The demand for and use of molecular spectroscopy increased significantly during the COVID-19 pandemic. In July 2022, Bruker PhenoRisk launched PACS RuO, a research-only NMR test for molecular phenonomic research on blood samples from “long COVID-19” patients. The PhenoRisk PACS RuO test holds promise for exploring early-stage risk factors, monitoring longitudinal recovery, and prospective secondary organ damage in cardiovascular disease, type II diabetes, inflammation, and renal dysfunction.
In addition, molecular spectroscopy plays a crucial role in drug discovery and development. Raman spectroscopy has proven to be one of the most powerful analytical techniques for drug discovery and pharmaceutical development. In September 2020, an American Chinese biotech company, Xtalpi, raised US$ 319 million in funding to further develop its intelligent digital drug discovery and development platform (ID4), which includes solid shape selection, predicting small molecule candidate properties, and other services.
A research team at Northern Arizona University (NAU) was found to be developing a new testing technology for SARS-CoV-2 using surface-enhanced single-molecule Raman spectroscopy. The project was “Development of a new test for SARS-CoV-2 using surface-enhanced single-molecule Raman spectroscopy.” It received a US$ 200,000 grant from the National Science Foundation’s Rapid Response Research (RAPID) grant program.
According to BioPharma Trend 2020, the pharmaceutical industry’s rapid advances in artificial intelligence (AI) will lead to significant spending on research and development to discover new therapeutic targets. In addition, biotech investors are increasingly relying on using AI in drug development and are investing heavily in AI-based drug development methods. These scientific achievements have resulted in many groundbreaking discoveries of highly effective drugs for chronic diseases. For this reason, most investors gravitate toward drug discovery and R&D activities, which are expected to drive the molecular spectroscopy market in the future.
Molecular Spectroscopy Market: Geographic Overview
Geographically, the molecular spectroscopy market is segmented into North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2022, North America accounted for the largest global molecular spectroscopy market share. Asia Pacific is expected to register the highest CAGR during 2022–2030. The Asia Pacific molecular spectroscopy market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. China is predicted to hold the largest market share in 2022, and India is expected to show a significant growth rate in the market. This is due to China’s biopharmaceutical industry undergoing a tremendous shift, evolving from a generic-focused to a thriving innovation hub. Additionally, promoting industrialization and applying novel drugs, high-end medical devices, and techniques are responsible for the market growth in China. Further, the growing number of market players focusing on countries in Asia Pacific for geographical expansion and other strategies, and the rising research centers and government funding fuel the molecular spectroscopy market growth.
Over the last several decades, China has made sustained and large R&D investments in biotechnology. One of China’s strategic aims is to use biotechnology to help accomplish national food security goals. Further, the Chinese government has invested significantly in scientific infrastructure, including procuring modern analytical equipment. These investments have facilitated access to modern spectroscopy instruments across all industries and research institutions. There is an increase in investment in health research technologies. Therefore, it is assumed that the demand for molecular spectroscopy will skyrocket in the coming years. China’s economic growth, investments in research and innovation, and the expansion of important industries through partnerships are other factors responsible for the increasing demand in the Chinese states.
Industry Developments and Future Opportunities:
A few initiatives taken by leading players operating in the global molecular spectroscopy market are listed below:
- In March 2023, Horiba, a leading manufacturer of instruments for measurement and analysis, launched a new MICROPOLE System QL Series Quadrupole Mass Analyzer for monitoring gas components in vacuum chambers used in semiconductor manufacturing processes. This system improves the yield rate and contributes to the production efficiency of semiconductors.
- In July 2022, Shimadzu Corp, a leading manufacturer of precision instruments and medical equipment, launched the LCMS-9050 quadrupole time-of-flight (Q-TOF) high-performance liquid chromatograph mass spectrometer. It provides data with high reliability and requires less time. The LCMS-9050 enables simultaneous measurement of positive and negative ions due to faster switching between mass separator voltages.
- In February 2021, JEOL Ltd, a leading manufacturer of electron microscopes and other scientific instruments, industrial equipment, and medical equipment, released the JMS-T2000GC “AccuTOF™ GC-Alpha,” the model of AccuTOF™ GC series gas chromatograph – time-of-flight mass spectrometers. It includes two technologies: high-performance hardware and analysis software for simple, speedy operation (msFineAnalysis).
Molecular Spectroscopy Market: Competitive Landscape and Key Developments
Bruker Corporation, Jasco Corp, Shimadzu Corp, JEOL Ltd, Teledyne Princeton Instruments Inc, Agilent Technologies Inc, Oxford Instruments Plc, Ostec Instruments, Revvity Inc, Merck KGaA, Silios Technologies SA, Thermo Fisher Scientific Inc, and Horiba Ltd are among the leading companies operating in the molecular spectroscopy market. The focus of these players is on expanding and diversifying their market presence and acquiring a novel customer base, thereby exploiting attractive business opportunities prevailing in the molecular spectroscopy market.