The report "Raman Spectroscopy Market with COVID-19 Impact Analysis by Instrument (Microscopy Raman, Handheld & Portable Raman), Sampling Technique (Surface Enhanced Raman Scattering), Application (Pharmaceutical, Life Science), and Region - Global Forecast to 2026", size is projected to reach USD 861 million by 2026 from an estimated USD 602 million in 2021, at a CAGR of 7.4% from 2021 to 2026. Increased focus on drug development in healthcare and rise in adoption of Raman spectroscopy in clinical applications are among the factors driving the growth of the Raman spectroscopy market.
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Driver: Increased focus on drug development in healthcare
The analytical techniques offered by Raman spectroscopy are being increasingly implemented at different stages of drug discovery and development. This includes chemical identification, molecular biology research and diagnostics, preformulation, solid form screening, bioanalysis, formulation analytics in late-phase drug development, process analytics, quality control, raw material qualification, and counterfeit identification. Preformulation studies are a vital constituent in the drug development process and the process is performed to understand the physicochemical properties of potential drugs to support formulation development for pre-clinical and clinical studies.
An important step of drug development is solid-form screening, which is implemented with the objective to identify the optimal solid form of the potential drug compound as early as possible. This reduces the complications during later stages of drug development. The lattice vibrations for different solid forms results in unique and characteristic Raman spectra for each of these forms. This makes Raman spectroscopy an important phenomenon in the pharmaceuticals industry. Moreover, Raman spectroscopy has been extensively used for understanding phase transformations such as polymorphic changes, anhydrate − hydrate transitions, and as well as for identifying the mechanisms of co-crystal formation.
One of the principal tasks during drug development is understanding the deterioration profile of the drug in the presence of several excipients under different stress conditions. Various studies proved that Raman spectroscopy is the most sensitive technique in comparison to other spectroscopic techniques to differentiate both the molecular differences of amorphous samples prepared by different methods as well as the differential degradation behavior of differently prepared amorphous samples. For instance, Raman methods such as SERS have been used to study the autoxidation, molecular fragmentation, dimerization, and polymerization of quercetin flavonoids under alkaline conditions in an aqueous solution and on an Ag nanoparticle. Further, the Raman spectroscopy can be used for microstructural characterization of drug delivery systems, as well as to understand drug–excipient interactions in the formulation. The Raman chemical imaging technique is being utilized to determine the size distribution of API microparticles and to determine the API distribution homogeneity in a composite formulated drug. Owing to the increased focus on drug development in the healthcare industry, the demand for Raman spectroscopy is expected to increase during the forecast period. The rising investments in R&D in pharmaceuticals are also expected to drive market growth.
Restraint: High cost of ownership
Even though Raman spectroscopy has so many advantages, it still is not preferred for use in various applications. The main reason is the high cost associated with Raman analyzer systems. Raman analyzers are considerably more expensive when compared to their counterpoints. This is due to the relatively high cost of the excitation laser and detector. Raman systems can be more costly to maintain over time due to laser lifetimes and associated replacement costs. Virtually all analytical Raman systems are Class I laser-safe products. However, Raman spectrometers are both non-destructive and non-contact, and, as a result, do not require the use of consumables or sample preparation, which lowers their overall cost.
Currently, a high-resolution and a high signal-to-noise ratio Raman analyzer ranges from USD 40,000 and above. On the other hand, there is a market need for low-cost Raman analyzer systems as general laboratory tools. However, those systems are usually equipped with low-resolution, low-power visible lasers and low signal-to-noise ratios, which is not adequate to perform any high-performance chemical analysis. Therefore, better-resolution and lower-cost Raman systems are key to increasing and enabling greater acceptance and usage of Raman spectroscopy. Thus, the high cost of ownership is limiting market growth.
By sampling technique, surface enhanced Raman scattering (SERS) segment is projected to witness the growth at the highest CAGR during the forecast period
The surface enhanced Raman scattering (SERS) segment is expected to record the highest CAGR during the forecast period. Continuous technological development of nanotechnology and extensive theoretical and experimental research have significantly broadened the scope of surface enhanced Raman scattering and resulted in an increase in its demand in research of pharmaceuticals, life science, and materials science. Also, the SERS sampling technique can be used to amplify weak Raman signals, especially when signals are using visible light excitation and a low number of scattered photons are available for detection. Hence, surface enhanced Raman scattering finds its application in drug delivery, detection of trace amounts of chemical and biological threat agents, Point-of-care (POC) medical diagnostic devices, and forensic field testing.
By application, the pharmaceutical segment is projected to witness growth at the highest CAGR during the forecast period
The pharmaceutical application segment is expected to record the highest CAGR during the forecast period. The growth of the segment is attributed to the surge in usage of solid-state pharmaceutical products in both industries and academia. Current pharmaceutical applications cover a broad range, from discovery to manufacturing of drugs in the pharmaceuticals industry like identifying polymorphs, monitoring real-time processes, detection of counterfeit & adulterated pharmaceutical products, and imaging solid dosage formulations. Owing to its ability to visualize the drug and excipients distribution in pharmaceutical formulations such as tablets, creams and ointments, Raman spectroscopy is in great demand in the pharmaceuticals industry.
By region, APAC to hold the largest share of the Raman spectroscopy market throughout the forecast period
The APAC region held the largest share of the Raman spectroscopy market in 2020, and a similar trend is expected to be continued during the forecast period. Also, the region is expected to record the highest CAGR during the forecast period. This growth is attributed to the increasing demand from pharmaceutical, life science, materials science applications in countries such as China, Japan, South Korea, and India. Moreover, the presence a large number of pharmaceutical and life science companies and contract manufacturing organizations (CMOs) is also driving the growth of the Raman spectroscopy market in the APAC region. In addition, increasing healthcare expenditure by government agencies and their initiatives on advanced healthcare technologies in their respective countries are also a prominent factor behind the growth of the Raman spectroscopy market in the region.
Thermo Fisher Scientific, Inc. (US); Agilent Technologies, Inc. (US); Bruker Corporation (US); Mettler-Toledo International, Inc. (Switzerland); Renishaw PLC (UK); Horiba, Ltd. (Japan); Metrohm AG (Switzerland); Kaiser Optical Systems, Inc. (US); Rigaku Corporation (Japan); and PerkinElmer, Inc. (US); are some of the key players in the Raman spectroscopy market.
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