With 7.0% CAGR, Raman Spectroscopy Market Growth to Surpass USD 1.1 billion

The Raman spectroscopy market is estimated to be worth USD 1.1 billion in 2023 and is projected to reach USD 0.8 billion by 2028, at a CAGR of 7.0% during the forecast period.

Raman spectroscopy is both qualitative and quantitative in nature. It can be used for microscopic analysis, with a spatial resolution of the order 0.5-1 µm. A basic Raman microscope combines a Raman spectrometer with a standard optical microscope, allowing high-magnification visualization of a sample and Raman analysis with a microscopic laser spot. A confocal Raman microscope can be used to analyze micron-size particles and volumes. Moreover, it enables the user to analyze different layers in a multilayered sample, such as polymers and coatings, and contaminants and features beneath the surface of a transparent sample, such as impurities within the glass and fluid/gas inclusions in minerals.

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The Raman spectroscopy ecosystem includes raw material suppliers, original equipment manufacturers (OEMs), component suppliers, and distributors. The growing demand for Raman spectroscopy in the life science, pharmaceutical, and material science industries is driving the growth of the Raman spectroscopy market. The increasing adoption of process analytical technology (PAT) in several industries, such as pharmaceutical, is expected to bring new revenue sources for Raman spectroscopy manufacturing organizations. Moreover, the rising demand for cloud-based spectroscopy is fueling the growth of the Raman spectroscopy market. Companies are expanding their product portfolios and focusing on technological advancements to cash in on the market opportunities. For instance, Renishaw plc (UK) introduced a new version of its Virsa Raman analyzer with new WiRE 5.5 software. The software enables its users to analyze samples away from the confines of the laboratory microscope using remote fiber-optic probes. Such developments are expected to create new revenue streams for companies in the Raman spectroscopy market.

The two major applications in the Raman Spectroscopy market are pharmaceuticals and life science applications. Hence, useful insights can be gained by studying the recession impact in majorly these two applications. Inflation, rising interest rates, recession in many countries, sagging international trade, and supply chain issues will be major issues in 2023, especially in the year's first two quarters. The majority of the important economic indicators will, however, gradually improve by the end of the year 2023. However, the increasing requirement of drugs/medicines to treat patients, which is necessary, will overpower the other factors and hence will negligibly negatively impact this sector, making the pharma sector resilient to recession. The increasing requirement for medicinal drugs comes with the rising demand for testing the efficacy of these drugs through trail and testing, making Raman Spectroscopy of crucial importance in this sector, even during and post-recession. The increasing need for fulfilling and streamlining regulatory compliance for the pharmaceutical industry while making medicinal drugs also drives this sector to be of crucial importance. So, even after rising inflation and hiking interest rates, the impact of recession on this sector and the Raman Spectroscopy market will be low. Additionally, the expenditure on research and development in the field of life science is also expected to be more or less the same as the recession continues. Hence, the impact of a recession will be very low on a global level.

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Key players in the Raman spectroscopy market are Thermo Fisher Scientific Inc. (US), Mettler Toledo (Switzerland), Agilent Technologies Inc. (US), Bruker (US), Renishaw Plc (UK), Rigaku Corporation (Japan), Oxford Instruments (UK), Endress+Hauser Group Services AG (Switzerland), HORIBA Ltd. (Japan), PerkinElmer Inc. (US), Hamamatsu Photonics K.K (Japan), Metrohm AG (Switzerland), Anton Paar GmbH (Austria), JASCO (Japan), Tornado Spectral Systems (Canada), Enhanced Spectrometry, Inc. (US), Zolix (China), Smiths Detection (UK), Ocean Insight (US), Ostec (US), TSI (US), Laser Detect System (Israel), Photon Systems, Inc. (US), B&W Tek (US), and Real Time Analyzers (US).

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