New York, Oct. 12, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Multi-Cuvette Spectrophotometer Market” published by Consegic Business Intelligence, the market was worth USD 8,456.78 Million in 2022, projected to grow by USD 8,688.07 Million in 2023, and is anticipated to reach over USD 12,891.30 Million by the year 2031, growing at a CAGR of 5.1%.
Multi-cuvette spectrophotometers are devices optimized for measurement of absorbance of the test sample at a particular wavelength by assessing the amount of light transmitted by the sample. The benefits of multi-cuvette spectrophotometers including ease of use, high sensitivity, high stability, along with precise and accurate results makes it ideal for deployment in food & beverage, pharmaceutical, chemical, agriculture, water treatment, and other sectors.
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The increasing utilization of multi-cuvette spectrophotometer in pharmaceutical sector is among the key factors driving the market growth. Additionally, the rising demand for medical drugs, expansion of pharmaceutical manufacturing facilities, and rising pharmaceutical production are key factors fostering the adoption of multi-cuvette spectrophotometers. For instance, according to the European Federation of Pharmaceutical Industries and Associations, the total pharmaceutical production in Germany and France was valued at approximately USD 39,734 million and USD 28,935 million respectively in 2020. Hence, the rise in pharmaceutical production is increasing the utilization of multi-cuvette spectrophotometers for applications including examination of drug identity and purity, measuring levels of active ingredients present in pharmaceutical compounds, and others thereby, driving the growth of the market.
Additionally, the rising application of multi-cuvette spectrophotometers in the water treatment industry is projected to promote potential opportunities for the growth of the multi-cuvette spectrophotometer market. Multi-cuvette spectrophotometers are used in the water treatment industry for application in water analysis involving testing of water quality and purity of process water, drinking water, and wastewater among others. However, the prevalence of stringent regulations and standards associated with multi-cuvette spectrophotometers is hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2031 | USD 12,891.30 Million |
| Forecast Period | 2023-2031 |
| CAGR (2023-2031) | 5.1% |
| Base Year | 2022 |
| Study Timeline | 2017-2031 |
| Key Players | Hitachi High-Tech Corporation, Konica Minolta Sensing Americas Inc., METTLER TOLEDO, Labomed Inc., PerkinElmer Inc., Agilent Technologies Inc., Thermo Fisher Scientific Inc., Hach, Panomex Inc., PCE Deutschland GmbH |
| By Sales Channel | Direct Sales and Distributor Sales |
| By End-User | Food & Beverage, Pharmaceutical, Chemical, Agriculture, Water Treatment, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Multi-Cuvette Spectrophotometer Market Growth Drivers:
- Rising utilization of multi-cuvette spectrophotometer in food & beverage industry is driving the market growth.
- Growing pharmaceutical sector is spurring the market growth.
Restraints
- Prevalence of stringent regulations and standards associated with multi-cuvette spectrophotometers is restraining the market growth.
Opportunities
- Rising application of multi-cuvette spectrophotometers in water treatment industry is expected to promote potential opportunities for market growth.
Global Multi-Cuvette Spectrophotometer Market Segmentation Details:
Based on sales channel, the distributor sales segment contributed the largest shares to the market growth in 2022. Distributor sales channel involve the indirect sales of multi-cuvette spectrophotometers to customers through several e-commerce websites and regional distributors. Furthermore, factors including higher accessibility to a broad range of products, ease of utilization, and high flexibility among others are vital prospects driving the growth of the distributor sales channel segment.
Based on end-user, the pharmaceutical segment accounted for the maximum revenue share in the year 2022. Multi-cuvette spectrophotometers are primarily used during the development of pharmaceuticals for investigating drug purity, measuring active ingredients present in pharmaceutical compounds, detecting impurities, and others. Factors including the growing demand for medical drugs, expansion of pharmaceutical manufacturing facilities, and rising pharmaceutical production are among the primary determinants for fostering the growth of the pharmaceutical segment.
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Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple industries including pharmaceutical, food & beverage, chemical, and other sectors is driving the growth of multi-cuvette spectrophotometer market in North America. Further, growing investments in expansion of pharmaceutical and food & beverage production facilities are projected to boost the market growth in the North American region during the forecast period.
Recent Developments
- In December 2021, Agilent Technologies announced the compatibility of Cary 3500 UV-Vis spectrophotometer with its OpenLab software suite of products. The spectrophotometer data can be managed, stored, and protected in a safe central database, which enables the company to fulfill global regulatory requirements.
Key Market Highlights
- Globally, multi-cuvette spectrophotometer market is divided based on the sales channel into direct sales and distributor sales.
- In the context of end-user, the market is separated into food & beverage, pharmaceutical, chemical, agriculture, water treatment, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in multi-cuvette spectrophotometer market.
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List of Major Global Multi-Cuvette Spectrophotometer Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Hitachi High-Tech Corporation
• Konica Minolta Sensing Americas Inc.
• METTLER TOLEDO
• Labomed Inc.
• PerkinElmer Inc.
• Agilent Technologies Inc.
• Thermo Fisher Scientific Inc.
• Hach
• Panomex Inc.
• PCE Deutschland GmbH
Global Multi-Cuvette Spectrophotometer Market Segmentation:
-
- By Sales Channel
-
- Direct Sales
- Distributor Sales
- By End-User
- Food & Beverage
- Pharmaceutical
- Chemical
- Agriculture
- Water Treatment
- Others
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Key Questions Covered in the Multi-Cuvette Spectrophotometer Market Report
- What is multi-cuvette spectrophotometer?
- Multi-cuvette spectrophotometers are instruments designed for measuring the absorbance of the test sample at a particular wavelength by measuring the amount of light transferred by the sample.
- What is the dominating segment in the multi-cuvette spectrophotometer market by end users?
- In 2022, the Pharmaceutical segment accounted for the highest market share of 30.84% in the overall multi-cuvette spectrophotometer market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the multi-cuvette spectrophotometer growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for multi-cuvette spectrophotometers from multiple industries including pharmaceutical, food & beverage, and chemical industries among others is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031?
- Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries such as water treatment, agriculture, pharmaceutical, and others.
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