by The Global Spectrophotometer Market is estimated to be valued at US$ 18.75 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A spectrophotometer is an instrument that measures the amount of light absorbed by a sample or scattered from a sample. It is commonly used to determine concentrations of known chemical or biological materials present in solution or solid samples. It helps in analysis of compounds and material structure based on their light absorption properties. Key applications of spectrophotometer includes detection of chemicals in forensic analysis, DNA analysis in molecular biology, enzyme activity determination in biochemistry, quantitative analysis of elemental impurities in various industries. The advantages of spectrophotometers include high accuracy and precision measurements, minimal sample requirement and non-destructive testing.
Market key trends:
One of the key trends in the spectrophotometer market is increasing adoption of multi-parameter benchtop spectrophotometers. These instruments can measure multiple characteristics like absorbance, fluorescence and luminescence from a sample with a single measurement. Advancements in optics and software have enabled benchtop spectrophotometers to provide high resolution scans with advanced data processing capabilities. Their small footprint and user-friendly interface makes them suitable for life sciences laboratories and research facilities. Growing demand from biotechnology and pharmaceutical industries for analysis of biomolecules and drug compound development is expected to drive the demand for multi-parameter benchtop spectrophotometers over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brands and economies of scale make it difficult for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power. Spectrophotometers have applications in several industries driving demand.
Bargaining power of suppliers: A few notable players dominate the supply landscape reducing individual supplier bargaining power.
Threat of new substitutes: No close substitutes exist for spectrophotometers.
Competitive rivalry: Intense competition exists among key players to gain market share through product development and innovation.
Key Takeaways
Global Spectrophotometer Market Demand is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing demand from industrial and academic applications. The market size for 2023 is US$ 18.75 Bn.
North America dominates the spectrophotometer market attributed to strong healthcare and food & beverage industries in the region.
The Asia Pacific spectrophotometer market is projected to grow at the fastest rate during the forecast period. Rapid industrialization and increase in R&D spending in countries such as China and India are expected to drive the demand.
Key players operating in the spectrophotometer market are Thermo Fisher Scientific,Bruker,Shimadzu,Waters Corporation,Agilent Technologies,PerkinElmer,AB Sciex. These players are focusing on new product launches and collaborative initiatives for business expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
