The global multi-cuvette spectrophotometer market is characterized by the presence of many global and regional vendors. The market is highly competitive, with all the players competing to gain market share. The increasing demand for spectrophotometers in environmental screening and the rising adoption of spectrophotometers in the pharmaceutical industry are the key factors for the growth of the multi-cuvettes spectrophotometer market. However, poor longevity of instruments is the factor that limits the market growth.
According to Wantstats analysis, Hitachi High-Technologies Corporation, Shimadzu Corporation, Cole Parmer Ltd (Jenway), Agilent Technologies Inc., and Hach Company (Danaher) are the major key players in the multi-cuvette spectrophotometer market. Demand for molecular analysis and the emergence of biobanking are the growth opportunities for the multi-cuvette spectrophotometer market. Apart from technological innovations and development of the existing product portfolios, these players have entered into various partnerships and strategic alliances with local companies to expand their geographic presence.
Hitachi High-Technologies Corporation is one of the leading manufacturers of electronic components and is engaged in the sale of electronics. The company specializes in electronic device systems, life sciences, information systems and electronic components, and advanced industrial products. The manufacturing, sales, and distribution of spectrophotometers is carried out by the Science and Medical Systems. It is expanding its businesses through acquisitions to strengthen its position in the market. The company plans to implement strategic investments based on local production for local consumption.
Shimadzu Corporation is a leading manufacturer and supplier of analytical instruments, medical devices, testing instruments, and aircraft components. Shimadzu Corporation’s strategy for research & development activities categorizes core technologies linked to customer value into five technology groups based on customer workflows. For instance, in December 2019, Shimadzu launched six new products in its portfolio of UV/Vis spectrophotometers under the brand UV-i. The products possess automatic measurement, automatic pass and fail determination, and improved data analysis capabilities. These products can also provide a continuous analysis of 360 samples.
Cole Parmer Ltd (Jenway) is a manufacturer and distributor of laboratory instrumentation, equipment, and supplies. The company is focused on the development and enhancement of existing products. For instance, in March 2018, Jenway launched a spectrophotometer for use in education and the food industry. The model 74 series spectrophotometer has additional features such as USB connectivity, internal memory, and multi-language support.
Agilent Technologies, Inc. is one of the leading equipment providers for life sciences, diagnostics, and applied chemical markets. The company provides services to laboratories all around the world with its instruments, services, consumables, applications, and expertise. The company follows both organic and inorganic strategies by investing in R&D and also it has also acquired some companies such as BioTek Instruments, for strengthening its leadership position in growing markets of various instruments.
Hach Company is engaged in the provision of precision instruments. It is a wholly-owned subsidiary of Danaher Corporation since 1999. The company plans on expanding and strengthening its core business with targeted acquisitions and through new product developments. The company has entered into several partnerships and acquisitions to expand its market in other regions.
Threat of New Entrants
The global multi-cuvette spectrophotometer market witnesses the presence of several established players from Asia, Europe, and the US. The initial cost required for establishing manufacturing facilities in the multi-cuvette spectrophotometer is moderate. Furthermore, the cost of manufacturing/integrating the components with raw materials is low since these processes fall under discrete manufacturing. Moreover, favorable government regulations further lower the barriers of entry for the new players. Therefore, new entrants are expected to pose a moderate threat to the existing players due to low potential in the African and South American markets.
Bargaining Power of Suppliers
The providers of raw material and other electronic components are considered as the suppliers in the global multi-cuvette spectrophotometer market. The raw materials and electronic components required to develop spectrophotometers do not differ in quality and hence, the market is limited by a fixed number of material suppliers across the globe. Due to the presence of a large number of raw material suppliers outside Europe and South America, the manufacturers based in North America usually import the material and equipment from these regions, which increases the bargaining power of suppliers. Thus, the suppliers in the multi-cuvette spectrophotometer market are expected to have high bargaining power during the forecast period.
Threat of Substitutes
Spectrophotometers are used for measuring, determining, and analyzing the concentration of solutes in solutions by measuring the amount of the light absorbed by the solution. Currently, multi-cuvette spectrophotometers are being highly utilized across various industries such as pharmaceuticals, healthcare, chemicals, and research. The wide scope of spectrophotometers for various medical and life sciences applications is likely to fuel their adoption during the forecast period. However, there exists no such analytical instrument that can provide more accurate results than spectrophotometers. This has encouraged the end users to opt for traditional spectrophotometers; thus, reducing the impact of substitutes on the global multi-cuvette spectrophotometer market.
Bargaining Power of Buyers
The buyers in the multi-cuvette spectrophotometer market are companies and institutes from pharmaceuticals, chemicals, life science, academic research, and clinical research. However, the end users in developing countries are not mature and lack the expertise to operate the machines. Also, the cost of switching from one manufacturer to another is less, which reduces the bargaining power of suppliers. Therefore, the bargaining power of the buyers is expected to be low during the forecast period.
Intensity of Rivalry
The players in the global multi-cuvette spectrophotometer market are expected to witness a moderate degree of rivalry during the forecast period. The existing players in the market focus on research & development to innovate and develop highly efficient spectrophotometers for use in clinical research and laboratories. This is expected to increase the rivalry in the global market. However, the product differentiation of spectrophotometers is relatively less, which acts as a challenge for the companies to gain a competitive advantage over its peers; thus, reducing the rivalry in the market. Therefore, the limited presence of local players in the market makes the rivalry moderate.
