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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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.
-- Key players in the market include Horiba, Ltd., TeraView Limited, Bayspec Inc., Teledyne Technologies Incorporated, Bruker Corporation, Shimadzu Corporation, Carl Zeiss Spectroscopy GmbH, Avantes BV, PerkinElmer, Inc., and Agilent Technologies, Inc.
-- In August 2018, Horiba Ltd. announced the launch of Duetta absorbance and fluorescence spectrometer, which performs non-contact and non-destructive evaluation of properties and characteristics of chemicals.
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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; 2018-2028)
-- Micro Spectroscopes
-- Hyphenated Spectroscopes
-- Portable Spectroscopes
-- Benchtop Spectroscopes
-- Technology Outlook (Revenue, USD Billion; 2018-2028)
-- End-use Outlook (Revenue, USD Billion; 2018-2028)
-- Biological Research
-- Healthcare & Pharmaceuticals
-- Consumer Electronics
-- Food & Beverages
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-- Regional Outlook (Revenue, USD Billion; 2018-2028)
-- North America
-- North America
-- Rest of Europe
-- Asia Pacific
-- South Korea
-- Rest of APAC
-- Latin America
-- Rest of LATAM
-- Middle East & Africa
-- Saudi Arabia
-- Saudi Arabia
-- South Africa
-- Rest of MEA
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