The molecular spectroscopy market is a combination of technologies that analyze how molecules react with light by absorption, emission, vibration, changing energy states and many other interactions. An exception is NMR, which analyzes the interaction of atomic nuclei in a magnetic field with electromagnetic radiation. The total market is forecast to reach nearly $4.4 billion in 2018, growing at a rate of 5.0%. This growth is expected to continue with the market reaching nearly $4.6 billion by 2019.
UV/Vis spectroscopy holds the largest portion of the market, but as a well-established technique for routine analysis is expected to have below average growth. NMR holds the third largest market share but due to the significant cost both for the initial system and its operation, growth is expected to be in the 4% range.
In 2018, sales growth for molecular spectroscopy techniques will be driven mainly by IR and Raman spectroscopy systems. New portable, handheld IR and Raman systems continue to grow in popularity. Combined with a broad range of applications ranging from QA/QC to drug discovery, these two technologies will experience the fastest growth in demand out of the individual technology segments. NIR will also help fuel sales growth in this technology sector as uses in the biopharmaceutical sector continue to expand.
Bruker and Thermo Fisher Scientific combined have largest molecular spectroscopy market share at over a quarter of the market. Bruker is the main supplier of NMR systems, while Thermo Fisher is a major supplier of UV/Vis, IR and fluorescence spectrometers. Both companies are well diversified across the molecular spectroscopy market. The third largest company in market share, Danaher has several subsidiaries that focus on one or two technologies. Other companies such as Agilent Technologies, FOSS, HORIBA and PerkinElmer all have single-digit shares of the market.