New York, US, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global IR Spectroscopy Market information by Technology, by Product Type, by Vertical and Region – forecast to 2027” the market is anticipated to touch USD 1,548.9 million by 2026 at a 6.53% CAGR.
IR Spectroscopy Market Scope:
IR or infrared spectroscopy, put simply, is a method used for structure elucidation, quantifying, and detecting molecules or elements in any sample that can be liquid, solid, or gas. It analyzes the various frequencies characteristic of various molecules and elements to offer output. The infrared spectrum, put simply, is a graph of infrared light absorbance/transmittance on the vertical axis vs. wavelength or frequency on the horizontal axis. Then it is used for detecting, quantifying, and studying various samples.
Dominant Key Players on IR Spectroscopy Market Covered Are:
- Teledyne Princeton Instruments
- Sartorius AG
- Oxford Instruments
- Newport Corporation
- Jasco
- Hitachi High-Technologies Corporation
- Bruker Corporation
- Metrohm
- Shimadzu Corporation
- Horiba Limited
- PerkinElmer, Inc.
- Agilent Technologies, Inc.
- Thermo Fisher Scientific, Inc
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Market Drivers
Attractive Features that Spur Market Growth
According to the MRFR report, there are numerous factors that are propelling the IR spectroscopy market growth. Some of these entail growing investments in the pharmaceutical and healthcare industry, constant technological advances in IR technology, stringent regulations in the pharmaceutical industry, increasing food safety concerns, government initiatives in infrared technologies, developments in spectroscopy, increase in clinical research centers and medical facilities across the globe to serve medical staff and patients better.
On the contrary, technical limitations of IR spectroscopy and the high cost of IR spectrometers may limit the global IR spectroscopy market growth over the forecast period.
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Segmentation of Market covered in the research:
The MRFR report highlights on an inclusive analysis of the IR spectroscopy market based on vertical, product type, and technology.
By technology, the global infrared spectroscopy market is segmented into far-infrared spectroscopy, mid-infrared spectroscopy, and near-infrared spectroscopy. Of these, the mid-infrared spectroscopy segment will lead the market over the forecast period, while the far-infrared spectroscopy segment will grow at a high CAGR for its growing applications like healing wounds, immunity-boosting, and detoxification in the pharmaceutical and healthcare industry.
By product type, the global IR spectroscopy market is segmented into hyphenated, portable, benchtop, and others. Of these, the benchtop segment will dominate the market over the forecast period, while the portable segment will develop at a high CAGR for its low cost, analysis simplicity, small size, user-friendly sample interfaces, robustness, ergonomic designs, and movability.
By vertical, the global IR spectroscopy market is segmented into food and beverage, research, chemicals, pharmaceuticals, healthcare, and others. Of these, the healthcare segment will spearhead the market over the forecast period, while the research segment will grow at a high CAGR.
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Regional Analysis
North America to Stay at the Forefront in IR Spectroscopy Market
Geographically, the global IR spectroscopy market is bifurcated into Europe, the Asia Pacific (APAC), the Middle East and Africa (MEA), North America, and Rest of the World (RoW). Of these, North America will remain at the forefront in the market over the forecast period. The high concentration of market players, easy accessibility of proficient technical expertise, rapid development and uptake of technology, presence of a large research industry in the US, increased investments in R&D activities being performed in the pharmaceutical and healthcare industry, increasing use in the food and beverage industry to detect the presence of foreign particles on food items and beverages are adding to the global IR spectroscopy market growth in the region.
Europe to Hold Second-Largest Share in IR Spectroscopy Market
In Europe, the global IR spectroscopy market is predicted to hold the second-largest share over the forecast period. The rise in partnership among key market players and increased investments in R&D projects being performed in the pharmaceutical and healthcare industry is adding to the global IR spectroscopy market growth in the region.
APAC to Have Promising Growth in IR Spectroscopy Market
In the APAC region, the global IR spectroscopy market is predicted to have promising growth over the forecast period. The rapid growth of both the food and beverage industries and pharmaceuticals is adding to the global IR spectroscopy market growth in the region.
Rest of the World to Have Steady Growth in IR Spectroscopy Market
In Rest of the World, the global IR spectroscopy market is predicted to have steady growth in the forecast period at a high CAGR for the advances in the field of biological research.
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COVID-19 Impact on the Global IR Spectroscopy Market
The use of IR spectroscopy in testing applications is high in food and beverages, biological research, and healthcare and pharmaceuticals end user industries. Strict regulations from the government and the growing need for quality maintenance in such industries boost the adoption of IR spectroscopy. Unfortunately, the pandemic and spread of the novel coronavirus have led to a fall in demand for various products. Besides, manufacturing plants in numerous countries have been temporarily shut down to curb the spread of the deadly virus. The spread of this virus resulted in the rising production of medicines and medical equipment. This, in turn, has boosted the need for IR spectroscopy in the pharmaceuticals and healthcare industry, resulting in an increased need for IR spectroscopy solutions and products.
The pandemic is affecting various industries across the globe. The global economy was the worst hit in 2020, and this is predicted to continue even in 2021. The crisis has led to significant disruptions in numerous primary industries, including chemicals, petroleum, electronics and semiconductor, energy and power, medical, and food and beverages. A huge fall in the growth of these industrial activities is affecting the market growth as they are the key demand and supply sources for IR spectroscopy products and solutions. Border lockdowns, trade bans, travel bans, and factory shutdowns to contain and combat the pandemic have affected manufacturing, sales, and supply of various electronic components that are needed to manufacture IR spectroscopy.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.