacturing and distribution costs to the drug manufacturers, while ensuring quality of service and reducing lead time.
They also help the outsourcing companies to manage product demand and concentrate on their core competencies such as innovation and brand building. These CROs employ the latest technologies and sophisticated spectroscopy instruments for the drug development process, and are the major end-users of spectroscopy instruments.
In the overall spectrometry market, pharmaceutical and biotechnological segments enjoyed a market share of 21% and 20% respectively in 2011.
One of the major challenges in this market is the high cost incurred in the innovation and development of spectroscopy instruments. The development process of spectroscopy instruments is lengthy as it needs to go through various stages such as design, testing, and implementation. This process is time consuming and expensive.
Key players currently dominating the spectroscopy market include Agilent Technologies Inc., Bruker Corp., Danaher Corp., Life Technologies, and Thermo Fisher Scientific Inc.
For more information on the spectroscopy market, see the latest research: Spectroscopy Market
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