DUBLIN, Nov 22, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "UV/Visible Spectroscopy Market - Global Forecasts to 2021" report to their offering.
The UV/visible spectroscopy market is expected to reach USD 1,163.2 Million in 2021 from USD 944.2 Million in 2016, growing at a CAGR of 4.3%. The demand for UV/visible spectroscopy systems and accessories has been on the rise due to the rising application of this analytical technique in environmental testing. The growing application in pharmaceutical and biotechnology industries, rising need of food analysis, and technological advancements in instrumentation have further spurred the demand for UV/visible spectroscopy globally. The UV/visible spectroscopy market is segmented on the basis of instrument type, application, and region. By instrument type, the market comprises of single-beam systems, dual-beam systems, array based systems and handheld systems. In 2016, the single- beam systems segment is estimated to account for the largest share of the UV/visible spectroscopy market as these systems due to the simplicity, affordability and ease of operation of these systems. However the array based systems are expected to be the fastest growing market, by instrument type during the forecast period. This is owing to the growing application of these systems particularly in the streams of life science R&D and quality assurance/quality control (QA/QC) due to its ability to collect accurate data points rapidly. By application, the UV/visible spectroscopy market comprises academic applications and industrial applications. In 2016, the industrial applications segment is estimated to account for the largest share of the UV/visible spectroscopy market. This is also the fastest growing segment in the forecast period as UV/visible spectroscopy is widely being adopted in several industries as an analytical technique due to its affordability, simplicity and scalability. Besides, enhancements in equipment capabilities are also driving the adoption of this technique for various industrial applications. Growing opportunities in emerging nations, development of microvolume sampling-capable instruments, investments into the field of molecular diagnostics and growth of biobanking are likely to provide growth opportunities to the global UV/visible spectroscopy market. However, the dearth of skilled professionals and longevity of instruments is likely to restrain the growth of this market.