Global IR Spectroscopy Market: Snapshot
The increasing investments in the research and development activities in the biological vertical are providing a significant push to the global infrared (IR) spectroscopy market. Based on product type, the market can be divided into benchtop, hyphenated, terahertz IR spectroscope, portable, and IR microscopy. On the basis of spectrum sensitivity, the market can be classified into near-infrared (NIR), far IR, and mid IR. The role of mid IR in the IR spectroscopy market is highly significant. Mid IR finds a wide range of applications in research activities and the industrial sector. Besides this, the demand for NIR spectroscopy devices in seed quality detection is expected to rise at a significant pace during the forecast period.
In terms of end-use industries, the global IR spectroscopy market can be categorized into the pharmaceutical, biological, food and beverages, and chemicals. The demand for IR spectroscopy is anticipated to remain high in the pharmaceutical sector throughout the review period. It plays an important role in the pharmaceutical excipient manufacturing process. The rising acceptance of international certificates such as good manufacturing practice (GMP), good distribution practice (GDP), and current good manufacturing practice (cGMP) is supplementing the growth of the segment.
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The global IR spectroscopy market holds immense growth potential. The influx of new players in the market is likely to increase the competition in the market in the near future. Prominent companies operating in the market are increasingly focusing towards global expansion and technological advancements in order to stay ahead.
Global IR Spectroscopy Market: Overview
IR spectroscopy consists of a range of analytical techniques based on the interaction of infrared radiation with matter, where a part of radiation is absorbed by the matter. With the help of infrared spectrometer, IR spectroscopy is used to identify and study chemicals in any state—solid, liquid, or gaseous. The technique is extensively useful in studying the molecular structure of polymers, organic, and inorganic compounds. The identification of functional groups is a vital characteristic in IR spectroscopy and organic chemistry. Favorable regulatory framework for process analytical technology in various industries, such as food and beverages and pharmaceuticals, and substantial investments are the key developments offering a robust background for the evolution of the IR spectroscopy market.
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Prepared with the help of extensive primary and secondary researches, the report provides a snapshot of current market dynamics, recent developments, emerging trends, technological advancements, and key offerings of market players. The research study offers a detailed analysis of the factors that stir up the demand for high-potential IR spectroscopes and recent industry developments shaping the strategic landscape. The market share and size of key end-use segments in major regions along the historical as well as forecast period are mentioned and the key drivers are analyzed. The assessments are helpful for market players to evaluate imminent investment pockets and facilitate impactful strategy formulation.
Global IR Spectroscopy Market: Key Trends, Drivers, and Restraints
The growth of the IR spectroscopy market is primarily driven by the increasing demand for IR spectroscopy techniques in a wide spectrum of sectors such as biological and medicinal chemistry, chemicals, food and beverages (F&B), pharmaceuticals, and semiconductors. Combined with this, the rise in R&D investments in life sciences has augmented the demand for IR spectroscopy. The soaring demand for near-infrared spectroscopy for fingerprinting of high-risk food types such as dairy products has led to an extensive application of IR spectroscopy in the F&B sector. The increased use of IR spectroscopy technology has led to the design of high-throughput IR spectroscopes, which enable rapid detection of food adulteration and contamination. This has enlarged the potential of IR spectroscopy across major regions.
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Availability of used IR spectroscope detectors and the limitation of IR spectroscopy method in analyzing the functional groups of a mixture of compounds are factors likely to hinder the growth of the market to an extent. However, continuous technological advancements in IR spectroscopes lead to miniaturization and the digitization of IR detectors, creating exciting opportunities for market players.
Global IR Spectroscopy Market: Region-wise Outlook
North America exhibits significant prospect for the growth in the IR spectroscopy market. The developments are driven by the stringent regulations on drug discovery and increased investment in R&D initiatives in the field of life sciences. In addition, substantial grants funded by the U.S. government for the design of high-throughput spectroscopes for plant and animal phenotyping and growing popularity of conferences are providing a platform for key market players to showcase new technologies. The Asia Pacific region is anticipated to showcase immense potential in terms of the demand for IR spectroscopes; the growth is driven by advancements in the semiconductor industry and rising food safety concerns.
Global IR Spectroscopy Market: Competitive Landscape
The global IR spectroscopy market is highly fragmented. Major strategies adopted by the key market players are new product launches, joint ventures, partnerships, agreements, acquisitions, and others, in order to consolidate and expand their presence in the market. Prominent companies looking for a significant share in the IR spectroscopy market include Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Bruker Corporation, Jasco Inc., Bayspec, Inc., Horiba, Ltd., Princeton Instruments, Perkinelmer Inc., Spectra Analysis Instruments, Inc., and Teledyne Technologies, Inc..