Market Trends of Global UV Spectroscopy Industry
This section covers the major market trends shaping the UV Spectroscopy Market according to our research experts:
The Pharmaceutical and Biotechnology industry Segment is Expected to Hold a Major Market Share in the UV spectroscopy Market
During the COVID-19 pandemic, the demand for UV spectroscopy will increase, resulting in the demand for UV spectroscopy as it is used extensively in the vaccine production process. Ultraviolet-visible spectroscopy is extensively used in the pharmaceutical industry for the structure elucidation of different organic molecules to determine the presence of heteroatoms or to gather information regarding the saturation state of a compound. It also finds a wide range of applications in the industries' quality assurance and quality control areas. The increase in innovations in biotechnology research and increasing focus on pharmaceutical and biotechnology companies to expand their product pipelines attribute to the growth of this segment.
As per the data published in 2022, by the Organisation for Economic Co-operation and Development (OECD), the United States will be the leading country worldwide in terms of spending on research and development, with R&A expenditure exceeding 679 billion USD. China is expected to invest about 551.1 billion USD into research and development. Therefore, the increasing gross domestic expenditure on Research and development by the biotechnology industries is expected to drive the demand for the UV spectrophotometer in the forecast period.
Additionally, The rise in the necessity for environmental monitoring contributes to the market's growth. According to an article published in the Technology Networks, published in April 2022, UV-Visible spectroscopy is a well-established analytical technique used in the development of active pharmaceutical ingredients, quantification of impurities, dissolution testing, and quantification of nucleic acids and proteins in pharmaceutical development. Therefore, the employment of ultraviolet visual spectroscopy is crucial in environmental monitoring to examine the risk factors which propel the segment's growth.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period.
The United States is expected to hold a major share in the Ultraviolet-visible spectroscopy market due to the growing concern over the environment and rising demand for food analysis. The presence of a number of topmost biotechnology industries that require to employ of Ultraviolet-visible spectroscopy is also a contributing factor to the market growth in this region.
The increase in the biotechnology industries in the United States region is expected to boost the market's growth as ultraviolet visual spectroscopy plays a crucial role in industrial processes. According to the National Association of Securities Dealers Automated Quotations, in 2021, there will be over 100 biotech industries that are newly established. Thus, the demand for ultraviolet visual spectroscopy is increasing in the United States due to the increase in biotechnology industries, which is attributed to the growth of the market in this region. Also, the adoption rate of technologically advanced research equipment is accredited to the market's growth in this region.
According to the article published in the National Institute of Health 2020, spectroscopy is being widely used to detect and monitor COVID-19 cases. However, the local players have experienced an increase in research and development activities related to drug discovery against COVID-19 by various pharmaceutical companies. For instance, according to the Pharmaceutical Research and Manufacturers Association (PhRMA), the United States is the largest biopharmaceuticals market, accounting for one-third of the global market, and a world leader in biopharmaceutical R&D. The United States also has the world's most supportive domestic environment for the research, development, and commercialization of pharmaceuticals with minimal market barriers. Thus, the use of the spectroscopic technique in drug discovery and development in the United States is expected to rise over the years.
Moreover, major players in the region and increasing investments to develop cutting-edge equipment are contributing factors to regional growth.
