The Ultraviolet-Visible Spectroscopy Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Ultraviolet-Visible Spectroscopy Global Market Report 2024, The ultraviolet-visible spectroscopy market size has grown strongly in recent years. It will grow from $1.5 billion in 2023 to $1.59 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to pharmaceutical and biotechnology research, environmental monitoring, food and beverage quality control, materials analysis, chemical and petrochemical sector.
The ultraviolet-visible spectroscopy market size is expected to see strong growth in the next few years. It will grow to $2.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to biomedical and life sciences research, advancements in drug development, expanded environmental analysis, quality assurance in food and beverages, materials characterization in manufacturing. Major trends in the forecast period include pharmaceutical drug development, integration with data analytics, remote sensing and field applications, demand for compact and portable devices, collaborations for method development.
The outbreak of COVID-19 led to increase in the production of pharmaceutical drugs and the demand for vaccines and fueled the growth of the ultraviolet-visible spectroscopy market. Due to the increased demand for certain drugs during the pandemic, the demand for ultraviolet-visible spectroscopy instruments also grew for research and development of new medications and vaccines. UV Vis spectrophotometry provides fast, easy, and accurate characterization of components such as nucleic acids, proteins, and additives/preservatives and can impact the time-to-result for both downstream and upstream processes, including quality control. According to a study by Mettler Toledo, these instruments were extremely crucial for the development of the COVID-19 vaccines and thus supported the growth of the market.
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The ultraviolet-visible spectroscopy market covered in this report is segmented –
1) By Instrument type: Single-Beam System, Double-Beam System, Array Based System, Handheld System
2) By Application: Industrial Applications, Physical Chemistry Studies, Life Science Studies, Environmental Studies, Academic Applications, Life Science Research and Development, Quality Assurance and Quality Control
3) By End User: Pharmaceutical And Biotechnology Companies, Academic And Research Institutes, Agriculture And Food Industries, Environmental Testing Labs
Major companies operating in the ultraviolet-visible spectroscopy market are developing advanced technologies, such as near-infrared (NIR) microspectrophotometers, to meet larger customer bases, increase sales, and increase revenue. A near-infrared (NIR) microspectrophotometer is a specialized analytical instrument designed to measure the absorption, transmission, and reflection properties of materials in the near-infrared region of the electromagnetic spectrum. For instance, in January 2022, CRAIC Technologies, a US-based manufacturer of microspectrophotometers and microscopes, launched the 2030PV PRO UV-visible-NIR microspectrophotometer. The distinctive feature of the 2030PV PRO UV-visible-NIR microspectrophotometer lies in its non-destructive analysis capabilities across a broad spectrum, from deep ultraviolet to near-infrared. This advanced instrument facilitates absorbance, reflectance, Raman, photoluminescence, and fluorescence analyses of microscopic samples. Notably, it offers the flexibility to configure for UV and NIR imaging in addition to color imaging. The integration of high-resolution digital imaging sets the 2030PV PRO apart, allowing users to leverage its functionality as both a UV and infrared microscope. Furthermore, its compatibility with CRAIC Technologies Traceable Standards, calibrated with NIST Standard Reference Materials, enhances precision and reliability in micro spectrophotometry applications.
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