Process Spectroscopy Market is Expected to Grow at the CAGR of 5.9% During 2015-2022: Brisk Insights

The growth and demand of the global process spectroscopy market is very high in developed and developing countries. In recent time, major drivers which accelerate the global process spectroscopy market are the increasing usage of spectroscopy in drug safety process, increasing focus of industries to match international standards such as ISO and six sigma, and the reduction in the overall manufacturing cost, and regulatory bodies’ involvement and initiatives to improve product quality in pharmaceutical industries. The major key driver is the growing consumer preference towards the usage of high quality products. Due to these, industries such as food and agriculture and pharmaceutical are trying to increase their product quality, following the international standards and on the other hand, it also reduces the cost of manufacturing by reducing inventory cost, scrap and rework. In addition to this, the growth of global spectroscopy market will also be fuelled by technological advancements in this segment like development of wireless portable equipments, increasing concerns about food and beverages safety and the government regulations compelling to maintain high quality during manufacturing.

Like the initiative of food and drug administration of US to apply process analytical technology in pharmaceutical industries. However, the lack of skilled labor, high initial investments and high maintenance cost leading to increased product prices will be a major restraint hampering the market of global process spectroscopy market. The opportunities in spectroscopy market are growing with the advent of technology and innovations making spectroscopy more convenient and trouble-free. Also, the increasing oil and gas production activities and establishment of pharmaceutical companies in emerging regions like APAC, Africa and Middle East is a major growth opportunity for this segment.

Desig: Manager Sales

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