- Summary
- Table Of Content
- Methodology
Multi-Cuvette Spectrophotometer Market Introduction :
Multi-Cuvette Spectrophotometer Market is estimated to reach over USD 12,891.30 Million by 2031 from a value of USD 8,456.78 Million in 2022 and is projected to grow by USD 8,688.07 Million in 2023, growing at a CAGR of 5.1% from 2023 to 2031.
Multi-Cuvette Spectrophotometer Market Definition & Overview:
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. Moreover, multi-cuvette spectrophotometers offer several benefits including high sensitivity, high throughput, ease of utilization, high stability, and accuracy among others. The aforementioned benefits of multi-cuvette spectrophotometer are key determinants for growing the demand for devices in food & beverage, pharmaceutical, chemical, agriculture, water treatment, and other industries.
Multi-Cuvette Spectrophotometer Market Insights :
Multi-Cuvette Spectrophotometer Market Dynamics - (DRO) :
Key Drivers :
Rising utilization of multi-cuvette spectrophotometer in food & beverage industry is driving the market growth
Multi-cuvette spectrophotometers are used in food & beverage industry for testing of food and beverage products to ensure optimum quality and safety. Multi-cuvette spectrophotometers are utilized during food & beverage production to analyze the quality and safety of all raw ingredients, process intermediates, and final products. Moreover, multi-cuvette spectrophotometers are also used for measuring the amount of food coloring, ingredient concentration, along with detecting contaminants and adulterants.
Factors including significant investments in food & beverage facilities, progressive changes in consumer food consumption patterns, increasing consumer demand for packaged and processed food products, along with rising hygiene standards in the food industry are expected to promote significant growth prospects for the market.
According to Food Drink Europe, the food and beverage industry in European Union was valued at EUR 1,121 billion (USD 1,292.0 billion) in 2022, depicting an incline of 2.6% in comparison to EUR 1,093 billion (USD 1,177.8 billion) in 2021. Therefore, the growth of food & beverage industry is increasing the utilization of multi-cuvette spectrophotometers for testing of food and beverage products to ensure optimum quality and safety, in turn driving the growth of the market.
Growing pharmaceutical sector is spurring the market growth
Multi-cuvette spectrophotometers are used in the pharmaceutical sector, particularly in the development of pharmaceuticals for examining drug crystalline structures, drug identity and purity, dissolution testing, and other related applications. Moreover, multi-cuvette spectrophotometers play a crucial role in providing valuable information associated with the levels of active ingredients present in pharmaceutical compounds, along with detecting impurities, which are key determinants for increasing in its adoption in pharmaceutical sector.
Factors including the growing incidence of chronic diseases, rising demand for medical drugs, and increasing pharmaceutical production are major determinants for driving the growth of the pharmaceutical sector.
For instance, according to the European Federation of Pharmaceutical Industries and Associations, the total production of pharmaceutical industry in the European region was valued at USD 339.7 billion in 2021, witnessing a growth of 4.6% in comparison to USD 324.7 billion in 2020.
Therefore, the rising pharmaceutical production is driving the utilization of multi-cuvette spectrophotometers for analysis of active ingredients present in pharmaceutical compounds, drug identity and purity, and others, in turn proliferating the market growth.
Key Restraints :
Prevalence of stringent regulations and standards associated with multi-cuvette spectrophotometers is restraining the market growth
Multi-cuvette spectrophotometers are used in various industries including pharmaceutical, food & beverage, chemical, water treatment, and others. However, multi-cuvette spectrophotometer manufacturers have to compulsorily comply with various stringent standards associated with the production of multi-cuvette spectrophotometers, which is a prime factor restricting the market growth.
For instance, multi-cuvette spectrophotometer manufacturers have to comply with various standards such as United States Pharmacopeia (USP<857>), European Pharmacopoeia, ISO standards, and others. Additionally, United States Pharmacopeia (USP <857>) requires the precision of ultraviolet–visible instruments including spectrophotometer to be over 0.5 nm across the operating range of the instrument. Thus, the prevalence of the aforementioned standards associated with the multi-cuvette spectrophotometers is constraining the growth of the market.
Future Opportunities :
Rising application of multi-cuvette spectrophotometers in water treatment industry is expected to promote potential opportunities for market growth
The rising application of multi-cuvette spectrophotometers in the water treatment industry is expected to present potential opportunities for the growth of the multi-cuvette spectrophotometer market. Multi-cuvette spectrophotometers are capable of identifying the contaminants in a water sample and measuring the water's APHA color. Moreover, multi-cuvette spectrophotometers are deployed in the water treatment industry for water analysis applications including testing of water quality and purity of drinking water, wastewater, and process water among others.
