Mobile and Portable Spectrometers Market Share

North America Market Forecast

North America industry is likely to dominate majority revenue share by 2037. The growth of the market can be attributed majorly to the growing demand for novel drugs & medicines in the region, coupled with the increased spending for drug research and development (R&D) in the pharmaceutical industry. According to the Congressional Budget Office (CBO), Research and Development (R&D) in the Pharmaceutical Industry report, the United States pharmaceutical industry spent USD 83 billion on R&D in 2019. In addition to this growing technological advancement in spectroscopy, along with the increasing investment by the government for research and development activities in pharmaceutical and biomedical streams is projected to push the market growth further throughout the forecast period in the region.

Asia Pacific Market Forecast

Furthermore, the Asia Pacific mobile and portable spectrometers market is also estimated to display notable market growth by the end of 2037. The growth of the market can be attributed to the dynamically growing pharmaceutical sector in countries such as China, Japan, India, and so on. Based on a report, by 2030, the Indian pharmaceutical sector is anticipated to be worth over USD 132 billion. In addition to this, the surging investment by the government in the healthcare sector, coupled with the significant growth in the medical science industry is also projected to drive the market growth further throughout the forecast period in the region.