UV spectroscopy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

The UV spectroscopy market is projected to register a CAGR of 5.1% during the forecast period.

The COVID-19 pandemic increased the demand for UV spectroscopy which is expected to drive the market's growth as it plays a major role in the vaccine production process. The infection rate of COVID-19 is rising exponentially across the world, which increases the need for the launch of vaccination for the rapidly spreading disease. Ultraviolet-visible spectroscopy can increase speed and accuracy when characterizing vaccine candidates and their components.

Certain factors like increasing applications of Ultraviolet Spectroscopy in the pharmaceutical and biotechnology industries are expected to drive the market's growth. In Pharmaceutical Industry, Ultraviolet-Visible spectroscopy is increasingly used to detect the presence of impurities in inorganic molecules. Ultraviolet-Visible spectroscopy also enables microvolume sampling and automation in instrumentation, including the high throughput screening, which increases the adoption of these techniques for industrial applications.

Key Market Trends

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 in order 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 the 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 2020 by, Organisation for Economic Co-operation and Development (OECD) the gross domestic spending on Research and development in the United States was around 0.58 million USD in 2019, which was an increase from 0.61 Million USD in 2018. 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 World Health Organization, in 2020, An estimated 24% of the global disease and 23% of all deaths can be attributed to environmental factors. Therefore, the employment of Ultraviolet Visual Spectroscopy is crucial in environmental monitoring to examine the risk factors which propel the market'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 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. Moreover, major players in the region and increasing investments to develop cutting-edge equipment are contributing factors to regional growth.

Competitive Landscape

The UV spectroscopy market is fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are ThermoFisher Scientific, Utech labs, Cecil instrumentation services ltd, GBC scientific equipment, Shimadzu Corporation, JASCO International Co., Ltd, Eppendorf, Analytik Jena GmbH, Biochrom Ltd, Perkin Elmier Inc., Buck Scientific instrument manufacturing company, Cole- Parmer instrument company, LLC, Danaher, and others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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