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

Rising Applications in Pharmaceutical and Healthcare Industry to Provide Growth Opportunities for IR Spectroscopy Market

IR spectroscopes are prominently used in healthcare & pharmaceutical industries. Owing to rising investments in diagnostics and biomedical research, the scope of IR spectroscopy market is expanding. As clinical and research instrumentation, optical spectroscopy, and sensing are the major part of life sciences, IR spectroscopy provides ideal means for real-time analysis and non-destructive sampling in labs. Additionally, increasing demand for IR spectroscopy from various pharmaceutical companies for integrating new age cloud-based devices is further propelling the market growth.

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Geographically, North America held the largest share of the IR spectroscopy market in 2020, followed by Europe and Asia Pacific. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. The IR spectroscopy market is segmented into technology, product type, end-user, and geography. Based on technology, the market is categorized into near-infrared, mid-infrared, and far-infrared. The mid-infrared segment represented the largest share of the overall market. Based on product type, the market is segmented into benchtop spectroscopes, micro spectroscopes, portable spectroscopes, and hyphenated spectroscopes. In 2020, the benchtop spectroscopes segment accounted for a substantial share in the global IR spectroscopy market. Based on end-use industry, the market is segmented into healthcare, chemicals, oil & gas, food & beverages, and other end-users. The healthcare segment represented the largest share of the overall market.

The List of Companies - IR Spectroscopy Market

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

The report segments the global IR spectroscopy market 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

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Impact of COVID-19 Pandemic on IR Spectroscopy Market:

The COVID-19 crisis is affecting the industries worldwide. The global economy took the worst hit in 2020 and it is likely to continue in 2021. The outbreak has created significant disruptions in primary industries such as food & beverages, medical, energy & power, electronics & semiconductor, petroleum, and chemicals. A sharp decline in the growth of mentioned industrial activities is impacting the growth of the global IR spectroscopy market as they are the major supply and demand sources for IR spectroscopy products and solutions. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted manufacturing, supply, and sales of various electronic components that are required for the manufacturing of IR spectroscopy.

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This release was published on openPR.