The growth of the global UV Visible Spectroscopy Market can be attributed to factors such as hospital budget cuts, a large inventory of used or old medical devises, rising demand for capital-intensive diagnostic imaging equipment, e-commerce platform enhancing the ease of purchase of refurbished medical equipment, growing preference for eco-friendly products, an increasing number of diagnostic centers hospitals, and the growing opportunities in emerging economies.
Expected Revenue Growth:
[166 Pages Report] The UV/visible spectroscopy market is expected to grow from USD 1.0 billion in 2020 to USD 1.2 billion by 2025, at a CAGR of 4.7% during the forecast period. Growth in UV/visible Spectroscopy market is mainly driven by factors such as application of UV/visible spectroscopy in environmental screening, growing use of UV/visible spectroscopy in pharmaceutical biotechnology industry, technological advancements and increasing need for food analysis.
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Dual-beam Systems segment is expected to account for the largest share of the UV/visible Spectroscopy instrument type market in 2019
On the basis of instrument type, the UV/visible Spectroscopy market is segmented into dual-beam systems, single-beam systems, array-based systems, and handheld systems. In 2019, the dual-beam systems segment accounted for the largest share of the UV/visible spectroscopy market. This segment is also projected to register the highest CAGR during the forecast period. Dual-beam systems enable a high level of automation in data collection. Such advantages offered by dual-beam systems are supporting its increased adoption in the UV/visible spectroscopy market.
Industrial applications segment is expected to grow at the highest CAGR in the global UV/visible Spectroscopy market during the forecast period
On the basis of application, the UV/visible spectroscopy market is segmented into academic and industrial applications. The industrial applications segment accounted for the largest share of the UV/visible spectroscopy market in 2019. This is mainly due to the ease of use, flexibility, affordability, and scalability of UV/visible spectrometers. Technological advancements in instrumentation that have enabled high-throughput screening, microvolume sampling, and automation in instrumentation and software integration have also increased the adoption of this analytical technique for industrial applications.
Pharmaceutical and Biotechnology companies is expected to account for the largest share during the forecast period.
Based on the end-user segment, the market is segmented into pharmaceutical biotechnology companies, academic research institutes, agriculture food industries, and environmental testing labs. The pharmaceutical biotechnology companies segment accounted for the largest share of the UV/visible spectroscopy market. The large share of this segment can be attributed to factors like innovations in biotechnology research and increasing focus on pharmaceutical and biotechnology companies to expand their product pipelines.
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North America is expected to dominate the UV/visible spectroscopy market during the forecast period
Geographically, North America is expected to dominate the global the UV/visible spectroscopy market in 2019, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the increasing environmental concerns, rising demand for food analysis and an increasing need to adopt technologically advanced products.
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