The ultraviolet-visible spectroscopy market is on a strong growth path, anticipated to climb from $1.5 billion in 2023 to $1.59 billion in 2024, achieving a CAGR of 5.7%. This growth is supported by applications in pharmaceutical and biotechnology research, environmental monitoring, food quality control, and materials analysis. Future projections suggest continued expansion, with estimates reaching $2.04 billion by 2028, reflecting a CAGR of 6.5%. Growth factors include increased biomedical research, advancements in drug development, enhanced environmental analysis capabilities, and improved materials characterization techniques. Major trends expected include developments in pharmaceutical research, data analytics integration, portable device demand, and collaborative method advancements.
Major Driver In The Ultraviolet Visible Spectroscopy Market
The outbreak of COVID-19 led to an upsurge in pharmaceutical drug production and vaccine demand, subsequently boosting the growth of the ultraviolet-visible spectroscopy market. The increased need for specific drugs during the pandemic resulted in a heightened demand for ultraviolet-visible spectroscopy instruments for research and development purposes. UV Vis spectrophotometry, with its fast, easy, and accurate characterization capabilities, played a crucial role in the development of COVID-19 vaccines and medications. According to a study by Mettler Toledo, these instruments were indispensable in supporting the growth of the ultraviolet-visible spectroscopy market, demonstrating their vital role in 2023, 2024, and 2028.
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Ultraviolet Visible Spectroscopy Market Competitive Landscape
PG Instruments Ltd., Thermo Fisher Scientific Inc., GE Healthcare Company, Agilent Technologies Inc., Ametek Inc., Hitachi High-Technologies Corporation, PerkinElmer Inc., Mettler-Toledo International Inc., Shimadzu Corporation, Bio-Rad Laboratories Inc., Bruker Corporation, HORIBA Ltd., Hamamatsu Hotonikusu Kabushiki-Kaisha, Hach Company, X-Rite Inc., Buck Scientific Inc., PERSEE PG Scientific Inc., Cole-Parmer Instrument Company, JASCO Inc., Biochrom Ltd., Cecil Instrument Ltd., Hunter Associates Laboratory Inc., GBC Scientific Equipment Pty Ltd., Kemtrak AB, Analytik Jena Shanghai Instruments Ltd., ColVisTec AG Inc., Applied Analytics Inc., Guided Wave Inc., ES Industry Pvt Ltd.
Key Ultraviolet Visible Spectroscopy Market Trend
Major companies operating in the ultraviolet-visible spectroscopy market are developing innovative products, such as high-speed detection spectrometers, to meet larger customer bases, increase sales, and increase revenue. High-speed detection refers to a spectrometer equipped with a detection system capable of rapidly capturing and processing data. For instance, in May 2021, PASCO Scientific, a US-based education software company, launched the PASCO UV-Vis Spectrometer. Specifically tailored for educational laboratories, the competitively priced PASCO UV-Vis Spectrometer stands out with its capability to deliver high-speed spectral scans spanning from 180 to 1050 nm. Accompanied by user-friendly spectrometry software, the system promotes collaborative learning among lab members. Uniquely designed for the dynamic environment of undergraduate programs, this spectrometer boasts a quick warm-up time of less than ten minutes and eliminates the need for intricate calibrations. Its compact design ensures lasting durability, incorporating distinctive features such as an internal drain, external cuvette marking, and a stabilized optic bench, guaranteeing consistent accuracy over time with a minimal deviation of ±1 nm.
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Ultraviolet Visible Spectroscopy Market Segmentation
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
By Geography:The regions covered in the ultraviolet-visible spectroscopy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the ultraviolet-visible spectroscopy market share in 2023.
The Ultraviolet Visible Spectroscopy Global Market Report 2024 furnishes information about the global ultraviolet visible spectroscopy market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
