The growth of this market is majorly driven by food safety concerns, the growth of the pharmaceutical and biotechnology industry, technological advancements in molecular spectroscopy and application of molecular spectroscopy in environmental screening. However, the high cost of equipment is likely to restrain the growth of the molecular spectroscopy market during the forecast period.
On the basis of technology, the market is segmented into market is segmented into NMR spectroscopy, UV-visible spectroscopy, infrared spectroscopy, near-infrared spectroscopy, color measurement spectroscopy, Raman spectroscopy, and other technologies. The NMR spectroscopy segment is expected to account for the largest share of the molecular spectroscopy market in 2017, owing to its increased use in determining the structure of organic compounds.
The pharmaceutical application segment is expected to account for the largest share of the molecular spectroscopy market and is also projected to register the highest CAGR during the forecast period.
The increasing funding for environmental protection and an increase in research funding in a number of countries such as the US and Canada, will open new opportunities for market players. For instance, in 2016, in the US, the Annual Performance Plan and Budget of USD 8.267 billion was increased by USD 127 million above the previous year (USD 8.139 billion). The increased funding was allocated for the purchase of new instruments for testing high-hazard samples. Also, in March 2016, the Minister of State for Science and Technology announced an investment of USD 23 million for supporting 95 research projects at 26 universities across Canada.
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