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

IR Spectroscopy Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Near-Infrared, Mid-Infrared, and Far-Infrared), Product Type (Benchtop Spectroscopes, Micro Spectroscopes, Portable Spectroscopes, and Hyphenated Spectroscopes), and End user (Healthcare, Chemicals, Oil & Gas, Food & Beverages, and Other End users), Geography

Publication Month : Mar 2021

  • Report Code : TIPRE00017506
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 174
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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

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 

IR Spectroscopy Market, by Product Type – 2020 and 2028 

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IR Spectroscopy Market: Strategic Insights

ir-spectroscopy-market
Market Size Value inUS$ 1,244.57 Million in 2020
Market Size Value byUS$ 1,998.22 Million by 2028
Growth rateCAGR of 6.3% from 2021-2028
Forecast Period2021-2028
Base Year2021
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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.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Technology , Product Type , and End user , Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Which region led the IR Spectroscopy market in 2020?

Presently, North America held the largest revenue share of global IR spectroscopy market. The region attracts numerous technological developments in the field of IR spectroscopy which is making market grow in North America. For instance, Agilent Technologies, Inc. released MassHunter Workstation Plus 11.0, MassHunter BioConfirm, and MassHunter Networked Workstation 11.0 in 2021 to comply with regulatory requirements from the EU EMEA and US FDA. Similarly, presence of companies like Agilent Technologies, Inc., Bruker Corporation, and PerkinElmer, Inc. within the territory of the region will further raise the production and sales cycle of spectroscopes.

Which factor is driving growth of the IR spectroscopy market?

IR spectroscopes are the prominent spectroscopic technique 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 IR spectroscopy market growth.

Which end-user led the IR Spectroscopy market?

The healthcare is leading the global IR spectroscopy market. Healthcare is one of the prominent end users of IR spectroscopy. The IR spectroscopy in healthcare and pharmaceuticals sector is used to enhance lighting efficiency of the endoscopic instruments used for removing kidney stones, artery plaque, and others. Imaging and illumination components of endoscopes are prevalent application areas of IR spectroscopy in the healthcare industry.

The List of Companies - IR Spectroscopy Market

  1. Agilent Technologies, Inc.
  2. Bruker Corporation
  3. Hitachi, Ltd.
  4. HORIBA LTD.
  5. JASCO International Co., Ltd.
  6. PerkinElmer Inc.
  7. Shimadzu Corporation
  8. Thermo Fisher Scientific Inc.
  9. Lumex Instruments
  10. Carl Zeiss AG

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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