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IR Spectroscopy Market Analysis

ID: MRFR//8946-CR | 100 Pages | Author: Ankit Gupta| May 2023

In recent years, the market dynamics of Infrared (IR) Spectroscopy have undergone significant evolution, reflecting the growing demand for precise analytical techniques across various industries. IR Spectroscopy, a powerful tool for identifying and characterizing organic and inorganic compounds based on their molecular vibrations, has witnessed a surge in adoption owing to its versatility and accuracy.

One prominent driver of the market is the increasing application of IR Spectroscopy in pharmaceuticals and healthcare. The technique plays a crucial role in drug development and quality control, enabling researchers to analyze molecular structures with exceptional precision. As the pharmaceutical industry continues to expand, the demand for reliable analytical tools such as IR Spectroscopy is expected to rise, fostering market growth.

Moreover, the food and beverage sector has emerged as another key contributor to the expanding IR Spectroscopy market. With consumers becoming more conscious about the quality and authenticity of food products, manufacturers are integrating advanced analytical methods to ensure compliance with safety and quality standards. IR Spectroscopy aids in the detection of contaminants, adulterants, and the overall quality assessment of food items, thereby driving its adoption in the food industry.

Environmental concerns have also propelled the growth of the IR Spectroscopy market. Governments and regulatory bodies worldwide are enforcing stringent regulations related to environmental monitoring and pollution control. IR Spectroscopy facilitates the analysis of air, water, and soil samples, enabling precise identification of pollutants and their concentrations. This increased focus on environmental sustainability has led to a surge in demand for IR Spectroscopy instruments and solutions.

Technological advancements have played a pivotal role in shaping the market dynamics of IR Spectroscopy. The development of portable and user-friendly spectrometers has expanded the accessibility of IR Spectroscopy across diverse industries. These advancements have not only simplified the analytical process but have also reduced the overall cost, making the technology more attractive to a broader range of end-users.

The global nature of trade and commerce has further fueled the demand for IR Spectroscopy. As industries become more interconnected on a global scale, the need for standardized analytical techniques becomes imperative. IR Spectroscopy offers a universal platform for molecular analysis, facilitating seamless collaboration and ensuring consistency in results across different regions and industries.

Despite the positive trajectory, challenges such as high instrument costs and the need for skilled operators may hinder the widespread adoption of IR Spectroscopy, especially among small and medium-sized enterprises. However, ongoing efforts by market players to develop cost-effective solutions and provide training programs are expected to mitigate these challenges, promoting broader acceptance of the technology.

Global IR Spectroscopy Market Overview

IR Spectroscopy Market Size was valued at USD 0.4 billion in 2022. The IR Spectroscopy market is projected to grow from USD 0.43 Billion in 2023 to USD 0.84 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.70% during the forecast period (2023 - 2032). Rising pharma and healthcare investments and the adoption of technical advancement in IR spectroscopy are the key market drivers contributing to the market’s expansion.

 IR Spectroscopy Market

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

IR Spectroscopy Market Trends

  • Growing pharma and healthcare investments are driving the market growth

Market CAGR for IR Spectroscopy is driven by rising pharma and healthcare investments. Technological developments in the healthcare & pharmaceutical industries to stimulate R&D in these industries, as well as an increase in the number of medical facilities and clinical research to serve the needs of patients and medical staff, contribute to the market expansion. The Asian market is a hub for various industries, driving demand for IR spectroscopes for testing and monitoring. In addition, developing portable spectroscopes that will be aided in on-field applications is another element predicted to give growth prospects for the IR spectroscopy market. Based on their chemical makeup, IR Spectroscopy technology can recognize and distinguish items. As a result, it is used to process control, enforce quality standards, and avoid adulteration in preparing both plant- and animal-based goods. It is possible to calculate the amounts of lipids, proteins, carbs, and water in animal samples using IR spectroscopy.

Additionally, the growth of dairy operations and food processing plants globally is opening up huge potential for the producers of IR spectroscopy. Food processing, fruit processing, oil production, milk and cheese production, and the production of meat products are just a few industries that use IR spectroscopy. Growing public interest in food production and quality has developed, primarily due to dietary changes. Demand for IR Spectroscopy is fueled by the need for high standards for quality and process control in food production, which in turn demands for the right analytical techniques to analyze food. Pharmaceutical discovery research is now being conducted in North America and Europe. As a result, it is anticipated that IR Spectroscopy will become more popular in these areas. Since the United States has the largest pharmaceutical market in the world and many medications are produced there, there is a demand for IR Spectroscopy. Additionally, the FDA performs regulatory approval for a variety of food goods; consequently, many food product manufacturers use IR Spectroscopy to check for contaminants, which aids in maintaining quality standards.

Globally, various industries are being impacted by the COVID-19 industries like food and beverage, medicine, energy, electronics, semiconductor, and chemicals, have all experienced substantial disruptions as a result of the outbreak. As they are the main sources of supply and demand for IR spectroscopy solutions, the rise in industrial activities is having an impact on the development of the worldwide IR spectroscopy market. The production, supply, and sales of electronic components needed for the production of IR spectroscopy have been hampered by the factory closures, travel restrictions, trade bans, and border lockdowns implemented to combat and contain the outbreak. However, the post-pandemic situation revives the market, and a significant increase in demand for IR spectroscopy is seen.

For instance, The WHO reported in May 2022  that approximately 11% of drugs sold in emerging nations are fake, which causes 144,000 fatalities per year. NIR spectroscopy is one of the methods that many regulatory organizations, including the U.S.-FDA, Ministry of Health, NDA, and Health Canada, utilize to evaluate pharmaceutical authentication. The multitude of applications, flexibility, adaptability, and the expanding application of NIR spectroscopy in providing chemical and physical information all contribute to the industry's expansion. Thus, driving the IR Spectroscopy market revenue.

