IR Spectroscopy Market Drivers and Opportunities [2021-2031]
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
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
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IR Spectroscopy Market: Strategic Insights
| 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 |
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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 Report Scope
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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology , Product Type , and End user , Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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
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%.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
- 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:
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.
- 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.
- 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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