As cited by the research report titled ‘Global Raman Spectroscopy Market Size study, by Instruments (Microscopy raman, FT raman, Handheld & portable raman, Other instrument), by Sampling technology (Surface enhanced raman scattering, tip enhanced raman scattering, others), by Application (Pharmaceuticals, Material science, Life science, Carbon Material, Semiconductor, Others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global raman spectroscopy market was worth USD 561.57 million in 2020 and is projected to grow with a CAGR of 7.6% to accumulate USD 937.76 million over 2021-2027.
 

Increasing focus on drug development in healthcare, growing adoption of the technology in several clinical applications as well as for catalytic reactions are the major factors driving global raman spectroscopy market growth.
 

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In addition, growing demand for cloud-based spectroscopy coupled with rising demand for process analytical technology (PAT) in pharmaceuticals are likely to generate lucrative opportunities for the market participants.
 

Speaking of the negatives, high costs associated with the ownership are likely to hinder the market progression over the projected timeline.
 

Based on instruments, global raman spectroscopy industry is segmented into microscopy raman, handheld & portable raman, FT raman, and other instruments. Considering sampling technology, the marketplace is categorized into tip enhanced raman scattering, surface enhanced raman scattering, and others.
 

Moving on to application ambit, the business space is divided into pharmaceuticals, life science, material science, carbon material, semiconductor, and others.
 

The geographical analysis of the worldwide raman spectroscopy industry is studied for the major regions like North America, Asia Pacific, Europe, and Latin America. Asia Pacific is likely to hold largest market share over the assessment period, owing to growing demand for pharmaceutical, materials science, life science, and applications in the countries in the region.
 

Moreover, rapid urbanization, active participation of governments in enhancing healthcare infrastructure, and growth in the GDP of emerging markets in the region is augmenting the Asia Pacific industry scope.
 

Prominent players influencing global raman spectroscopy industry dynamics are PerkinElmer Inc., Rigaku Corporation, Kaiser Optical Systems Inc., Metrohm AG, Horiba Ltd., Renishaw plc, Mettler-Toledo International Inc., Bruker Corporation, Agilent Technologies Inc., and Thermo Fisher Scientific Inc.