HealthTech

IR Spectroscopy Growth is Attributed to Increasing Applications in Various Industries and Rising Investments in R&D in Healthcare

By Biswas Debanjan

Posted on September 26, 2021

IR spectroscopy is a process used to analyze different chemicals in varied forms such as liquids, solids, and gases. IR spectroscopy has a high scan speed, high resolution, and is highly sensitive. IR spectroscopy is utilized in various applications such as in biological research, and in chemicals, pharmaceuticals, healthcare, food & beverage, and consumer electronics industries. Growing demand of IR spectroscopy in these industries is expected to continue going ahead, thereby supporting market revenue growth of the global IR spectroscopy market over the forecast period.

The global IR spectroscopy market size reached USD 1.05 billion in 2020 and is expected to reach USD 1.63 billion in 2028 and register a CAGR of 5.9% during the forecast period. Rising adoption of mid-infrared spectroscopy in an expanding range of areas and applications is a key factor expected to drive market revenue growth going ahead.

Increasing implementation of IR spectroscopy in the biological field and increasing investments in R&D activities in pharmaceutical and healthcare industries and sector are significant factors driving revenue growth of the market. In addition, rapid adoption of IR spectroscopy in the healthcare sector for detection of kidney stones and blood vessel plaques is expected to augment growth of the IR spectroscopy market to a significant extent going ahead.

However, inability of the IR spectroscopy to analyze a few groups of chemical solvents and high cost of devices are some key factors expected to negatively impact revenue growth of the global IR spectroscopy market to a certain extent going ahead.

Click Here to Access Free sample PDF Copy of the Report

Some key highlights in the report:

The benchtop spectroscopes segment revenue is projected to expand at a considerably fast CAGR during the forecast period owing to rising utilization of benchtop spectroscopes for analyzing chemical characteristics of nuclear patterns of samples.
The mid-infrared segment is predicted to register a significant CAGR in terms of revenue throughout the forecast period, driven by a considerable increase in use of mid-infrared spectroscopy in various industries, especially in the food and beverage sector, to detect existence of foreign particles in food products and beverages.
North America is predicted to continue its dominance in terms of revenue share contribution over other regional markets in the global IR spectroscopy during the forecast period. This projection can be attributed to increasing investments in R&D activities in the pharmaceutical and healthcare industry and increasing usage of IR spectroscopy in the food and beverage industry.
Asia Pacific is expected to account for significant revenue share contribution to the global IR spectroscopy market throughout the forecast period. Many players in the market are adopting strategies to comply to new and more stringent regulations as a result of increasing incidence of food safety-related issue among consumers.
Key players in the market include Agilent Technologies, Inc., TeraView Limited, Shimadzu Corporation, Bayspec Inc., Horiba, Ltd., Carl Zeiss Spectroscopy GmbH, Teledyne Technologies Incorporated, Bruker Corporation, Avantes BV, and PerkinElmer, Inc.
In September 2020, Brucker Corporation announced acquisition of Canopy Biosciences, LLC in a move that will amplify Brucker’s product lines in fluorescence imaging as well as multiomics.

For the purpose of this report, Emergen Research has segmented the global IR spectroscopy market on the basis of type, technology, end-use, and region

Type Outlook (Revenue, USD Billion; 2018–2028)