Global IR Spectroscopy Market is Anticipated to Witness High Growth Owing to Increasing Adoption of IR Spectroscopy in Quality Assurance in Industries

Global IR Spectroscopy Market is Anticipated to Witness High Growth Owing to Increasing Adoption of IR Spectroscopy in Quality Assurance in Industries

It works on the principle that molecules absorb frequencies specific to their structure allowing for the identification of chemicals in the infrared region. The technique is used across various industries like healthcare, food, semiconductors, polymers and others for quality assurance, identification and quantification.

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 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, and Bayspec. The key players are focusing on expanding their product portfolio and geographical presence through mergers and acquisitions to strengthen their market position.

The key opportunities in the Global IR Spectroscopy Market Size lie in increasing adoption across industries like pharmaceuticals, healthcare, food, polymers and semiconductors for applications like identification, quantification and quality assurance. Growing focus on ensuring product quality is driving demand from various end-use verticals.

The major players are focusing on global expansion into high potential regional markets like Asia Pacific and Latin America through partnerships, collaborations and by establishing manufacturing and distribution facilities. Countries like China, India, Brazil and Mexico offer sizable growth opportunities owing to increasing investments in manufacturing and quality control operations.

Market drivers: Rising focus on quality control and assurance across industries has led to increased demand for IR spectroscopy systems. Further, advancements in technology allowing miniaturization of instruments is supporting uptake across new applications.

Market Restrain: High fixed and operational costs associated with IR spectroscopy instruments limits their adoption, especially in price sensitive markets. Further, lack of skilled professionals poses a challenge.
Segment Analysis
The global IR spectroscopy market is dominated by the FTIR segment which holds around 60% share of the overall market. FTIR spectroscopy technique provides high-performance, reproducible and reliable results. Other techniques such as Near-infrared (NIR), Mid-infrared (MIR), and Raman spectroscopy holds the remaining market share. NIR spectroscopy technique is the fastest growing segment owing to its non-destructive analysis capability to analyze samples in different physical forms like solid, liquid and gas. It is widely used for quantitative analysis in the pharmaceutical, food and agriculture industries.

Global Analysis
North America holds the leading position in the global IR spectroscopy market accounting for over 40% share, followed by Europe and Asia Pacific. Presence of major players, growing funding for R&D activities from private and public organizations along with expansion of end use industries drive the market in these regions. Asia Pacific is projected to witness the highest growth during the forecast period. This is attributed to rising pharmaceutical and biochemical industries, increasing research activities in emerging nations like China and India. In addition, growing foreign investments for setting up manufacturing plants by major players will further propel the regional market.

The key growth strategies adopted by market players are new product launches, strategic partnerships and acquisitions to expand their global footprint. For instance, in 2019, Thermo Fisher Scientific acquired mass spectrometry instrumentation provider, Capipex, to strengthen its analytical instruments and services portfolio for chromatography and mass spectrometry applications. This enabled Thermo Fisher to offer a comprehensive suite of solutions to the life sciences and applied markets industry.

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Ravina Pandya, 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, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)