IR Spectroscopy Market to Grow at a CAGR of 6.3% to reach US$ 1,998.22 Million from 2021 to 2028

The IR spectroscopy market was valued at US$ 1,244.57 million in 2020 and is expected to grow at a CAGR of 6.3% during the forecast period of 2021 to 2028 to reach US$ 1,998.22 million by 2028.

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. Also, the Asian market houses varied industries—ranging from manufacturing to oil & gas—which is further raising the demand for IR spectroscopes for testing and sampling purposes. Moreover, the emergence of lightweight and compact portable/handheld spectroscopes to assist in on-field applications is another factor anticipated to bring growth prospects for the manufacturers and providers of IR spectroscopy. Also, rising number of food processing units and increasing dairy operations across the world are creating significant opportunities for the IR spectroscopy manufacturers, which, in turn, is expected to propel the growth of the IR spectroscopy market during the forecast period.   

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.

Lucrative Regional Markets for IR Spectroscopy Providers

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IR Spectroscopy Market Insights

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.

Technology-Based Market Insights

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 biosensing of tissues and cells. Such diverse application areas of MIR spectroscopy would help in fueling the market growth.

IR Spectroscopy Market, by Product Type – 2020 and 2028 

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Strategic Insights

Report Coverage - IR Spectroscopy Market

Report Coverage	Details
Market Size Value in	US$ 1,244.57 Million in 2020
Market Size Value by	US$ 1,998.22 Million by 2028
Growth rate	CAGR of 6.3% from 2021-2028
Forecast Period	2021-2028
Base Year	2021
No. of Pages	174
No. of Tables	83
No. of Charts & Figures	85
Historical data available	Yes
Segments covered	Technology , Product Type , and End user , Geography
Regional scope	North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope	US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Free Sample Copy Available	Get Free Sample PDF

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.

The IR spectroscopy market has been segmented as follows:

IR Spectroscopy Market – by Technology

• Near-infrared
• Mid-infrared
• Far-infrared

IR Spectroscopy Market – by Product Type

• Benchtop Spectroscopes
• Micro Spectroscopes
• Portable Spectroscopes
• Hyphenated Spectroscopes

IR Spectroscopy Market – by End-user

• Healthcare
• Chemicals
• Oil and Gas
• Food and Beverages
• Other End-users

IR Spectroscopy Market – by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC
• Middle East & Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA
• South America (SAM)
  • Brazil
  • Argentina
  • Rest of SAM

Company Profiles

• Agilent Technologies, Inc.
• Bruker Corporation
• Hitachi, Ltd.
• HORIBA LTD.
• JASCO International Co., Ltd.
• PerkinElmer Inc.
• Shimadzu Corporation
• Thermo Fisher Scientific Inc.
• Lumex Instruments
• Carl Zeiss AG.