IR Spectroscopy Market Size Worth US$ 1,998.22 Million By 2028 | CAGR 6.3%: The Insight Partners

According to our latest market study on “IR Spectroscopy Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Technology, Product Type, and End-User,” the market was valued at US$ 1,244.57 million in 2020 and is projected to reach US$ 1,998.22 million by 2028; it is expected to grow at a CAGR of 6.3% from 2021 to 2028.

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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Spectroscopy is paving the path of sampling for testing purpose in varied applications, including healthcare and medical research. In mentioned applications, spectroscopy is used as a tool for enhancing diagnostics, sensing, and disease detection. In the past few years, many advancements have evolved spectroscopes from near-IR to UV-VIS for biomedical and several 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 increasing investments in healthcare & pharmaceutical industries to encourage R&D in mentioned industries are contributing toward the market growth.

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 bench top spectroscopes, micro spectroscopes, portable spectroscopes, and hyphenated spectroscopes. In 2020, the bench top 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.

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.

IR Spectroscopy Market Forecast to 2028 - Latest COVID-19 Analysis at https://bit.ly/30IogA6

Rising Applications in Pharmaceutical and Healthcare Industry

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.

IR Spectroscopy Market: Technology

Based on technology, the IR spectroscopy market is segmented into near-infrared, mid-infrared, and far-infrared. The mid-infrared segment led the IR spectroscopy market. The mid-infrared spectroscopy (MIR) is a vibrational spectroscopy technique, which identifies chemicals based on interaction of molecules with electromagnetic radiation in a mid-infrared region in a range of 400–4000 cm-1. The MIR spectroscopic sensing has a prolonged history of developing, implementing, and continually improving powerful instruments. Advancement in MIR light sources and spectrometers is prompting the development of fast and powerful instruments to explore an array of industrial, scientific, and biomedical problems. For instance, Agilent Technologies provides 5500 Series compact and portable mid-IR spectrometers developed for on-site oil & lubricant analysis. In addition to applications of MIR, environmental gas sensing is another application of MIR spectrometers. Moreover, MIR spectroscopy provides label-free chemical contrast in bio sensing of tissues and cells. Such diverse application areas of MIR spectroscopy would help in fueling the market growth.

Major Key players covered in IR Spectroscopy report:

Agilent Technologies, Inc.; Bruker Corporation; Hitachi, Ltd.; HORIBA LTD.; JASCO International Co., Ltd.; PerkinElmer Inc.; Shimadzu Corporation; Thermo Fisher Scientific Inc.; Lumex Instruments; and Carl Zeiss AG are among the few major companies operating in the IR spectroscopy market.

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The players operating in the IR spectroscopy market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

In 2021, Agilent Technologies, Inc. released MassHunter Workstation Plus 11.0, MassHunter BioConfirm, and MassHunter Networked Workstation 11.0 in order to comply with regulatory requirements from the EU EMEA and US FDA.

In 2019, PerkinElmer Inc. launched DA 6200 NIR analyser—an NIR spectrometer, which would allow meat and olive processors to perform quality and process control more accurately.

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