Factors including the rising pace of industrialization, increasing need for clean water, rising development of wastewater treatment plants, and the growing demand for efficient water treatment solutions are among the key factors driving the adoption of sodium hypochlorite generators.
In September 2022, Lanxess AG launched a new wastewater treatment plant in Belgium with an initial investment of around USD 11.68 million. The plant has a treatment capacity of approximately 260,000 liters of wastewater per hour. Additionally, the government of Mexico launched 38 infrastructure tenders for the modernization, construction, and rehabilitation of wastewater treatment plants in 2021. The Mexican government allocated approximately 2 billion pesos (USD 99 million) in the 2021 federal budget, with the aim of covering up to 60% of municipalities and utilities wastewater treatment projects.
Thus, the rising investments in development of water treatment facilities is projected to increase the adoption of multi-cuvette spectrophotometers for application in wastewater analysis and testing, in turn promoting opportunities for market growth during the forecast period.
Multi-Cuvette Spectrophotometer Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 | USD 12,891.30 Million |
| CAGR (2023-2031) | 5.1% |
| By Sales Channel | Direct Sales and Distributor Sales |
| By End-User | Food & Beverage, Pharmaceutical, Chemical, Agriculture, Water Treatment, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| 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 |
Multi-Cuvette Spectrophotometer Market Segmental Analysis :
Based on the Sales Channel :
Based on sales channel, the market is bifurcated into direct sales and distributor. The distributor sales segment accounted for the largest revenue share in the year 2022. The distributor sales channel of multi-cuvette spectrophotometer comprises of both offline and online modes. In the online mode, the multi-cuvette spectrophotometer can be bought from e-commerce websites such as eBay, Amazon, Alibaba, and others. The offline mode includes the distribution of multi-cuvette spectrophotometer through retail stores, specialist stores, and others. Moreover, the purchase of multi-cuvette spectrophotometer from a distributor also benefits the consumer to select the best product available in the market.
For instance, Konica Minolta and PerkinElmer Inc. are among few of the multi-cuvette spectrophotometer manufacturers that offer a range of multi-cuvette spectrophotometers through various e-commerce websites including Amazon, eBay, and others. Hence, the rising availability of multi-cuvette spectrophotometers in online distributor sales channel is a key factor driving the growth of the segment.
The direct sales segment is anticipated to register the fastest CAGR growth during the forecast period. In the direct sales channel, products are directly sold to customers through several physical outlets including company outlets, and others. Similarly, the direct sales channel also consists of an online mode, in which the manufacturers sell the products through company owned websites. Additionally, purchasing multi-cuvette spectrophotometer from direct sales channel offers numerous benefits including higher product quality, competitive pricing, faster response time, and higher return on investments, which are primary factors increasing the purchase of multi-cuvette spectrophotometers from direct sales channel.
For instance, PCE Deutschland GmbH is among few of the multi-cuvette spectrophotometer manufacturers that offer a range of multi-cuvette spectrophotometers for direct purchase through the company website. Thus, the increasing availability of multi-cuvette spectrophotometer in direct sales channels, owing to its aforementioned benefits, is a primary factor anticipated to boost the growth of the segment during the forecast period.
Based on the End-User :
Based on the end-user, the market is segregated into food & beverage, pharmaceutical, chemical, agriculture, water treatment, and others. The pharmaceutical segment accounted for the largest revenue share of 30.84% in the year 2022. Factors including the growing incidence of chronic diseases, rising demand for medical drugs, and increasing pharmaceutical production are driving the growth of the pharmaceutical segment.
For instance, METTLER TOLEDO offers multi-cuvette spectrophotometer designed for application in pharmaceutical industry. The company's pharma spectrophotometer utilizes light absorption for conducting quantitative and qualitative analysis of active pharmaceutical ingredients.
Additionally, according to the European Federation of Pharmaceutical Industries and Associations, the total pharmaceutical production in Belgium was valued at USD 24,865.7 million in 2020. Hence, the rising pharmaceutical production is driving the adoption of multi-cuvette spectrophotometers for applications including analysis of active ingredients present in pharmaceutical compounds, drug identity and purity, and others, in turn driving the growth of the market.
