Vancouver, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The global IR spectroscopy market size reached USD 1.05 Billion in 2020 and is expected to register a CAGR of 5.9% during the forecast period, according to latest analysis by Emergen Research. Global IR spectroscopy market revenue is expected to increase significantly during the forecast period due to increasing IR spectroscopy utilization in the biological industry. Also, stringent legislation and norms associated with analytical processing technology in the healthcare industry is expected to boost growth of the global IR spectroscopy market to a significant extent over the forecast period. Advancements in spectroscopy technology has been resulting in miniaturization and computerization of IR sensors, which is another factor expected to contribute to market growth going ahead.
However, high cost of IR spectroscopy devices is expected to hamper growth of the global IR spectroscopy market growth to a certain extent during the forecast period.
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Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 1.05 Billion |
| CAGR (2023–2032) | 5.9% |
| Revenue forecast in 2032 | USD 2.05 Billion |
| Base year for estimation | 2020 |
| Historical data | 2017–2019 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, Technology, End-use, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Horiba, Ltd., TeraView Limited, Bayspec Inc., Teledyne Technologies Incorporated, Bruker Corporation, Shimadzu Corporation, Carl Zeiss Spectroscopy GmbH, Avantes BV, PerkinElmer, Inc., Agilent Technologies, Inc. |
| Customization scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global IR spectroscopy market is fairly fragmented, with a large number of large and medium-sized market players accounting for a major revenue share. Major players are focusing on various research and development activities and initiatives to deploy new and more efficient technologies in the market Some prominent players operating in the IR spectroscopy market are:
- Horiba, Ltd.
- TeraView Limited
- Bayspec Inc.
- Teledyne Technologies Incorporated
- Bruker Corporation
- Shimadzu Corporation
- Carl Zeiss Spectroscopy GmbH
- Avantes BV
- PerkinElmer, Inc.
- Agilent Technologies, Inc.
Strategic Development
In September 2020, Bruker Corporation announced the acquisition of Canopy Biosciences, LLC, which engages with high multiplex screening tool image analysis for immuno-oncology, microbiology, and cell therapy. This deal improved Bruker's product lines in multi-omics as well as fluorescence imaging methodologies.
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Some Key Highlights in the Report
- Rising usage of portable spectroscopes to analyze specimens in transit in biological research is driving growth of the portable spectroscopes segment, which is expected to register significant CAGR over the forecast period.
- In terms of revenue, the far-infrared segment is expected to register significant growth over the forecast period due to rising application of far-infrared technology-based IR spectroscopy systems in the healthcare industry.
- In terms of market share, the biological research segment is expected to register significant growth during the forecast period due to rising use of IR spectroscopy in biological research to identify absorbing rate of atoms in molecules and analysis of fingerprints.
- In terms of revenue share, Asia Pacific is expected to register a significantly rapid growth rate during the forecast period due to increasing strategic developments by major players and growing food safety issues in countries in the region.
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Emergen Research has segmented the global IR spectroscopy market on the basis of type, technology, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2019–2032)
- Micro Spectroscopes
- Hyphenated Spectroscopes
- Portable Spectroscopes
- Benchtop Spectroscopes
- Technology Outlook (Revenue, USD Billion; 2019–2032)
- Near-Infrared
- Mid-Infrared
- Far-Infrared
- End-use Outlook (Revenue, USD Billion; 2019–2032)
- Chemicals
- Biological Research
- Healthcare & Pharmaceuticals
- Consumer Electronics
- Environmental
- Food & Beverages
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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