Europe IR Spectroscopy Market is expected to reach US$ 511.81 million by 2028

PRESS RELEASE BY The Insight Partners 06 May 2021

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Benchtop Spectroscopes Segment to Dominate Europe IR Spectroscopy Market during 2021–2028 

According to The Insight Partners market research study on “Europe IR Spectroscopy Market to 2028 – COVID-19 Impact and Analysis and Forecast by Technology, Product Type, and End- users,” is expected to reach US$ 511.81 million by 2028 from US$ 328.26 million in 2020. The market is estimated to grow at a CAGR of 6.0 % from 2021 to 2028. The market is estimated to grow at a CAGR of 6.5% from 2021 to 2028. The report provides trends prevailing in the Europe IR spectroscopy market along with the drivers and restraints pertaining to the market growth. Anticipated Growth Opportunity in Food Industry and Occurrence of Portable/Handheld Spectrometers are the major factor driving the growth of the Europe IR spectroscopy market. However, heavy cost of IR spectroscopy solutions hinders the growth of North America IR spectroscopy market.

In Europe, Russia is the hardest-hit country by the COVID-19 outbreak, followed by the UK and others. Majority of European countries are expected to suffer an economic hit due to a lack of revenue from various industries, as these countries record the highest number of COVID-19 cases and deaths in the past year. Due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to face an economic slowdown in 2020 and most likely in 2021. European countries represent a major market for IR spectroscopy owing to the stringent quality and safety regulations in food & beverages and pharmaceutical industries proposed by the government and industry regulators. As spectrometers are used for analyzing samples, medicines and food items, manufacturers can ensure quality and make the final product as per the prescribed standards. However, the supply chain disruptions and demand decline from various end-user industries of IR spectroscopy market have led to a decline in revenues of market players operating in the European region.

Europe IR Spectroscopy Market is segmented into technology, product type, end-users, and country. Based on technology, the Europe IR spectroscopy market is segmented into near-infrared, mid-infrared, far-infrared. The mid-infrared segment held the largest market share in 2020 owing to increasing need for addressing industrial, scientific, and biomedical problems. Based on product type, the Europe IR spectroscopy market is segmented into benchtop spectroscopes, micro spectroscopes, portable spectroscopes, and hyphenated spectroscopes. The benchtop spectroscopes segment dominated the market pertaining to the fact that benchtop instruments are appropriate for high-sample-volume and routine applications such as substance qualification, material identification, and quality control. Based on end user, the market is segmented into healthcare, chemicals, oil & gas, food & beverages, and others. The healthcare industry dominates the end user segment in the market. The growth of this segment is attributed to the rising demand for diagnosing chronic disease and for conducting medical research. With increasing number of hospital clinics, the scope of using IR spectroscopes is rising.

Agilent Technologies, Inc.; Bruker Corporation; Carl Zeiss AG; Hitachi, Ltd.; Horiba, Ltd.; JASCO; International Co., Ltd.; Lumex Instruments; PerkinElmer, Inc.; Shimadzu Corporation; and Thermo Fisher Scientific Inc. are among the leading companies in the Europe IR spectroscopy market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, 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.

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