A report by Spherical Insights has predicted that the process spectroscopy market will value $35.8 billion by 2033.
Process spectroscopy is becoming more connected to automation and digitalisation initiatives, like Industry 4.0, the report stated. The analytical technique can therefore aid smart production and predictive maintenance. Furthermore, incorporating data analytics and artificial intelligence (AI) facilitates predictive process control and optimisation, the report explained.
Innovations in the process spectroscopy market
molecular spectroscopy accounted for the greatest share of the process spectroscopy market between 2023 to 2033″
The analysis found that molecular spectroscopy accounted for the greatest share of the process spectroscopy market between the 2023 to 2033 forecast period.
Importantly, spectroscopy techniques utilising molecular spectroscopy enable manufacturers to gain “real-time input on process parameters, which helps firms improve production processes, enhance productivity, and reduce costs”.
Implementation of lightweight and portable spectroscopic instruments has “opened up new avenues” for quality assurance and process monitoring in pharmaceutical manufacturing, according to the report.
These technology innovations offer on-benefits such as site analysis, real-time data gathering and remote monitoring. This enables pharmaceutical companies to monitor their manufacturing processes at various stages. For example, this ranges from “raw material characterisation to completed product testing”, the report highlighted.
Regional predictions
As a major player in the market, North America is anticipated to lead the sector between 2023 and 2033.
For instance, the pharmaceutical and biotechnology industries in this region use process spectroscopy often as an analytical tool for “in-line monitoring of medication manufacturing processes, including blending, granulation, drying, and tablet compression”, the research noted.
On the other hand, the report predicted that the Asia Pacific market will expand the fastest up to 2033. This due to the increasing demand for real-time process monitoring, quality control, and optimisation in manufacturing.
Key players within the global market include Agilent Technologies, Inc., Bruker, Sartorius AG, Shimadzu Corporation, and Thermo Fisher Scientific Inc.
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