Future of IR Spectroscopy: Market Trends and Growth Projections

The global IR spectroscopy market was valued at USD 1.2 billion in 2024 and is projected to reach USD 1.6 billion by 2029; it is expected to register a CAGR of 6.5% during the forecast period. Continuous technological advancements in IR spectroscopy is attributed to the ever-increasing demand IR spectroscopy devices.

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The Fourier Transform Infrared (FT-IR) Spectroscopy segment accounted for a larger share of ~88% of the IR spectroscopy market in 2023 and is also expected to exhibit a higher CAGR of 6.8% during the forecast. The growth of this segment is credited to various factors as it offers a unique combination of sensitivity, flexibility, and specificity, making it a popular analytical technique across various industries like food and beverage, chemical, pharmaceutical, and environmental analysis. Also, FTIR uses a mathematical technique called the Fourier transform to convert the raw data from the interferometer into a readable spectrum. This process significantly improves the S/N ratio compared to traditional dispersive IR spectrometer.

The benchtop spectroscopes segment accounted for a largest share of the IR spectroscopy market in 2023. Benchtop spectrometers are readily adaptable to remote learning environments, allowing for flexibility in educational settings and analytical chemistry course. They offers compactness, light weight, and cost-effectiveness of benchtop spectroscopes that make it easy to use them. They also have a unique design that results in their usability in various industries such as healthcare & pharmaceuticals and chemicals

Also, Benchtop IR spectrometers are versatile and can be used in different industries such as pharmaceuticals, biotechnology, food and beverages, environmental testing, academics, security, industrial sectors, petrochemicals, semiconductors.

The Mid-infrared Spectroscopy segment accounted for the largest share of ~54% of the IR spectroscopy market in 2023. Mid-IR spectroscopy has experienced significant growth within IR spectroscopy due to several key factors. These include the ability of mid-IR spectra to be rich with many absorption lines, enabling highly specific chemical identification, as well as the strong absorption lines in mid-IR spectra that allow for high sensitivity detection. Additionally, mid-IR spectroscopy directly probes the rotational and vibration modes of molecules, providing high specificity and sensitivity in chemical detection.

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North America held the largest share of ~40% of the IR spectroscopy market in 2023. Factors contributing to the market growth include the presence to key manufacturing companies such as PerkinElmer Inc. (US), Agilent Technologies, Inc. (US), Bruker Corporation (US), ABB (Switzerland), Thermo Fisher Scientific Inc. (US) in the region. Also, regulatory agencies such as the Food and Drug Administration (FDA) (US) and the Environmental Protection Agency (EPA) (US) often require the use of analytical techniques like IR spectroscopy for quality control, safety assessment, and environmental monitoring purposes. Compliance with these regulations drives the adoption of IR spectroscopy in relevant industries.

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This release was published on openPR.