IR Spectroscopy Market Size Worth USD 1.63 Billion in 2028
According to the most recent analysis by Emergen Research, the global IR spectroscopy market size reached USD 1.05 billion in 2020 and is projected to grow at a CAGR of 5.9% during the forecast period. A significant factor that is anticipated to continue to propel growth of the global IR spectroscopy market over the forecast period is the growing demand for IR spectroscopy in a variety of industries, including chemicals, biological research, healthcare & pharmaceuticals, consumer electronics, food & beverages, and others. Additionally, it is anticipated that future market expansion would be further fueled by rising investments in pharmaceutical and healthcare industry R&D. In addition, growing use of mid-infrared spectroscopy is anticipated to boost market expansion in the near future.
In several fields, including healthcare and medical research, spectroscopy is paving the way for sample for testing purposes. Spectroscopy is a tool for improving diagnosis, sensing, and disease detection in the aforementioned areas. For biomedical and numerous other uses, spectroscopes have advanced over the last few years from near-IR to UV-VIS. In order to better serve the needs of patients and medical staff, there are an increasing number of medical facilities and clinical research centres around the world. Additionally, investments in the pharmaceutical and healthcare sectors are rising, which supports R&D in the aforementioned sectors.
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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.
Some Key Highlights in the Report
- Due to growing use of mid-infrared technology to identify molecules based on activity between particles and magnetic fields in the mid-infrared area, the mid-infrared segment is anticipated to have considerable increase in terms of market share over the course of the projected period.
- The market in North America is expanding as a result of increased expenditure in research and development activities in the pharmaceutical and healthcare sectors. Additionally, compared to other regional markets during the projected period, North America is anticipated to continue to account for the biggest revenue share.
- Shimadzu Corporation and RIKEN Innovation Co., Ltd. joined forces in June 2020 to create fresh assessment trials based on the brain and the five senses.
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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
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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