Food & beverage segment is expected to witness the fastest CAGR growth during the forecast period. The growth of food & beverage segment is attributed to several factors including significant investments in food & beverage facilities, increasing consumer demand for packaged and processed food products, and rising hygiene standards in the food industry among others.
Multi-cuvette spectrophotometers are utilized in food & beverage production to analyze the quality and safety of all raw ingredients, process intermediates, and final products.
For instance, PerkinElmer Inc. offers LAMBDA 365 spectrophotometer for application in the food industry among others. Additionally, Labomed Inc. offers Spectro UV-2505 model of spectrophotometer designed for utilization in multiple applications including food processing. The UV-2505 spectrophotometer also offers several benefits including high performance, reliability, along with accurate and precise results. Thus, rising development of multi-cuvette spectrophotometers for utilization in food & beverage applications is projected to drive the market growth during the forecast period.
Based on the Region :
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
North America is estimated to reach over USD 4,630.56 Million by 2031 from a value of USD 3,037.67 Million in 2022 and is projected to grow by USD 3,120.75 Million in 2023. The market growth for multi-cuvette spectrophotometers in the North American region is primarily driven by the deployment of the device in pharmaceutical, food & beverage, chemical, and other industries. Moreover, increasing utilization of multi-cuvette spectrophotometers for chemical analysis to determine the chemical characteristics and purity of substances are among the significant factors driving the market growth in the region.
For instance, according to the Chemistry Industry Association of Canada (CICA), the chemical industry in Canada grew by 31% in 2022 as compared to 2020. Hence, the growth of chemical industry is fostering the deployment of multi-cuvette spectrophotometers, in turn driving market growth in the North American region. In addition, growing investments in expansion of pharmaceutical and food & beverage production facilities are anticipated to facilitate lucrative growth prospects for the market in North America during the forecast period.
Asia-Pacific is expected to register fastest CAGR growth of 5.5% and is estimated to reach over USD 3,092.62 Million by 2031 from a value of USD 1,952.67 Million in 2022 and is projected to grow by USD 2,012.59 Million in 2023. In addition, in the region, the China accounted for the maximum revenue share of 28.5% in the same year. The growing pace of industrialization and development is creating lucrative growth aspects for the market in the region. Additionally, factors including the growth of various industries including water treatment, agriculture, pharmaceutical, and others are driving the market growth for multi-cuvette spectrophotometer in the Asia-Pacific region.
For instance, according to the India Brand Equity Foundation, India ranked third in terms of pharmaceutical production in 2021. According to IBEF, the local pharmaceutical industry in India consists of approximately 3,000 drug companies and 10,500 pharmaceutical manufacturing units. Multi-cuvette spectrophotometers play a significant role in providing valuable information associated with the levels of active ingredients present in pharmaceutical compounds, along with detecting impurities. Thus, the growing pharmaceutical sector in the Asia-Pacific region is projected to drive the utilization of multi-cuvette spectrophotometers, thereby proliferating market growth in the region during the forecast period.
Top Key Players & Market Share Insights:
The multi-cuvette spectrophotometer market is highly competitive with major players providing multi-cuvette spectrophotometers to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in multi-cuvette spectrophotometer market. Key players in the multi-cuvette spectrophotometer market include-
- Hitachi High-Tech Corporation
- Konica Minolta Sensing Americas Inc.
- Hach
- Panomex Inc.
- PCE Deutschland GmbH
- METTLER TOLEDO
- Labomed Inc.
- PerkinElmer Inc.
- Agilent Technologies Inc.
- Thermo Fisher Scientific Inc.
Recent Industry Developments :
- In January 2021, Konica Minolta launched new range of benchtop spectrophotometers, CM-36dG series. The spectrophotometer is optimized for simultaneous measurement of colour and gloss for improved inspection processes, while providing high measurement accuracy for superior quality control.
Key Questions Answered in the 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 specific segmentation details are covered in the multi-cuvette spectrophotometer report, and how is the dominating segment impacting the market growth? +
For instance, by sales channel segment has witnessed distributor sales as the dominating segment in the year 2022, owing to its range of benefits including higher accessibility to a variety of products, ease of use, and high flexibility.
What specific segmentation details are covered in the multi-cuvette spectrophotometer market report, and how is the fastest segment anticipated to impact the market growth? +
For instance, by end-user segment has witnessed food & beverage as the fastest-growing segment during the forecast period due to rising adoption of multi-cuvette spectrophotometer for application in testing of food and beverage products to ensure optimum quality and safety.
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.
