Press Release

Global Process Spectroscopy Market to Grow at a CAGR of 7.10% During 2024-2032, Driven by Rapid Growth in the Pharmaceutical Industry

Global Process Spectroscopy Market

According to a new report by EMR titled, ‘Global Process Spectroscopy Market Report and Forecast 2024-2032’, the global process spectroscopy market size reached a value of approximately USD 23.99 billion in 2023. The market is further expected to grow at a CAGR of 7.10% in the forecast period of 2024-2032, reaching a value of USD 44.48 billion by 2032.

The growing usage of process spectroscopy by drug manufacturers to assess the quality of the material is driving the growth of process spectroscopy market across the globe. Going further, this technique is obtaining popularity on account of the ability to monitor, analyse, and control manufacturing processes coupled with identifying defects in product materials and developing the quality of products is further expected to fuel the market growth of process spectroscopy globally during the forecast period.

 

The increasing demand for process spectroscopy in reaction vessels, large volumetric probes, and bioreactors for water and wastewater treatment and slipstreams are further boosting the growth of process spectroscopy globally.

 

For instance, in April 2022, Bruker Corporation (Nasdaq: BRKR) announced the acquisition of Optimal Industrial Automation and Technologies, which is a leader in pharma and biopharma process analytical technology (PAT), pharma manufacturing automation and Quality Assurance (QA) software and systems integration, based in the United Kingdom. The Optimal biopharma tools acquisition reinforces Bruker as a major software and solutions provider for small biologics, molecule, and new drug modalities pharma companies.

 

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Market Analysis by Technology, Components, Application, and Region:

  • The market, on the basis of technology, can be divided into mass spectroscopy, molecular spectroscopy, and atomic spectroscopy.
  • By components, the market is segmented into hardware and software.
  • On the basis of application, the market is categorised into oil and gas, polymer, metal and mining, water and wastewater, pulp and paper, pharmaceuticals, chemicals, food and agriculture, among others.
  • The regional markets for process spectroscopy include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • The rising adoption of technical facilities is driving the market for process spectroscopy.
  •  The growth in the pharmaceutical industry is boosting the growth of the market.
  • The increasing analysis of manufacturers has bolstered the market demand for process spectroscopy.
  • The rising awareness of quality products coupled with standards among people is fuelling the growth of the market.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for the periods (2018-2023) and (2024-2032).
  • The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the technology, components, application, and regions of process spectroscopy.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global market for process spectroscopy are Bruker Corporation, BÜCHI Labortechnik AG, Sartorius AG, Shimadzu Corporation, Agilent Technologies, Inc., and tec5USA Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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