The IR Spectroscopy Market Size was valued at USD 0.43 billion in 2023 and is expected to reach USD 0.84 billion by 2031 and grow at a CAGR of 8.6% over the forecast period 2024-2031.
The IR spectroscopy market boasts a wide range of applications and products, making significant contributions across various industries. Leveraging its ability to analyze molecular composition, IR spectroscopy is extensively utilized in pharmaceuticals, biotechnology, food and beverage, forensics, environmental monitoring, and material science sectors. Market growth is propelled by factors such as stringent pharmaceutical regulations, escalating concerns regarding food safety, governmental investments in infrared technologies, and ongoing advancements in IR spectroscopy equipment. Segmenting by technology (Near-Infrared, Mid-Infrared, Far-Infrared) and product type (Benchtop, Micro, Portable, Hyphenated Spectroscopes) enables tailored solutions to meet specific industry requirements.
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KEY DRIVERS:
The surge in demand for infrared spectroscopy techniques across diverse industries, including biology, food and beverages, pharmaceuticals, medicine, chemistry, chemicals, and semiconductors, stands as the primary driver of market growth. Additionally, the escalating utilization of infrared spectroscopy in disease detection within the biological sector and its application in food fingerprinting techniques are anticipated to further propel market expansion.
Moreover, factors such as the burgeoning healthcare sector, increased healthcare spending, and the growing demand from emerging economies, coupled with the adoption of NIR spectroscopy in seed detection, are poised to bolster market growth within the forecasted period.
RESTRAINTS:
On average, IR spectroscopy devices have a lifespan of approximately 5-7 years and are relatively costly investments. Moreover, recent technological advancements have led to a slight increase in the average selling price (ASP) of these devices in recent years. Despite being present in the market for an extended period, these products find applications across various industries. Presently, there is a notable availability of pre-owned spectroscopy devices for resale. Interestingly, certain industry segments exhibit a preference for used devices over purchasing new ones. This trend could potentially impede the growth of the IR spectroscopy market.
OPPORTUNITIES:
Seeds represent fundamental and crucial agricultural assets, and their quality plays a pivotal role in agricultural production. Conventional methods like nucleic acid-based and immunodiagnostic techniques for seed quality assessment are both destructive and time-consuming, often requiring pre-treatment. In contrast, NIR spectroscopy technology not only discerns between healthy and infected seeds but also categorizes the extent of infection and identifies fungal pathogen segments. Extensive tests conducted by the International Seed Testing Association affirm NIR spectroscopy as an accurate and non-destructive detection method with significant potential for seed quality control and safety evaluation.
In recent years, NIR spectroscopy technology has undergone rapid advancement owing to its numerous benefits. It finds widespread application across various industries including chemicals, food, pharmaceuticals, and agriculture. Seeds necessitate assessment for moisture, fatty acid, protein, and carotene content, all of which NIR spectroscopes can accurately determine. Additionally, this technology enables the sorting of seeds based on these criteria and can identify seeds with low viability. NIR spectroscopes are also capable of distinguishing between worm-infested and healthy seeds.
CHALLENGES:
It has impeded their widespread adoption. Among NIR, Raman, and SWIR cameras, NIR spectroscopy products typically incur the highest costs. This is primarily attributed to the utilization of indium gallium arsenide (InGaAs) sensors in most NIR spectroscopy products. InGaAs, being a costly semiconductor material, contributes significantly to the overall price of a SWIR camera. Furthermore, the glass lens supporting the InGaAs sensor also adds to the expense compared to lenses used in other IR products. These factors collectively escalate the total cost of NIR spectroscopy products, posing a challenge for the IR spectroscopy market.
IMPACT OF RUSSIAN-UKRAINE WAR
The ongoing Russia-Ukraine crisis is expected to significantly disrupt the IR Spectroscopy market in various ways. Supply chain disruptions are likely due to both countries being vital sources of raw materials for manufacturing IR spectroscopy instruments, potentially leading to shortages and price increases. Additionally, sanctions on Russia may restrict the exportation of IR spectroscopy products, reducing market size and possibly resulting in job losses. Economic uncertainty stemming from the crisis could also delay investments in new IR spectroscopy equipment, particularly in regions closely tied to Russia or Ukraine economically. Despite these challenges, the market is anticipated to continue growing due to its expanding applications in sectors like pharmaceuticals and food & beverage. The impact of the crisis may be localized to regions directly affected by the conflict, but long-term outcomes will depend on the duration and severity of the crisis, as well as the market's ability to adapt to the changing global landscape.
IMPACT OF ECONOMIC SLOWDOWN
The ongoing economic downturn presents a nuanced impact on the IR Spectroscopy market and the broader spectroscopy sector, influenced by various factors including market dynamics, technological advancements, and regional trends. Despite economic hurdles, the global spectroscopy market, encompassing IR spectroscopy and related techniques, is poised to maintain growth momentum driven by increased adoption across industries like pharmaceuticals and food & agriculture, buoyed by stringent quality standards and regulatory compliance. However, challenges such as high procurement and maintenance costs for spectroscopy systems, coupled with a shortage of skilled personnel, could impede market expansion. Strategic planning informed by Ansoff Matrix analysis offers avenues for companies to navigate these challenges, whether through exploring new market opportunities, enhancing market penetration, developing innovative products, or diversifying offerings. It's imperative for IR Spectroscopy market players to adeptly manage these dynamics to leverage growth prospects while mitigating risks posed by the economic slowdown.
BY PRODUCT TYPE
Benchtop Spectroscopes
Portable Spectroscopes
Micro Spectroscopes
Hyphenated Spectroscopes
In the realm of product categories, including Benchtop, Portable, Hyphenated, and Others, the Benchtop segment emerges as the market leader, capturing approximately 61% of market share. This category finds extensive application in chemical industries for discerning the chemical and physical properties of elements.
