by Infrared spectroscopy (IR spectroscopy) is a technique used to identify chemicals and determine the molecular structure of a substance. It works on the principle that molecules absorb frequencies that are characteristic of their structure. IR spectroscopy helps in analyzing organic or inorganic materials and detects functional groups and chemical bonds present in compounds. This technique can rapidly identify unknown materials and check for sample purity. IR spectroscopy finds applications in various sectors like pharmaceuticals, food processing, chemicals, forensics, and semiconductor.
The Global IR Spectroscopy Market is estimated to be valued at US$ 1.30 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global IR Spectroscopy Market are Shimadzu Corporation, ZEISS, PerkinElmer Inc., Agilent Technologies, Inc., Bruker Corporation, ABB, Thermo Fisher Scientific Inc., Horiba, Ltd., Sartorius AG, Hitachi High-Tech Corporation, Oxford Instruments, Jasco, Teledyne Princeton Instruments, Foss, Lumex Instruments, Spectra Analysis Instruments, Inc., Galaxy Scientific, Microptik, Isben Photonics, and Bayspec.
The key opportunities in the market include increasing pharmaceutical and biotechnology R&D activities and growing food and environmental testing. Advances in infrared spectroscopy techniques like Fourier transform infrared (FTIR) spectroscopy and near-infrared spectroscopy (NIR) are driving the market growth.
Technological advancements such as compact portable Global IR Spectroscopy Market Size , miniature fiber optic probes, hyperspectral imaging, and integrating IR spectroscopy with microscopy are further fueling the market growth.
Market Drivers
Increasing application of IR spectroscopy in pharmaceutical assessments and quality control is a major market driver. This technique helps in identifying counterfeit drugs and checking drug purity and chemical composition. Growing demand from the food industry for analyzing food composition and detecting adulteration is also propelling the market growth. Rising concerns regarding environmental pollution have increased the implementation of IR spectroscopy for monitoring soil, water and air quality. Recent advancements like integrating IR spectroscopy with microscopy, compact portable devices and machine learning are augmenting its application scope and market demand.
Current Challenges in Global IR Spectroscopy Market
The global IR spectroscopy market is facing challenges like high cost of equipment and instruments. Infrared spectrometers are precision instruments requiring highly complex electronic and optical components. This makes them expensive with prices ranging from tens of thousands to few hundred thousand dollars depending on the technology and configuration. As a result, it is difficult for smaller laboratories and research facilities to afford them. Another challenge is lack of skilled professionals who can efficiently operate these sophisticated instruments. IR spectroscopy requires technical expertise to use, maintain and interpret results. There is a dearth of trained personnel especially in developing nations. This poses a hindrance in wider adoption of this technology.
SWOT Analysis
Strength: Precise chemical identification ability of IR spectroscopy with high resolution spectral results.
Weakness: Heavy reliance on skilled operators along with high maintenance and operating costs of instruments.
Opportunity: Emerging applications in food safety testing, counterfeit drug detection, and climate change monitoring are expanding the market scope.
Threats: Availability of substitutes like mass spectrometry and nuclear magnetic resonance spectroscopy limits the market potential.
Geographical Regions:
North America accounts for the largest share of the global IR spectroscopy market currently. This is attributed to heavy investments in life sciences and pharmaceutical R&D in the region. Europe is the second largest market assisted by regulatory support for new drug development and food safety monitoring.
Fastest Growing Region:
The Asia Pacific region is poised to witness the fastest growth during the forecast period. This is due to increasing government funding for applied research, growing outsourcing of clinical trials to countries like China and India as well as expansion of domestic pharmaceutical manufacturing capacities.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
