WELLESLEY, MA--(Marketwired - October 04, 2016) - Technological advancements are driving growth in the global markets for Raman spectroscopy. BCC Research reveals in its new report that that the probe-based technology offers the key advantage of real-time Raman spectroscopy, a major factor that is pushing significant market growth.
Raman spectroscopy is a technique that observes vibration, rotational, and other low-frequency modes in a system. In chemistry, the technology is commonly used to provide a fingerprint by which molecules can be identified. Raman spectroscopy relies on Raman scattering or inelastic scattering of monochromatic light usually from a laser in the visible, near infrared or near ultraviolet range. The major application areas of Raman spectroscopy include the life sciences, semiconductors, carbon materials and materials science.
The global market for Raman spectroscopy is expected to reach $1.1 billion and $1.8 billion by 2016 and 2021, respectively, demonstrating a five-year compound annual growth rate (CAGR) of 9.9%. Life sciences, the largest application segment, should grow at a five-year CAGR of 9.6% to reach $658 million by 2021, up from $416 million in 2016. Semiconductors, the fastest-growing application segment with a five-year CAGR of 10.7%, should grow from $163 million in 2016 to $271 million by 2021.
Technological advancements in Raman spectroscopy for different applications, especially in healthcare and research, are fueling the growth of the market. Moreover, increasing adoption of Raman spectroscopy in the fields of diagnostics, life sciences, materials science and mining, are among key drivers. Major market restraints include a lack of a skilled work force and high installation costs.
Two other growth factors include rising demand for R&D and increasing applications in homeland security, medical diagnosis, food processing, carbon materials and semiconductors. Increasing applications for security purposes and rising demand for R&D in geological samples such as analysis of the composition and nature of the minerals of commercial interest using Raman spectroscopy also are driving the market.
Extensive research and development of Raman spectroscopy by companies and research organizations has helped the deployment of Raman spectroscopy across the world in various industries.
"Probe-based Raman spectroscopy accounts for the largest share of the market in terms of instrument sales, and this product segment is expected to continue to lead the market throughout the forecast period," says BCC Research analyst Sinha Guarav, BCC Research analyst. "In terms of sampling techniques, surface enhanced Raman scattering (SERS) accounted for the largest market share, with 40.9% of the global market in 2015. Increasing demand for real-time analysis of samples in the harshest conditions is expected to propel the demand for SERS during the forecast period."
Global Markets for Raman Spectroscopy (IAS110A) analyzes the technology in fields such as diagnostics, life sciences, material sciences, and mining, as well as different applications, especially in the healthcare and research activities. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. Founded in 1971, BCC Research is a unit of Eli Global, LLC. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.