IR Spectroscopy Market is estimated to reach USD 1,548.9 Million by 2026, registering a CAGR of 6.53% during the forecast period of 2020–2026
Globally, the size of IR Spectroscopy Market will reach USD 1,548.9 Million by 2026, at a CAGR of 6.53% during 2020–2026 driven by Increasing investment in the healthcare and pharmaceutical industry and continuous investment in the market.Infrared spectroscopy (IR spectroscopy) is a technique of spectroscopy that handles the infrared part of the electromagnetic spectrum. For instance, light with a longer wavelength and lower frequency than visible light. The method is used to detect, structure elucidation, and qualify elements in any sample that could be solid, liquid, or gas. It analyses the different features and molecules to provide output. This is mostly used in the food industry. Scientists use this for nanoscale semiconductor analysis, protein characterization, and space exploration. It has a lot of advantages, such as fast scanning, high resolution, and high sensitivity. It also has various applications, including substance identification, molecular structure determination, impurity detection, and functional group identification. Increasing investment in the healthcare and pharmaceutical industry and continuous investment in the market will make it gain good growth. However, the high cost of the IR spectrometer and its complex technology can hinder the market growth.
Source: MRFR Website
Based on technology, the IR spectroscopy industry has been segmented into near-infrared spectroscopy, mid-infrared spectroscopy, and far-infrared spectroscopy.
Based on product type, the IR spectroscopy industry has been segmented into benchtop, portable, hyphenated, and others.
Based on vertical, the IR spectroscopy industry has been segmented into healthcare, pharmaceuticals, chemicals, research, food & beverage, and others.
The YLMO mid-infrared (mid-IR) fibre laser delivers <400 duration pulses with a tunable spectrum in the 3–5 µm range.
Researchers have developed a new fabrication process that allows infrared (IR) glass to be combined with another glass and formed into complex miniature shapes. The new technique can create virtually any interconnected 3D shape with features measuring a micron or less.
The synthesis of 3 to 9-nanometer-sized, highly stable, curcumin-functionalized copper nanoparticles (CuC) via chemical reduction. Furthermore, they developed cost-effective CuC paper strips to detect sodium ion (Na+) concentration in urine and blood serum.
The pervasive presence of microplastics is now well-documented. Many projects are currently evaluating the complete scope of microplastic pollution and its potential risk to humans and the environment.
Global IR Spectroscopy Market is estimated to grow at a significant rate during the forecast period from 2020 to 2026. The geographic analysis of IR Spectroscopy has been conducted for North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, and the rest of Asia-Pacific), and the rest of the world (the Middle East & Africa and South America).
Based on region, North America holds the largest share for the IR spectroscopy market in 2019 and is expected to grow with significant growth during the forecast period. Various factors are leading to drive the growth of the IR spectroscopy market in the North American region due to the presence of high-tech technology and developed infrastructure. Furthermore, rapid development and uptake of technology and large research industry in the US also fuel the growth of the regional market.
Asia-Pacific is likely to be the fastest-growing region for the IR spectroscopy market during the forecast period. Japan and China are the leading revenue generators in the Asia-Pacific IR spectroscopy market. The rapid growth of the pharmaceuticals and food & beverage industries in the region is expected to drive the growth of the regional market during the forecast period.
The Key Players have adopted new product development, mergers, and acquisition as a part of their growth strategy to further increase their share in the global IR spectroscopy market. For instance, in March 2020, trinamiX GmbH launched a mobile near-infrared (NIR) spectroscopy solution that is a single, handheld device that provides precise data and material analytics and excellent molecular and chemical expertise.
There has been a recent partnership and collaboration among the key players, a strategy the business entities leverage to strengthen their reach to customers. For instance, in 2019, Spectroscopy Corp (PSC) and Bio-Rad Laboratories partnered in which the former will incorporate Bio-Rad’s IR and Raman Library and Identification software with the latter’s instruments.
MRFR has identified Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., PerkinElmer, Inc., Horiba Limited, Shimadzu Corporation, Metrohm, Bruker Corporation, Hitachi High-Technologies Corporation, Jasco, Newport Corporation, Oxford Instruments, Sartorius AG, and Teledyne Princeton Instruments as the key players in the global IR spectroscopy market.
|Market Size||2026 : USD 1,548.9 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Product Type, Vertical|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., PerkinElmer, Inc., Horiba Limited, Shimadzu Corporation, Metrohm, Bruker Corporation, Hitachi High-Technologies Corporation, Jasco, Newport Corporation, Oxford Instruments, Sartorius AG, and Teledyne Princeton Instruments|
|Key Market Opportunities||high cost of IR spectrometers and technical limitations of IR spectroscopy|
|Key Market Drivers||Growing investments in the healthcare & pharmaceutical industry and continuous technological advancements in IR spectroscopy|
The market size is estimated to reach USD 1,548.9 million by 2026.
The market is expected to grow at a CAGR of 6.53%.
Strong investments in the healthcare & pharmaceutical sector and continuous technological advancements in IR spectroscopy drives the IR spectroscopy market.
Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., PerkinElmer, Inc., Horiba Limited, Shimadzu Corporation, Metrohm, Bruker Corporation, Hitachi High-Technologies Corporation, Jasco, Newport Corporation, Oxford Instruments, Sartorius AG, and Teledyne Princeton Instruments.
North America will hold the largest market share during the forecast period.