Technavio’s latest hardware and semiconductor industry report covers the present scenario and growth prospects of the global spectroscopy market 2015-2019.

In this report, Technavio’s semiconductor equipment research experts announce their key market highlights for the global spectroscopy market. Their findings include:

Food safety testing fueling growth for global spectroscopy market

The global spectroscopy market was valued at USD 7.2 billion in 2014 and is expected to generate revenue worth USD 9.55 billion in 2019, growing at a CAGR of 5.9%. The progression of the food safety testing market is the major driver fueling the growth of the spectroscopy market.

“Demand for food testing has risen in tune with more need for processed and convenience food. Other factors like increasing globalized food trade and awareness of foodborne diseases have also led to this demand,” said Technavio lead semiconductor equipment analyst Asif Gani. “Food regulatory authorities across the globe have tightened regulations and the testing procedures of processed food, which is driving the growth of the food safety testing market. We expect the food safety testing market to reach USD 15 billion by 2019.”

Contamination of food products in cross-border threats is often high. Developing and under-developed countries are more prone to foodborne diseases, therefore, strong food regulations are being passed by these countries to control foodborne diseases. For instance:

In 2014, China amended its food safety law, which now includes the operation of food additives to be subject to government license along with stringent regulations on infant food.

In 2015, India planned to set up food recall rules; where food companies would need to recall any product, which is found to be unsafe and perform test measures and disclose the contamination to the Food Safety and Standards Authority of India (FSSAI).

“We expect the growth in food safety testing to have a high impact on the processed food industry, as spectroscopy equipment is used in the testing of processed food to check the quality and level of preservatives,” said Gani.

The Americas was the largest contributor to the market with a share of over 42% in 2014

In 2014, the Americas was the largest contributor to the market with a 42% market share. The presence of large pharmaceutical companies, such as Abbott Laboratories, Johnson & Johnson, and Pfizer, contributes to the region's dominance. The market in this region was valued at just over USD 3 billion in 2014 and is expected to reach USD 3.9 billion by 2019, growing at a CAGR of 5.3% during the forecast period.

In 2014, the spectroscopy market in EMEA was valued at USD 2.6 billion and is forecast to reach USD 3.45 billion by 2019, growing at a CAGR of 5.5%, during the forecast period. Government institutions and private research labs involved in drug discovery in this region have increased their spending on spectroscopy technologies and instruments.

The spectroscopy market in the APAC generated USD 1.55 billion in revenues in 2014 and is expected to earn USD 2.2 billion in 2019, growing at a CAGR of 7.4%. The region has many CROs that use sophisticated spectroscopy technology and instruments, while increased funding for processed food and environmental testing by developing countries like China, India, and Malaysia, will support the growth of the market.

NMR spectroscopy is the largest segment in the global molecular spectroscopy market, accounting for over USD 1 billion in revenue

In 2014, NMR spectroscopy was the largest segment in the global molecular spectroscopy market and accounted for revenue of USD 1.07 billion, however, sluggish growth is expected during the forecast period. Lack of demand has led to lower profit margins and vendors have decided to close down this segment or decrease production. Leading vendor Agilent Technologies decided to remove the NMR section from their business because of low return from 2014.

IR spectroscopy will be fastest growing segment during the forecast period. This segment earned USD 738 million in 2014 and is expected to surpass USD 1 billion in revenue by 2019. IR spectroscopy is used in extraction analysis applications in the oil and gas sector and also in forensic science to identify polymer degradation and determine blood alcohol content.

Top vendors covered in this report:

  • Agilent Technologies
  • Bruker
  • Danaher
  • Perkin Elmer
  • Thermo Fisher Scientific

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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