UV/Visible Spectroscopy Market Growing at a CAGR of 4.7% – Analysis and Opportunities During COVID-19 Pandemic

PUNE, India, 2020-Dec-01 — /EPR Network/ —

According to the new market research report “UV/Visible Spectroscopy Market by Instrument Type (Single-Beam, Dual-Beam), Application (Academic Application, Industrial Application), End User (Pharmaceutical & Biotechnology Companies, Academic & Research Institutes) – Global Forecast to 2025” published by MarketsandMarkets™.

Revenue Growth Opportunities and Growth Drivers?

The UV/Visible Spectroscopy Market is expected to grow from USD 1.0 billion in 2020 to USD 1.2 billion by 2025, at a CAGR of 4.7% during the forecast period.

Growth Boosting Factors:

• Application of UV/visible spectroscopy in environmental screening
• Growing use of UV/visible spectroscopy in the pharmaceutical & biotechnology industry
• Technological advancements
• Increasing need for food analysis

COVID-19 Impact on the UV Spectroscopy Market;

The COVID-19 outbreak has upended many lives and businesses on an unprecedented scale. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe.

Due to the COVID-19 outbreak, medical practices of all sizes are under immense pressure, and healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. Biopharmaceutical scientists and engineers are working round the clock to develop advanced biomanufacturing operations that can cater to future pandemics and outbreaks. This has resulted in large-scale investments from government as well as private institutions in setting up more facilities with advanced technologies. Pharmaceutical & Biotechnology companies the biggest end users of the visible spectroscopy market have not been affected by the Covid-19 outbreak while the growth of academic and research institutes has been hampered due to the lockdown imposed.

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Leading Key Players in the Worldwide Industry:

The major players operating in the UV/visible spectroscopy market include Shimadzu Corporation (Japan), Agilent Technologies (US), Thermo Fisher Scientific, Inc. (US), PerkinElmer, Inc. (US). Other players involved in this market include Bio-Rad Laboratories, Inc. (US), Bruker Corporation (US), Hach Company (US), Hitachi High-Technologies Corporation (Japan), HORIBA., Ltd (Japan),  Mettler-Toledo (Switzerland), Hamamatsu Photonics KK (Japan), Cole-Parmer (UK), Analytik Jena (Germany), GBC Scientific Equipment (US), JASCO Inc. (US), Buck Scientific (US), Biochrom Ltd (UK), AMETEK Process, PG Instruments Ltd (UK) and PERSEE ANALYTICS, Inc (US).

Geographical Regions Mapped in Report:

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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Market Segmentation in Detailed:

On the basis of application, the UV spectroscopy market is segmented into academic and industrial applications. The industrial applications segment accounted for the largest share of the 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.

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.