BY TECHNOLOGY
Near-infrared
Mid-infrared
Far-infrared
In the realm of technology, including Near-Infrared Spectroscopy (NIR), Mid-Infrared Spectroscopy (MIR), and Far-Infrared Spectroscopy (FIR), MIR stands out as the frontrunner, commanding approximately 51% of market revenue. MIR proves to be a pivotal instrument for material detection and scanning, boasting high sensitivity whether applied to solid or liquid substances. Particularly in the food industry, its utility shines through in contaminant detection, offering significant benefits.
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BY END USER
Healthcare & pharmaceuticals
Biological Research
Consumer Electronics
Chemicals
Environmental
Food & Beverages
In 2023, the North American region emerged as the top contributor to market revenue in the IR spectroscopy sector, primarily propelled by technological advancements and infrastructure enhancements within the region. Additionally, supportive governmental policies played a crucial role in fostering further market growth. Europe's IR spectroscopy market secured the second-largest market share, attributed to its advanced infrastructure and stringent regulations governing industries that heavily rely on IR spectroscopy. Within Europe, the German IR spectroscopy market held the largest market share, while the UK market exhibited the highest growth rate.
The Asia-Pacific IR spectroscopy market is poised for accelerated growth during the forecast period, driven by burgeoning industrial sectors such as food and beverage, and pharmaceuticals, among others. Notably, both China and Japan stand out as leading regions for IR spectroscopy within the Asia-Pacific, indicating substantial market potential and expansion opportunities.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The key players in the IR spectroscopy market 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 & Other Players.
Shimadzu Corporation-Company Financial Analysis
RECENT DEVELOPMENT
In March 2022: microplastics have gained widespread recognition globally. A multitude of initiatives are underway to comprehensively evaluate the scope of plastic pollution and its potential repercussions on both human health and the environment.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 0.43 Billion |
| Market Size by 2031 | US$ 0.84 Billion |
| CAGR | CAGR of 8.6% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product Type (Benchtop 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) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| 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 Drivers | • Increased Usage of Infrared Spectroscopy Will Drive Growth |
| RESTRAINTS | • The presence of pre-owned IR spectroscopy devices |
The IR Spectroscopy Market was valued at USD 0.43 billion in 2023.
The expected CAGR of the global IR Spectroscopy Market during the forecast period is 8.6%.
The Asia Pacific region is anticipated to record the Fastest Growing in the IR Spectroscopy Market.
The Mid-infrared segment is leading in the market revenue share in 2023.
The North America region with the Highest Revenue share in 2023.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. IR Spectroscopy Market, By Product Type
9.1 Introduction
9.2 Trend Analysis
9.3 Benchtop Spectroscopes
9.4 Portable Spectroscopes
9.5 Micro Spectroscopes
9.6 Hyphenated Spectroscopes
10. IR Spectroscopy Market, By Technology
10.1 Introduction
10.2 Trend Analysis
10.3 Near-infrared
10.4 Mid-infrared
10.5 Far-infrared
11. IR Spectroscopy Market, By End-User
11.1 Introduction
11.2 Trend Analysis
11.3 Healthcare & pharmaceuticals
11.4 Biological Research
11.5 Consumer Electronics
11.6 Chemicals
11.7 Environmental
11.8 Food & Beverages
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Eastern Europe
12.3.1.1 Poland
12.3.1.2 Romania
12.3.1.3 Hungary
12.3.1.4 Turkey
12.3.1.5 Rest of Eastern Europe
12.3.2 Western Europe
12.3.2.1 Germany
12.3.2.2 France
12.3.2.3 UK
12.3.2.4 Italy
12.3.2.5 Spain
12.3.2.6 Netherlands
12.3.2.7 Switzerland
12.3.2.8 Austria
12.3.2.9 Rest of Western Europe
12.4 Asia-Pacific
12.4.1 China
12.4.2 India
12.4.3 Japan
12.4.4 South Korea
12.4.5 Vietnam
12.4.6 Singapore
12.4.7 Australia
12.4.8 Rest of Asia Pacific
12.5 The Middle East & Africa
12.5.1 Middle East
12.5.1.1 UAE
12.5.1.2 Egypt
12.5.1.3 Saudi Arabia
12.5.1.4 Qatar
12.5.1.5 Rest of the Middle East
11.5.2 Africa
12.5.2.1 Nigeria
12.5.2.2 South Africa
12.5.2.3 Rest of Africa
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Colombia
12.6.4 Rest of Latin America
13. Company Profiles
13.1 Thermo Fisher Scientific
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 PerkinElmer
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Shimadzu Corporation
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Bruker Corporation
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Jasco
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Teledyne Princeton Instruments
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Agilent Technologies
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Horiba Limited
13.8.1 Company Overview
13.8.2 Financial
13.8.3 Products/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Metrohm
13.9.1 Company Overview
13.9.2 Financial
13.9.3 Products/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Hitachi High-Technologies Corporation
13.10.1 Company Overview
13.10.2 Financial
13.10.3 Products/ Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View
13.11 Newport Corporation
13.11.1 Company Overview
13.11.2 Financial
13.11.3 Products/ Services Offered
13.11.4 SWOT Analysis
13.11.5 The SNS View
13.12 Sartorius
13.11.1 Company Overview
13.11.2 Financial
13.11.3 Products/ Services Offered
13.11.4 SWOT Analysis
13.11.5 The SNS View
13.13 Oxford Instruments
13.13.1 Company Overview
13.13.2 Financial
13.13.3 Products/ Services Offered
13.13.4 SWOT Analysis
13.13.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. Use Case and Best Practices
16. Conclusion
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