The global spectrophotometer market is expected to grow by USD 869.24 million as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 6%.
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Technavio has announced its latest market research report titled Global Spectrophotometer Market 2020-2024 (Graphic: Business Wire)
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Read the 120-page report with TOC on “Spectrophotometer Market Analysis Report by Application (Life science, Pharmaceutical, Food and beverage, Environmental, and Others), Geography (North America, Europe, Asia, and ROW), and the Segment Forecasts, 2020-2024”.
The market is driven by the increase in the launch of new products. In addition, the growing usage of smartphone spectrophotometer is anticipated to boost the growth of the spectrophotometer market.
Vendors in the market are introducing new and technologically advanced spectrophotometers to expand their portfolios and drive sales. For instance, in December 2019, Shimadzu Corp. launched six new UV-VIS spectrophotometer models under the new UV-i Selection brand. The new models are equipped with the LabSolutions UV-Vis analytical data system for UV-Vis spectrophotometers. The new models can be used in a wide range of fields, including academia, pharmaceuticals, and chemicals. Similarly, in November 2019, Cole-Parmer Instrument Co. LLC launched the new Jenway 76 Series Visible and UV/Visible Scanning Spectrophotometer. The product uses split-beam technology to ensure improved accuracy and repeatability while studying samples. The introduction of such technologically enhanced products is expected to fuel the growth of the global spectrophotometer market during the forecast period.
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Major Five Spectrophotometer Companies:
Agilent Technologies Inc.
Agilent Technologies Inc. operates its business through segments such as Life Sciences and Applied Markets, Diagnostics and Genomics, and Agilent CrossLab. The company offers Cary 60 UV-Vis Spectrophotometer. It comprises of a double beam, Czerny Turner monochromator with a wavelength range of 190 to 1100 nm.
Avantor Inc. operates its business through segments such as Materials and consumables; Equipment and instrumentation; and Services and specialty procurement. The company offers a Double Beam UV-Vis Spectrophotometer. It is used for a wide range of applications including general research, pharmaceutical, biochemical and clinical laboratory, new material development, and quality control.
Bio-Rad Laboratories Inc.
Bio-Rad Laboratories Inc. operates its business through segments such as Life Science and Clinical Diagnostics. The company offers SmartSpec Plus, which is a UV Visible spectrophotometer with a working wavelength range of 200 to 800 nm.
Bruker Corp. operates its business through segments such as Bruker BioSpin, Bruker CALID, Bruker Scientific Instruments NANO, and Bruker Energy & Supercon Technologies. The company offers INVENIO, which is an infrared spectrophotometer used in applications such as pharmaceuticals, life sciences, environment, chemicals, and quality control.
Danaher Corp. operates its business through segments such as Life Sciences, Diagnostics, and Environmental & Applied Solutions. The company offers DU-800 UV Vis Spectrophotometer, which is designed for life science, academia, biotech, and pharmaceutical applications.
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Spectrophotometer Market Application Outlook (Revenue, USD Million, 2020-2024)
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Spectrophotometer Market Geography Outlook (Revenue, USD Million, 2020-2024)
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