Molecular Spectroscopy Market by Type (Infrared (IR) Spectroscopy, Visible/Ultraviolet (UV) Spectroscopy, Flame Spectroscopy, Near-infrared Spectroscopy, X-Ray Spectroscopy, Nuclear Magnetic Resonance Spectroscopy (NMR Spectroscopy), Others), by Application (Pharmaceutical Applications, Biotechnology & Biopharmaceutical Applications, Food & Beverage Testing, Environmental Testing, Academic Research, Other Applications) and Geography  

Molecular Spectroscopy Market size was valued at USD 5.8 billion in 2022 and is poised to grow at a CAGR of 7.23% from 2023-2029. Spectroscopy is the study of quantitative and qualitative characteristics of molecules or atoms by the use of absorption, emission, or scattering of electromagnetic radiation. Interaction of electromagnetic radiation with matter can cause redirection and or transition of energy levels between the energy levels of molecules or atoms. These properties vary from molecule to molecule and help in the identification of different molecules. The global molecular spectroscopy market is characterized by the presence of many market players and is highly fragmented. Market players are adopting innovation of new products and geographically expanding their market to get a competitive advantage. For instance, In August 2017, PerkinElmer, Inc., launched Spectrum Two N FT-NIR system designed for use in spectroscopy analysis on a wide range of food, industrial, and pharmaceutical samples. Furthermore, to increase their R&D and product portfolio companies adopt strategies such as acquisitions and mergers. For instance, in July 2017, Agilent Technologies Inc. acquired Cobalt Light Systems, a provider of Raman spectroscopic instruments for the pharmaceutical industry, applied markets and public safety to expand the market share.