Spectroscopy market to keep growing

Drug discovery and development, pharmacogenomics, metabolomics and expanded application markets bode well for the spectroscopy market, according to the recent Research and Markets report Spectrometers and Spectrophoto/Fluorometers: A Global Strategic Business Report. In the long term, demand from industries such as metals, chemicals and automotive will continue driving growth in the spectroscopy market, the report predicts.

Growth also will come from security and defense industries, research targeted at discovery and use of new materials, and continued expansion in applications suitable for use in the life sciences market.

The US, Europe and Japan make up the largest segments of the global spectroscopy 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.

Other findings and predictions detailed in the report, which is available at http://tinyurl.com/brxs3ld:

• Developed markets – the US, Europe and Japan – account for the largest share of the global market.

• Government stimulus programs have contributed considerably to market growth.

• In developed regions, demand will be driven largely by the advent of portable, sturdy and affordable spectrometers featuring spectral bandwidth and operation frequency range.

• Advanced spectrometers are aimed at addressing the emerging demands of areas such as mineralogy, medicine, the environment, pharmaceuticals and biochemistry.

• Emerging economies – especially in the Asia-Pacific region, such as India and China, and Latin America – will offer new opportunities as a result of their particular economic and application needs.