Pune, Sept. 03, 2024 (GLOBE NEWSWIRE) -- IR Spectroscopy Market Size and Growth Outlook
According to the SNS Insider Research, IR Spectroscopy Market Size was valued at USD 0.43 billion in 2023 and is expected to reach USD 0.904 billion by 2032 and grow at a CAGR of 8.6% over the forecast period 2024-2032.
Increasing Importance of IR Spectroscopy in Analyzing Functional Foods
The surge in functional foods rich in bioactive compounds like vitamins and phenolics is driving growth in the sector. Infrared spectroscopy, especially mid-infrared (MIR) and near-infrared (NIR), is vital due to its speed, cost-effectiveness, and minimal sample preparation. MIR spectroscopy effectively predicts antioxidants and phenolic compounds in strawberry juice with R² values of 0.74 to 0.89, while NIR spectroscopy measures phenolic levels in olive oil with correlations up to r = 0.91. This technology is increasingly essential for ensuring food quality and regulatory compliance.
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Key Players Covered in this Research Report are:
- Thermo Fisher Scientific
- PerkinElmer
- Shimadzu Corporation
- Bruker Corporation
- Jasco
- Oxford Instruments
- Teledyne Princeton Instruments
- Agilent Technologies
- Horiba Limited
- Metrohm
- Hitachi High-Technologies Corporation
- Newport Corporation
- Sartorius
IR Spectroscopy Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 0.43 Billion |
| Market Size by 2032 | USD 0.904 Billion |
| CAGR | CAGR of 8.6% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Company Profiles | Thermo Fisher Scientific, PerkinElmer, Shimadzu Corporation, Bruker Corporation, Jasco, Oxford Instruments, Teledyne Princeton Instruments, Agilent Technologies, Horiba Limited, Metrohm, Hitachi High-Technologies Corporation, Newport Corporation and Sartorius. |
| Key Growth Drivers | • Increasing worries about Air quality and the growing use of IR Spectroscopy are driving the growth of the market. • Advancements in temporal ghost imaging methods fuel expansion in the mid-infrared (MIR) spectroscopy sector. |
Revolutionizing Diagnostic Accuracy through Transformative AI-Enhanced IR Spectroscopy.
The diagnostic industry is expected to experience substantial growth due to the demand for more sophisticated detection techniques. Methods such as microscopy and rapid tests frequently encounter challenges when dealing with conditions like anemia. AI-improved mid-infrared spectroscopy with ATR-FTIR technology is a significant advancement, reaching more than 90% accuracy in identifying infections even at minimal levels and upholding 80% precision in real-world settings. This advancement showcases the potential of IR spectroscopy to transform diagnostics and aid worldwide health efforts.
Leading the market in IR spectroscopy bench top spectrometers and far-infrared technology through dominance and innovations
In 2023, bench top spectroscopes led the IR spectroscopy market with a 38% revenue share due to their strength, precision, and versatility. Major industry players, including Thermo Fisher Scientific, PerkinElmer, and Bruker Corporation, drive this growth through continuous innovation. Thermo Fisher's Nicolet iS5 FTIR Spectrometer enhances sensitivity and user-friendliness for diverse applications. PerkinElmer’s Spectrum Two FTIR Spectrometer offers advanced detection and efficient analysis for sectors like pharmaceuticals and environmental monitoring. Bruker’s Vertex 70v FTIR Spectrometer, known for its high-resolution optics, underscores the demand for sophisticated, easy-to-use benchtop devices. These advancements boost the IR spectroscopy market by improving analytical accuracy and efficiency.
In 2023, the far-infrared technology dominated the IR spectroscopy market by capturing a 42% revenue share, due to its capability to examine low-frequency molecular vibrations and rotational transitions. This range, from 400 to 10 cm⁻¹, offers understanding of molecular behavior that mid- and near-IR techniques lack. Corporations such as Bruker Corporation, JASCO International, and Horiba Scientific are leading the way in advancements in this field.
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Key Market Segmentation
By Product Type
- Bench top Spectroscopes
- Portable Spectroscopes
- Micro Spectroscopes
- Hyphenated Spectroscopes
By Technology
- Near-infrared
- Mid-infrared
- Far-infrared
By End User
- Healthcare & pharmaceuticals
- Biological Research
- Consumer Electronics
- Chemicals
- Environmental
- Food & Beverages
Market dynamics in IR spectroscopy differ in North America and Asia Pacific, with North America leading and Asia Pacific experiencing rapid growth.
In 2023, North America led the IR spectroscopy market with a 38% share, mainly due to its advanced technology infrastructure and significant R&D investments. Leading innovators such as Thermo Fisher Scientific, PerkinElmer, and Bruker Corporation are key players in the market with products like the Thermo Scientific Nicolet iS10 FTIR, Spectrum Two FTIR, and Vertex 70v FTIR spectrometers. This leadership is driven by rising utilization in pharmaceuticals, chemicals, and environmental analysis, indicating the region's emphasis on technological progress and market growth.
Asia Pacific is quickly becoming the second biggest market for IR spectroscopy, with a projected CAGR of 8.6% from 2024 to 2032. The increasing industrialization, better research capabilities, and substantial investments in advanced analytical technologies in China, India, and Japan are fueling this growth. Important companies in the field are Shimadzu Corporation, known for its IRTracer-100 FTIR, Horiba Scientific and their FT-IR 6000 series, and Agilent Technologies with the Cary 7000 FTIR spectrometer. These developments address growing needs in pharmaceuticals, environmental monitoring, and industrial manufacturing, showcasing the region's crucial position in the IR spectroscopy sector.
Recent Development
- In December 2023, Shimadzu Corporation launched the IRseries products featuring a navigation system and evaluation function.
- In September 2023, Sartorius AG and Repligen Corporation introduced the Biostat STR bioreactor system that includes XCell ATF hardware and PAT-compatible advanced control recipes.
- In March 2023, the Rapid Screening Research Center in Taiwan established the first Satellite Laboratory, which was equipped with FTIR and mass spectrometry tools from Shimadzu.
- In January 2023, AIMsight was launched to enhance defect analysis efficiency by accelerating location searches and aiding in microplastics examination.
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Key Takeaways for IR Spectroscopy Market
- Accessing in-depth market data and trends assists businesses in making well-informed strategic decisions, spanning from product development to entering the market.
- Gaining insights into technological progress and rival tactics helps in creating new ideas and staying ahead in the competition.
- Insights from specific regions and projections for the future assist in allocating resources effectively and developing regional market strategies to maximize growth opportunities.
TABLE OF CONTENTS – Analysis of Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Market Revenue and Growth Volumes, by Region (2023)
5.2 Technological Trends in IR Spectroscopy (Historic and Future)
5.3 Fab Capacity Utilization (2023)
5.4 Supply Chain Metrics
6. Competitive Landscape
7. IR Spectroscopy Market Segmentation, by Product Type
8. IR Spectroscopy Market Segmentation, by Technology
9. IR Spectroscopy Market Segmentation, by End User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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