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Global spectroscopy market: Over 5% CAGR forecast between 2012-2016

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Global Spectroscopy Market 2012-2016 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-04-24 06:35:02
The Global Spectroscopy market is to grow at a CAGR of 5.2 percent over the period 2012-2016. Increasing technological innovation is one of the key factors that is contributing to the market´s growth. The Global Spectroscopy Market has also been witnessing increasing outsourcing activities. However, high development costs could pose a challenge to the growth of this market.

In recent years, the market is witnessing a new trend wherein numerous drug manufacturers are increasingly outsourcing their drug development activities to CROs. Outsourcing activities reduce manufacturing and distribution costs to the drug manufacturers, while ensuring quality of service and reducing lead time. They also help the outsourcing companies to manage product demand and concentrate on their core competencies such as innovation and brand building. These CROs employ the latest technologies and sophisticated spectroscopy instruments for the drug development process, and are the major end-users of spectroscopy instruments. Thus, the increased outsourcing to CROs is expected to have a positive impact on the Global Spectroscopy market during the forecast period.

One of the major drivers in this market is the increase in technological innovations. The ongoing innovations in biotechnology, chemicals, metals, and semiconductor applications are increasingly making use of spectroscopy techniques for the analysis of substances.

One of the major challenges in this market is the high cost incurred in the innovation and development of spectroscopy instruments. The development process of spectroscopy instruments is lengthy as it needs to go through various stages such as design, testing, and implementation. This process is time consuming and expensive.

The key vendors dominating this space include Agilent Technologies Inc., Bruker Corp., Danaher Corp., Life Technologies, and Thermo Fisher Scientific Inc.

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