IR Spectroscopy Market Developments and Forecast by 2031

The IR spectroscopy market size is projected to reach US$ 2.47 billion by 2031 from US$ 1.36 billion in 2023. The market is expected to register a CAGR of 7.8% during 2023–2031. Increasing applications in the pharmaceutical and healthcare industries and emerging growth in the food industry are likely to remain key trends and drivers in the market.

IR Spectroscopy Market Analysis

The demand for the IR spectroscopy market is anticipated to grow with the increasing number of medical facilities and clinical research centres across the world. Also, the rising application in the pharmaceutical and healthcare industry and growing focus of IR spectroscopy in emerging economies. Moreover, the market is anticipated to grow with the rise in the food industry.

IR Spectroscopy Market Overview

Infrared spectroscopy (IR spectroscopy) is the spectroscopy that deals with the infrared region of the electromagnetic spectrum, that is, light with a longer wavelength and lower frequency than visible light. It covers a range of techniques, mostly based on absorption spectroscopy. As with all spectroscopic techniques, it can be used to identify and study chemicals.

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IR Spectroscopy Market: Strategic Insights

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IR Spectroscopy Market Drivers and Opportunities

Rising Application in Pharmaceutical and Healthcare to Favor Market

The aging people of the world currently have various psychiatric and neurological impairments. Further, the brain functions of these patients are profoundly impaired, thereby restricting their independence in daily life. In these cases, IR spectroscopy is very essential. Further, near-infrared spectroscopy is used in the synthesis and purification of APIs (active pharmaceutical ingredients) and biopharmaceutical fermentations. The technology is ideal because it has been designed to analyze complex mixtures.

Importance of IR spectroscopy in the Food Industry.

Over the recent years, the method of infrared spectroscopy for food analysis has developed significantly. Infrared Spectroscopy can be utilized to conduct a quality analysis on several families of food groups such as meat, fruit, fish, vegetables, dairy, eggs, and cereals. As the technique of infrared spectroscopy has developed and evolved in its application in food analysis, it has eventually become a reliable and strong tool. The method has various benefits that make it the appropriate analytical tool for many food groups and food companies.

IR Spectroscopy Market Report Segmentation Analysis

Key segments that contributed to the derivation of the IR spectroscopy market analysis are technology, product type, and end user.

• Based on technology, the IR spectroscopy market is divided into near-infrared, mid-infrared, and far-infrared. The near-infrared segment is anticipated to hold a significant market share in the forecast period.  
• Based on product type, the IR spectroscopy market is divided into benchtop spectroscopes, micro spectroscopes, portable spectroscopes, and hyphenated spectroscopes. The benchtop spectroscopes segment is anticipated to hold a significant market share in the forecast period.  
• By end user, the market is segmented into healthcare, chemicals, oil & gas, food & beverages, and other end users. The healthcare segment is anticipated to hold a significant market share in the forecast period.  

IR Spectroscopy Market Share Analysis by Geography

The geographic scope of the IR spectroscopy market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the market. The IR spectroscopy market is growing in North America due to the robust growth in demand for IR spectroscopy in various industries such as healthcare, pharmaceuticals, chemicals, and food and beverages. Moreover, the strong emphasis on research and development is making the region technologically advanced.  Additionally, North America comprises a large number of IR spectroscopy manufacturers. Thus, owing to the above parameters, the IR spectroscopy market is growing in North America.

IR Spectroscopy Market Regional Insights

The regional trends and factors influencing the IR Spectroscopy Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses IR Spectroscopy Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

IR Spectroscopy Market Report Scope

IR Spectroscopy Market Players Density: Understanding Its Impact on Business Dynamics

The IR Spectroscopy Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the IR Spectroscopy Market are:

1. Agilent Technologies
2. Inc.
3. Bruker Corporation
4. Hitachi
5. Ltd.
6. HORIBA LTD

Disclaimer: The companies listed above are not ranked in any particular order.

IR Spectroscopy Market News and Recent Developments

The IR spectroscopy market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the IR spectroscopy market are listed below:

• Wiley, one of the world’s largest publishers and a global leader in research and learning announced the release of the new Wiley Database of Predicted IR Spectra. The database combines over 60 years of expertise in infrared (IR) spectroscopy and spectral data curation with the most current machine-learning techniques to significantly expand the number of IR spectral data available for spectral analysis. (Source: Wiley, Company Website, November 2023)
• Edinburgh Instruments announced the release of its new benchtop FTIR Spectrometer, the IR5, designed and manufactured at their global headquarters in Scotland. The IR5 is the first Fourier Transform Infrared (FTIR) spectrometer of the Edinburgh Instruments brand, renowned for its expertise in instrumentation for Raman, fluorescence, and UV-Vis absorption spectroscopies. (Source: Edinburgh Instruments, Company Website, March 2023)

IR Spectroscopy Market Report Coverage and Deliverables

The “IR Spectroscopy Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• IR spectroscopy market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
• IR spectroscopy market trends as well as market dynamics such as drivers, restraints, and key opportunities.
• Detailed PEST/Porter’s Five Forces and SWOT analysis.
• IR spectroscopy market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the IR spectroscopy market.
• Detailed company profiles.