UV & Visible Spectroscopy Market Size, Share, Growth, and Industry Analysis, By Type (Single-beam Systems, Dual-beam Systems, Array-based Systems, and Handheld Systems), By Application (Academic Applications and Industrial Applications), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

UV & Visible Spectroscopy Market Report Overview

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The global UV & visible spectroscopy market size was USD 224.5 million in 2022 and market is projected to touch USD 357 million by 2031, exhibiting a CAGR of 5.3% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, with UV & Visible Spectroscopy Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

By measuring the absorption and emission spectra of materials, UV/Visible Spectroscopy is a technique used to investigate the structure and characteristics of materials. The structures and chemical compositions of molecules can be ascertained using this kind of spectroscopy. Due to the rising demand for UV/Visible spectroscopy solutions from a variety of industries, including the pharmaceutical, food and beverage, and cosmetics industries among others, industrial applications are predicted to have considerable increase throughout the projection period. During the projected period, it is also anticipated that expanding application sectors like quality control, product testing, and process monitoring will accelerate industry expansion.

UV/visible spectroscopy is becoming more and more in demand across a range of end-use industries, including biotechnology, food and beverage, environmental testing, and others. Expanding research and development initiatives for the creation of novel UV/visible spectroscopy applications. The increase in conferences and symposiums devoted to UV/visible spectroscopy offers a forum for the exchange of the most recent scientific discoveries and inventions. the abundance of online databases that provide easy access to spectral data libraries for scholars to conduct their research. The rising number of UV/visible spectroscopy-related patent applications.

COVID-19 Impact: Pandemic to Surge the UV/visible Spectroscopy Market Growth

Among the most commonly used medical equipment in first-line clinical therapy are respiratory support devices such atomizers, life support systems, oxygen generators, and monitoring. A significant proliferation in demand for medical products including masks, gloves, and protective eyewear has also been brought on by COVID-19. Due to the growth of COVID-19 instances around the world, there is an increase in the need for medical supplies from both healthcare professionals and the general public for preventative measures. To ensure a sufficient and ongoing supply of personal protective equipment in the market, manufacturers of these items have the opportunity to capitalize on the rising demand for medical supplies. As a result, COVID-19 is anticipated to have a substantial effect on the market for in-line UV/visible spectroscopy.

Latest Trends

"Pharmaceutical Sector to Augment the UV/visible Spectroscopy Market Growth"

The method of choice for FDA-compliant process analytical technology requirements is in-line sampling. In general, UV/visible is quick to understand and easy to set up. Rapid results with high sensitivity are provided by the millisecond scale's rapid integration time. Therefore, UV/visible is a fascinating instrument for enhancing the extrusion process. It is simple to adjust and detect factors instantaneously when monitoring in real-time with quick results, saving time on evaluating the reproducibility of the findings and crucial quality parameters. Thus, it is projected that the industry will benefit from the pharmaceutical sector's significant growth.

UV & Visible Spectroscopy Market Segmentation

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•  By Type Analysis

According to type, the market can be segmented into single-beam systems, dual-beam systems, array-based systems, and handheld systems amongst which the single-beam systems is the leading segment.

•  By Application Analysis

Based on application, the market can be divided into academic applications and industrial applications amongst which the academic applications are the leading segment.

Driving Factors

"Increase in Drug Discovery and Development to Proliferate the UV/visible Spectroscopy Market Growth"

The key drivers of the market's expansion are an increase in drug discovery and development activities, food product analysis, the detection of new chemical compounds, the demand for spectroscopy in labs, and an increase in the number of clinical diagnostic procedures. A few other factors driving the market's expansion include the rise in the use of accurate and technologically advanced spectroscopy medical devices, the demand for personalized medicine, the use of rare disease treatment methods, the expansion of R & D efforts to enhance the quality of spectroscopy devices, the introduction of approved and contemporary spectroscopy devices, and ongoing strategic development by key market players.

"Increased Ultraviolet Usage to Drive the UV/visible Spectroscopy Market Growth"

The market is anticipated to increase as a result of a number of factors, including growing uses of ultraviolet spectroscopy in the pharmaceutical and biotechnology industries. UV/visible spectroscopy is being utilized more frequently in the pharmaceutical industry to find contaminants in inorganic compounds. UV/visible spectroscopy also makes it possible to automate instruments, including high throughput screening, and perform micro volume sampling, which broadens the use of these methods in industrial settings. The systems are practical for application in a larger range of industries, including chemistry, pharmaceuticals, and academics. They provide a wide range of customers with additional features, a highly user-friendly operability, and an automated analysis of varied samples.

Restraining Factors

"Lack of Skilled Professionals to Impede the UV/visible Spectroscopy Market Growth"

Techniques for UV/visible spectroscopy need fewer chemicals and consumables than other analytical methods like high-performance liquid chromatography. The UV/visible spectroscopy market's expansion is anticipated to be constrained by the instruments' extended lifespans and minimal consumable needs. The market's expansion is constrained by the high cost of spectrophotometer installation and maintenance. The length of Instruments and a shortage of seasoned professionals are limiting the market's expansion.

UV & Visible Spectroscopy Market Regional Insights

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"Asia Pacific to Dominate the UV/visible Spectroscopy Market Growth"

Due to increasing industrialization and rising demand for technologically advanced products from end-user industries like the automotive and aerospace, the Asia Pacific is predicted to grow profitably during the projection period. Over the next eight years, it's also expected that factors like supportive government initiatives for higher education will increase regional product adoption rates. Due to the increasing demand from the industrial sector, North America is anticipated to dominate the UV/Visible Spectroscopy market during the forecast period. Due to increased research and development activity by numerous organizations, the region is also anticipated to experience growth in academic applications.

Over the next eight years, Europe is expected to overtake North America as the second-largest regional market for UV/Visible Spectroscopy, driven by demand from end-user industries including the automotive and aerospace. Regional product adoption rates are also likely to be boosted by factors like significant players' growing expenditure in R&D activities. Over the next eight years, the UV/Visible Spectroscopy market is expected to develop at the quickest rate in Asia Pacific, driven by increased demand from end-user industries like the automotive and aerospace sectors. Additionally, encouraging government measures in the area of higher education are anticipated to increase the rate of product uptake.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Thermo Fisher (U.S.)
• Agilent (U.S.)
• Perkinelmer (U.S.)
• Shimadzu (Japan)
• Hach (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.