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.
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.
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.
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.
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.
Key segments that contributed to the derivation of the IR spectroscopy market analysis are technology, product type, and end user.
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.
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.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.36 Billion |
| Market Size by 2031 | US$ 2.47 Billion |
| Global CAGR (2023 - 2031) | 7.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The IR Spectroscopy Market 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:
Disclaimer: The companies listed above are not ranked in any particular order.
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:
The “IR Spectroscopy Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America is anticipated to dominate the IR spectroscopy market in 2023.
Growing infrastructure projects promoting applications of bucket elevators and growing demand for bucket elevators in the fertilizer industry are some of the factors driving the IR spectroscopy market.
The increasing use of IR spectroscopy in the mining industry is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global IR spectroscopy market are Agilent Technologies, Inc., Bruker Corporation, Hitachi, Ltd., HORIBA LTD, JASCO International Co., PerkinElmer Inc., Shimadzu Corporation Ltd, Thermo Fisher Scientific Inc., Lumex Instruments, Carl Zeiss AG
The global IR spectroscopy market is expected to reach US$ 2. billion by 2031.
The expected CAGR of the IR spectroscopy market is 7.8%.