The global market for Raman spectroscopy is expected to reach $1.8 billion by 2021, at a five-year compound annual growth rate (CAGR) of 9.9 per cent, according to new analysis by BCC Research.
Life sciences, the largest application segment for Raman spectroscopy, should grow at a five-year CAGR of 9.6 per cent to reach $658 million by 2021, up from $416 million in 2016. Semiconductors was named as the fastest-growing application area; the market should grow from $163 million in 2016 to $271 million by 2021 at a five-year CAGR of 10.7 per cent.
The technological advancements seen in Raman spectroscopy especially in healthcare and research is a major factor pushing market growth, the report found; these include probe-based instruments that offer real time capability.
‘Probe-based Raman spectroscopy accounts for the largest share of the market in terms of instrument sales, and this product segment is expected to continue to lead the market throughout the forecast period,’ said BCC Research analyst Sinha Guarav.
In terms of sampling techniques, surface enhanced Raman scattering (SERS) accounted for the largest market share, with 40.9 per cent of the global market in 2015, Guarav added. A greater demand for real-time analysis of samples in the harshest conditions is expected to propel the demand for SERS during the forecast period.
Moreover, increasing adoption of Raman spectroscopy in the fields of diagnostics, life sciences, materials science and mining, are among key drivers.
Two other growth factors include rising demand for R&D and increasing applications in homeland security, medical diagnosis, food processing, carbon materials and semiconductors. The analysis of geological samples such as finding the composition and nature of the minerals of commercial interest using Raman spectroscopy also are driving market growth.
The major market restraints listed in the analysis include a lack of a skilled work force and high installation costs.