As the use of Raman spectroscopy has increased among multiple industries such as healthcare, semiconductors, homeland security and several others, the global market for Raman spectroscopy is continuing to evolve, according to the BCC Research report “Global Markets for Raman Spectroscopy.”
The global market for Raman spectroscopy was valued at $1.8 billion in 2018 and is expected to reach $2.7 billion by 2023 at a compound annual growth rate (CAGR) of 8.9% during the forecast period, according to the report.
- Demand for Raman spectroscopy for analyzing products is increasing in the pharmaceutical industry due to its high accuracy and low cost.
- In recent years, major research and development activities have occurred in the medical industry. Researchers have achieved positive results from diagnostic applications using Raman spectroscopy.
- During the forecast period, life science applications are expected to be increasingly dominant owing to growing demand for handheld Raman analyzers for the pharma industry. Vendors in this market are also developing new Raman devices to meet the demands of the market.
“Raman spectroscopy has been applied to the analysis of biological samples, providing detection of changes occurring at the molecular level during the pathological transformation of the tissue,” the report notes. “The use of this technology in cancer diagnosis has shown encouraging results when used in real time and when used for minimally invasive diagnosis. Confocal Raman techniques have also been successfully applied in the analysis of the skin aging process, providing new insights into this field.”
Noninvasive Glucose Measurement Marks a Prime Market Opportunity
Conventional blood sampling techniques are painful and often have other undesirable features. Noninvasive blood sampling methods have proven to be an attractive substitute for monitoring glucose and other blood analytes. While several methods are currently under development, methods employing near-infrared spectroscopy combined with multivariate regression analysis are among the most promising.
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Global Markets for Raman Spectroscopy
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Original Source: With a Demand Increase Across Industries, Global Raman Spectroscopy Market Expands