Molecular Spectroscopy Market: Opportunities and Challenges

Molecular Spectroscopy Market: Opportunities and Challenges

Bruker (US), Thermo Fisher Scientific, Inc. (U.S), PerkinElmer, Inc. (US), and Agilent Technologies, Inc. (US). These companies accounted for a majority share of the global molecular spectroscopy market.
The growth of the overall molecular spectroscopy market can be attributed to the growing food safety concerns, the growth of the pharmaceutical and biotechnology industry, application of molecular spectroscopy in environmental screening and technological advancements in molecular spectroscopy.

The global Molecular Spectroscopy Market is projected to be valued at USD 4.68 Billion in 2016 and is expected to grow at a CAGR of 6.6% to reach to USD 6.85 Billion by 2022, as per a report by MarketsandMarkets. 

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How potential applications of terahertz spectroscopy in healthcare offers opportunities?

Rapid advances in technology have demonstrated the capability of terahertz spectroscopy in various healthcare applications. The use of terahertz spectroscopy in biomedical applications has increased rapidly, and several studies are being conducted to investigate its potential applications in pharmaceutical quality control, protein characterization, and cancer detection. T-rays are non-invasive and non-ionizing and hence, can be focused harmlessly on the body to capture signs of cancer. Due to these advantages, terahertz spectroscopy is used in a number of cancer-related research activities. In 2016, terahertz spectroscopy was used for the detection of breast cancer by researchers at the University of Bordeaux, France (Source: THz Spectroscopy and Imaging for Breast Cancer Detection in the 300-500 GHz range, Q. Cassar et al. 2016). In 2014, researchers from the University of Leeds (U.K.), in collaboration with the University of Queensland (Australia), used terahertz laser imaging systems to diagnose skin cancer. The study stated that terahertz spectroscopy could reduce the need for biopsies to detect skin cancer, allowing for earlier and less-invasive skin cancer diagnosis. Similarly, according to an article published in the Journal of Biomedical Optics in 2014, studies have shown that terahertz spectroscopy has the potential to distinguish brain gliomas from normal brain tissue.

Why dearth of skilled professionals remains a challenge?

Skilled personnel with relevant experience and knowledge are required for the efficient use of spectroscopy equipment. Errors, such as misplacing a sample in FTIR or UV-visible spectroscopy, or issues such as fingerprints or bubbles in the solution, interfere with the transmission of light through the sample and can impact the quality of the final result. The selection of the right spectroscopy technique (specific to a given task) plays a crucial role in gaining valuable results. Lack of knowledge about the right choice of technique not only affects the end results of operations, but also incurs several direct and indirect expenses for end users.

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Currently, there is a significant dearth of skilled personnel for method development, validation, operation, and troubleshooting activities, which is expected to restrain the growth of the spectroscopy market to a certain extent in the coming years. As per an article in the Science in the City newsletter, Canada’s fast-growing biotech sector will face a shortage of 220,000 workers by 2020. Moreover, in India, there is an average of about four full-time researchers per 10,000 people in the labor force. This shortage of skilled labor in the major markets is expected to affect the optimum growth potential of the molecular spectroscopy market in the coming years.

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