IR Spectroscopy Market Segment Insights

IR Spectroscopy Technology Insights

The IR Spectroscopy Market segmentation, based on Technology, includes Near-Infrared Spectroscopy, Mid-Infrared Spectroscopy, and Far-Infrared Spectroscopy. Mid-Infrared Spectroscopy dominated the market, accounting for 51.6% of market revenue (USD 0.6 billion) in 2022. MIR is an influential tool to detect and scan materials, whether solid or liquid, as it is highly sensitive. It is beneficial in the food industry to detect contaminants, if any.

Figure 1: IR Spectroscopy Market, by Technology, 2022 & 2032 (USD billion)

IR Spectroscopy Market, by Technology, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

IR Spectroscopy Product Insights

The IR Spectroscopy Market segmentation, based on Product, includes Benchtop, Portable, Hyphenated, and Others. The Benchtop category dominated the market, accounting for 61.6% in 2022. It is widely used in chemical industries to determine elements' chemical and physical properties.

IR Spectroscopy Vertical Insights

The IR Spectroscopy Market segmentation, based on Vertical, includes healthcare, Pharmaceuticals, Chemicals, Research, Food & Beverage, and Others. The Pharmaceutical Vertical generated the highest revenue, accounting for 55% of the market share in 2022. Increasing investment in healthcare and pharmaceutical industries will contribute to the IR spectroscopy market growth.

IR Spectroscopy Regional Insights

By Region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American IR spectroscopy market region contributed the highest market revenue in 2022, primarily due to upgraded Technology in this Region and infrastructural development. In addition, Governmental supportive policies help the market to flourish further.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: IR Spectroscopy Market Share by Region 2022 (%)

IR Spectroscopy Market Share by Region 2022

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe’s IR Spectroscopy market accounts for the second-largest market share due to advanced infrastructure and highly regulated industries that require IR spectroscopy. Further, the German IR Spectroscopy market held the largest market share, and the UK IR Spectroscopy market is the fastest-growing market in the European Region.

The Asia-Pacific IR Spectroscopy Market is expected to grow faster during the projected timeframe for IR spectroscopy. This is due to the industrial growth of industries like food and beverage, pharmaceutical, and others. Moreover, China’s IR Spectroscopy market and Japan’s IR Spectroscopy market are leading areas for IR spectroscopy in the Asia-Pacific region.

For instance, Spectroscopy Corp (PSC) and Bio-Rad Laboratories collaborated in 2019,  IR and Raman Library, respectively, and Identification software from Bio-Rad. Strategic collaboration was done to improve the key companies’ customer reach.

IR Spectroscopy Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to introduce new innovative solutions, which will help the IR Spectroscopy market to expand. Market participants are also undertaking strategic approaches, whether organic or inorganic, to expand their international presence, with important market developments including introducing new product lines, agreements, mergers and acquisitions, capex, and strategic partnerships with other organizations. To survive and grow in a hyper-competitive market, the IR Spectroscopy industry must offer cost-effective as well as sustainable options.

Manufacturing locally to reduce operational expenses is one of the key business tactics used by industries in the global IR Spectroscopy industry to benefit customers and capture market share. IR Spectroscopy industry has offered significant advantages to the healthcare and pharma industries. Major players in the IR Spectroscopy market, including 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, and others, are attempting to increase market share by heavily investing in research and development to upgrade their Technology and offer affordable solutions.

Bruker Corp. creates, produces, and sells scientific tools and analytical solutions that let customers explore. Gunther Laukien created the business in 1961, with its main office in Billerica, Massachusetts. It operates in the Bruker Scientific Instruments (BSI), Bruker Energy, and Supercon Technologies (BEST) sectors. In September 2020, Canopy Biosciences, LLC, which specializes in advanced multiplex biomarker scanning for immunology and cell therapy, was purchased by Bruker Corporation. With this acquisition, Bruker could offer more fluorescence-based scanning and multi-omics imaging products.

Since its founding in Kyoto in 1875, Shimadzu Corporation has provided cutting-edge products to clients worldwide. "Contributing to Society through Science and Technology" is Shimadzu's corporate philosophy. Over the past years, the company has accelerated and advanced its Technology, especially in MS technology. In June 2020, with RIKEN Innovation Company Ltd., Shimadzu Corporation developed new enterprises based on RIKEN research findings on brain and five sense assessment.

Key Companies in the IR Spectroscopy market include

  • 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

  • Teledyne Princeton Instrument

IR Spectroscopy Industry Developments

March 2022 Microplastics are now well-recognized everywhere. Numerous projects are now assessing the full extent of plastic contamination and its potential damage to both individuals and the ecosystem.

September 2020 Canopy Biosciences, LLC, which specializes in advanced multiplex biomarker scanning for immunology and cell therapy, was purchased by Bruker Corporation. With this acquisition, Bruker could offer more fluorescence-based scanning and multi-omics imaging products.

June 2020 With RIKEN Innovation Company Ltd., Shimadzu Corporation developed new enterprises based on RIKEN research findings on brain and five sense assessment.

IR Spectroscopy Market Segmentation

IR Spectroscopy Technology Outlook

  • Near-Infrared Spectroscopy

  • Mid-Infrared Spectroscopy

  • Far-Infrared Spectroscopy

IR Spectroscopy Product Outlook

  • Benchtop

  • Portable

  • Hyphenated

  • Others

 IR Spectroscopy Vertical Outlook

  • Healthcare

  • Pharmaceuticals

  • Chemicals

  • Research

  • Food & Beverage

  • Others

IR Spectroscopy Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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