According to the new research report titled “IR Spectroscopy Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 1,998.22 million by 2028, registering a CAGR of 6.3% from 2021 to 2028.
Spectroscopy is paving the path of sampling for testing purpose in varied applications, including healthcare and medical research. In mentioned applications, spectroscopy is used as a tool for enhancing diagnostics, sensing, and disease detection. In the past few years, many advancements have evolved spectroscopes from near-IR to UV-VIS for biomedical and several other applications. Factors such as growing number of medical facilities and clinical research centers across the world to better serve the needs of patients and medical staff and increasing investments in healthcare & pharmaceutical industries to encourage R&D in mentioned industries are contributing toward the market growth. Also, the Asian market houses varied industries—ranging from manufacturing to oil & gas—which is further raising the demand for IR spectroscopes for testing and sampling purposes. Moreover, the emergence of lightweight and compact portable/handheld spectroscopes to assist in on-field applications is another factor anticipated to bring growth prospects for the manufacturers and providers of IR spectroscopy. Also, rising number of food processing units and increasing dairy operations across the world are creating significant opportunities for the IR spectroscopy manufacturers, which, in turn, is expected to propel the growth of the IR spectroscopy market during the forecast period.
Key Findings of Study:
Geographically, the IR spectroscopy market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. The infrared spectroscopy is an analytical technique receiving high momentum among laboratories at a global scale owing to its versatility and simplicity. This technique gives rapid quantitative & qualitative information with minimal sample preparation.
In 2020, North America held the largest revenue share of global IR spectroscopy market. The region attracts numerous technological developments in the field of IR spectroscopy which is driving the market in North America. For instance, Agilent Technologies, Inc. released MassHunter Workstation Plus 11.0, MassHunter BioConfirm, and MassHunter Networked Workstation 11.0 in 2021 to comply with regulatory requirements from the EU EMEA and US FDA.
The COVID-19 crisis is affecting the industries worldwide. The global economy took the worst hit in 2020 and it is likely to continue in 2021. The outbreak has created significant disruptions in primary industries such as food & beverages, medical, energy & power, electronics & semiconductor, petroleum, and chemicals. A sharp decline in the growth of mentioned industrial activities is impacting the growth of the global IR spectroscopy market as they are the major supply and demand sources for IR spectroscopy products and solutions. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted manufacturing, supply, and sales of various electronic components that are required for the manufacturing of IR spectroscopy.
Thermo Fisher Scientific Inc.; Agilent Technologies, Inc.; Shimadzu Corporation; PerkinElmer Inc.; and Bruker Corporation are the five key market players operating in the IR spectroscopy market. The listing of these five key players is derived by considering following key parameters: overall revenue, segmental revenue, brand image & industry expertise, current IR spectroscopy portfolio and related products, customer base, geographical reach, research and development investments, patents, technology integration, new product launches, partnerships, mergers & acquisitions, and other market related activities. There are several other notable players in the global IR spectroscopy market, including Hitachi High-Tech Corporation; HORIBA, Ltd.; JASCO; ZEISS International; and Lumex Instruments, which were also profiled in this report.