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 analytical instrument used to measure the amount of light absorbed by a sample, as a function of wavelength. It is commonly used in analytical chemistry to quantify the amount of unknown in a sample by spectroscopic methods. Spectrophotometry is used in pharmaceutical, biotechnology, and environmental testing industries for product development and quality control.
Market key trends:
Miniaturization of spectrophotometers is one of the key trends being witnessed in the market. The development of compact spectrophotometers allows for portable colorimetric and quantitative analysis of samples outside of traditional laboratory settings. These portable devices are finding increased applications in field testing, medical diagnostics, and point-of-care testing. Major players are focusing on developing spectrophotometers integrated with wireless connectivity for remote monitoring and data transfer capabilities. This is expected to make spectrophotometers more affordable and accessible to end-users.
SWOT Analysis
Strength: Spectrophotometers offer high accuracy and precision for measurement of various parameters in various industries. They provide reproducible results, thereby increasing productivity.
Weakness: High costs associated with spectrophotometers limits their adoption, especially in price sensitive markets. Regular calibration and maintenance is required which increases the overall cost of ownership.
Opportunity: Growing applications of spectrophotometers in various industries such as healthcare, pharmaceutical, food and beverage, automotive etc. is expected to drive the market growth. Emergence of miniaturized and portable spectrophotometers further expands the opportunity.
Threats: Availability of refurbished or used spectrophotometers poses pricing pressure on new equipment. Economic slowdowns affect capital expenditures of end user industries.
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 healthcare and pharmaceutical industries for drug discovery and quality check applications.
Regional analysis:
North America dominated the Global spectrophotometer market in 2023 and is expected to maintain its leading position during the forecast period. This can be attributed to availability of advanced healthcare facilities and presence of key players in the region. Asia Pacific is expected to witness fastest growth due to increasing research & development spending and low procurement and installation costs of spectrophotometers.
Key players:
Key players operating in the Spectrophotometer market are Thermo Fisher Scientific, Bruker, Shimadzu, Waters Corporation, Agilent Technologies, PerkinElmer, AB Sciex. Thermo Fisher Scientific and Agilent Technologies captured over 45% of the Global spectrophotometer market share in 2023.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
