|By Business Wire||
|August 23, 2013 12:38 PM EDT||
Research and Markets (http://www.researchandmarkets.com/research/3sfcqr/global) has announced the addition of the "Global Spectroscopy Market 2012-2016" report to their offering.
The analysts forecast the Global Spectroscopy market to grow at a CAGR of 5.2 percent over the period 2012-2016. Increasing technological innovation is one of the key factors that is contributing to the market's growth. The Global Spectroscopy Market has also been witnessing increasing outsourcing activities. However, high development costs could pose a challenge to the growth of this market.
The key vendors dominating this space include Agilent Technologies Inc., Bruker Corp., Danaher Corp., Life Technologies, and Thermo Fisher Scientific Inc.
Commenting on the report, an analyst from the team said: In recent years, the market is witnessing a new trend wherein numerous drug manufacturers are increasingly outsourcing their drug development activities to CROs. Outsourcing activities reduce manufacturing and distribution costs to the drug manufacturers, while ensuring quality of service and reducing lead time. They also help the outsourcing companies to manage product demand and concentrate on their core competencies such as innovation and brand building. These CROs employ the latest technologies and sophisticated spectroscopy instruments for the drug development process, and are the major end-users of spectroscopy instruments. Thus, the increased outsourcing to CROs is expected to have a positive impact on the Global Spectroscopy market during the forecast period.
According to the report, one of the major drivers in this market is the increase in technological innovations. The ongoing innovations in biotechnology, chemicals, metals, and semiconductor applications are increasingly making use of spectroscopy techniques for the analysis of substances.
For more information visit http://www.researchandmarkets.com/research/3sfcqr/global
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