IR Spectroscopy Market to Grow at a CAGR of 6.3% to reach US$ 1,998.22 Million from 2021 to 2028

IR Spectroscopy Market to 2028 - Global Analysis - by Technology (Near-Infrared, Mid-Infrared, and Far-Infrared), Product Type (Benchtop Spectroscopes, Micro Spectroscopes, Portable Spectroscopes, and Hyphenated Spectroscopes), and End user (Healthcare, Chemicals, Oil & Gas, Food & Beverages, and Other End users)

Spectroscopy is paving the path of sampling for testing purpose in varied applications including health care and medical research. In mentioned applications, spectroscopy is used as a tool for enhancing diagnostics, sensing, and disease detection. In the last few years, many advancements have evolved spectroscopes from near-IR to UV-VIS for biomedical and many other applications. Factors such as growing number of medical facilities and clinical research centers across the world to better serve the needs of patients and medical staff, and substantial investment in healthcare & pharmaceutical industries to encourage R&D in mentioned industries are contributing toward the market growth. The growth of healthcare industry is a prominent application of IR spectroscopes attributed to the rising demand for diagnosing chronic disease and for conducting medical research. With increasing number of hospital clinics, the scope of using IR spectroscopes is rising.

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Various IR spectroscope manufacturers are developing technology and systems to enhance the analyzing efficiencies. High cost involved in the development of IR spectroscopes is one of the significant challenges faced by IR spectroscopes manufacturers. Among Raman, NIR, and SWIR cameras, the price of NIR spectroscopy products is comparatively high. As NIR spectroscopy products utilize indium gallium arsenide (InGaAs) sensors and expensive glass lens, the total cost of NIR spectroscopy products ends up being high, which may act as a restraining factor for the growth of the IR spectroscopy market. Additionally, life span of IR spectroscopy devices is ~5-7 years, which creates a necessity for end-use industries to procure used IR spectroscopes instead of purchasing new ones. As used IR spectroscopes are easily available in the market, the end-user industries are getting more inclined toward using them. Also, owing to the easy availability of various used spectroscopy devices for resale; the final end-user industries are getting inclined toward using used devices over purchasing new ones. Thus, high price, availability of used spectroscopes, and less average life span might hamper the IR spectroscopy market.

Top Company Profiles:

Agilent Technologies, Inc.
Bruker Corporation
Hitachi, Ltd.
HORIBA LTD.
JASCO International Co., Ltd.
PerkinElmer Inc.
Shimadzu Corporation
Thermo Fisher Scientific Inc.
Lumex Instruments
Carl Zeiss AG.

Portable spectrometers or handheld spectrometers enable the researchers to analyze varied samples on the go. Identification of raw materials, field analysis of samples, and forensic analysis, are among the applications of portable spectroscopes. Moreover, portable spectroscopes provide analysis capabilities similar to benchtop models. In the last few years, the IR spectroscopy has witnessed the arrival of handheld/portable laser-induced breakdown spectroscopy (LIBS) and smartphone spectroscopy concentrating on medical diagnostics for low-resource areas. The emergence and capabilities of portable instruments have increased drastically in the last 20 years, along with becoming compact and lighter. Pertaining to the factors such as developments in computing power, consumer electronics, constant R&D, and manufacturing advancement for the production of instruments are contributing toward the adoption of portable spectroscopy.

The IR spectroscopy market has been segmented as follows:

IR Spectroscopy Market - by Technology:
Near-infrared
Mid-infrared
Far-infrared

IR Spectroscopy Market - by Product Type:
Benchtop Spectroscopes
Micro Spectroscopes
Portable Spectroscopes
Hyphenated Spectroscopes

IR Spectroscopy Market - by End-user:
Healthcare
Chemicals
Oil and Gas
Food and Beverages
Other End-users

Key Findings of Study:
Geographically, the IR spectroscopy market is broadly segmented into five major regions-North America, Europe, APAC, MEA, and SAM. The infrared spectroscopy is an analytical technique receiving high momentum among laboratories at a global scale owing to its versatility and simplicity. This technique gives rapid quantitative & qualitative information with minimal sample preparation.

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In 2020, North America held the largest revenue share of global IR spectroscopy market. The region attracts numerous technological developments in the field of IR spectroscopy which is driving the market in North America. For instance, Agilent Technologies, Inc. released MassHunter Workstation Plus 11.0, MassHunter BioConfirm, and MassHunter Networked Workstation 11.0 in 2021 to comply with regulatory requirements from the EU EMEA and US FDA.

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This release was published on openPR.