IR Spectroscopy Market Size- Industry Share, Growth, Trends And Forecast 2020-2026

Spectrometers are widely used in various industries in order to identify material characteristics by measuring the emissions and absorption of the electromagnetic spectra. There are several spectroscopic techniques, including atomic spectroscopy, mass spectrometry, molecular spectroscopy, IR spectroscopy, and fluorescence spectroscopy. The most popular IR spectroscopy technique provides structure elucidation, detection, and quantification of elements or molecules in solid, liquid, or gas. This technique is used in several industries such as pharmaceutical, biotechnology, food & beverages, and chemical for quality control and raw material testing.

Based on technology, the IR spectroscopy market has been categorized into near-infrared spectroscopy, mid-infrared spectroscopy, and far-infrared spectroscopy. The mid-infrared spectroscopy segment is projected to account for the largest share during the review period owing to its increasing application in the food & beverage industry. It is widely used for detecting contaminants in solids and liquids. However, the far-infrared spectroscopy segment is expected to register the highest CAGR owing to the growing application such as detoxification, immunity-boosting, and healing wounds in the healthcare & pharmaceutical industry.

Based on the product type, the IR spectroscopy market has been segmented into benchtop, portable, hyphenated, and others. The benchtop segment dominated the global market in 2019. However, the portable segment is expected to register the highest CAGR during the forecast period from 2020 to 2026 owing to their low costs, small size, analysis simplicity, robustness, user-friendly sample interfaces, movability, and ergonomic designs.

Based on vertical, the IR spectroscopy market has been divided into healthcare, pharmaceuticals, chemicals, research, food & beverage, and others. The healthcare segment is likely to account for the largest market share owing to its diagnostic and therapeutic applications. However, the research segment is expected to register a significant CAGR during the forecast period. The biological research industry is expected to generate the highest demand for IR spectrometers during the forecast period.

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Regional Analysis

The IR spectroscopy market has been segmented, based on region, into North America, Europe, Asia-Pacific, and the rest of the world.

North America, followed by Europe, is expected to be the largest market in the forecast period owing to the high concentration of market players and the easy availability of proficient technical expertise. Additionally, the rapid development and uptake of technology and the large research industry in the US further drive the growth of the IR Spectroscopy market. However, the market in Asia-Pacific is expected to register a significant CAGR during the forecast period.

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Key Players

The prominent players in the global IR spectroscopy market are Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., PerkinElmer, Inc., Horiba Limited, Shimadzu Corporation, Metrohm, Bruker Corporation, Hitachi High-Technologies Corporation, Jasco, Newport Corporation, Oxford Instruments, Sartorius AG, and Teledyne Princeton Instruments.

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