IR Spectroscopy Market by Technology (FTIR, Dispersive IR), Type (Near-infrared Spectroscopy, Mid-infrared Spectroscopy), Product Type (Benchtop Spectroscopes), End-user Industry (Healthcare & Pharmaceutical, Chemicals) - Global Forecast to 2029
The global IR spectroscopy market was valued at USD 1.2 billion in 2024 and is projected to reach USD 1.6 billion by 2029, it is expected to register a CAGR of 6.5% during the forecast period. Continuous technological advancements in IR spectroscopy is driving the growth of the IR spectroscopy market. Whereas availability of used IR spectroscopy devices is restraining the growth of the IR spectroscopy market.
Scope of the Report
Years Considered for the Study
2020-2029
Base Year
2023
Forecast Period
2024-2029
Units Considered
Value (USD Billion)
Segments
By Technology, Type, Product Type, End-user Industry and Region
Regions covered
Asia Pacific, North America, Europe, RoW
"The Micro Spectroscopes is expected to grow at the second highest CAGR during the forecast period."
The Micro spectroscopes segment is expected to grow at a second highest CAGR of 6.7% during the forecast period. Micro spectroscopes allows for the analysis of samples at a microscopic level, providing high spatial resolution. This is particularly valuable in fields such as materials science, forensics, and biology, where the distribution of chemical components within a sample is critical. These spectroscopes are applicable across a broad range of industries and scientific disciplines. It can be used to analyze organic and inorganic materials, polymers, pharmaceuticals, biological samples, and more. This versatility makes it an attractive tool for researchers and practitioners in various fields.
The near-infrared spectroscopy segment is likely to grow at the second highest CAGR during the forecast period
The hardware segment is expected to grow at a CAGR of 6.7% during the forecast period. Near-infrared spectroscopy allows for the non-destructive analysis of samples. This means that samples can be analyzed without altering or damaging them, which is particularly advantageous in industries such as pharmaceuticals, food, agriculture, and forensics. NIRS is versatile and can be applied to a wide range of materials and substances, including solids, liquids, and gases. It can be used for qualitative and quantitative analysis, making it applicable in diverse fields such as pharmaceuticals, agriculture, environmental monitoring, and biomedical research.
"The Asia Pacific segment is likely to grow at the second highest CAGR during the forecast period."
The market in Asia Pacific is expected to witness the second highest CAGR of 6.5% during the forecast period. Agriculture is the main occupation for many countries in the region and Ir spectroscopy is used to assess soil properties such as organic matter content, pH, nutrient levels (e.g., nitrogen, phosphorus, potassium), and texture. This information is crucial for optimizing fertilizer application, managing soil health, and ensuring crop productivity. IR spectroscopy can be used to analyze the organic matter content, nitrogen content, phosphorus content, and other important fertility parameters of soil. This information can be used to develop targeted fertilizer application programs and to improve soil health.
Breakdown of primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
By Company Type - Tier 1 - 35%, Tier 2 - 45%, Tier 3 - 20%
By Region-North America - 30%, Europe - 25%, Asia Pacific - 26%, RoW - 19%
The IR spectroscopy market is dominated by a few globally established players such as Shimadzu Corporation (Japan), ZEISS (Germany), PerkinElmer Inc. (US), Agilent Technologies, Inc. (US), Bruker Corporation (US), ABB (Switzerland), Thermo Fisher Scientific Inc. (US), Horiba, Ltd. (Japan), Sartorius AG (Germany), Hitachi High-Tech Corporation (Japan). The study includes an in-depth competitive analysis of these key players in the IR spectroscopy market, with their company profiles, recent developments, and key market strategies.
Research Coverage:
The report segments the IR spectroscopy market and forecasts its size by technology, type, product type, end-user industry, and region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions-North America, Europe, Asia Pacific, and RoW. Supply chain analysis has been included in the report, along with the key players and their competitive analysis in the IR spectroscopy ecosystem.
Key Benefits to Buy the Report:
Analysis of key drivers (Growth in the number of healthcare institutions and clinical research centers, Increase in R&D investments in healthcare and pharmaceuticals industry, Continuous technological advancements in IR spectroscopy). Restraint (Technical limitations of IR spectroscopy, Availability of used IR spectroscopy devices), Opportunity (Rising use of NIR spectroscopy in seed quality detection, Growing Product development for biological Research), Challenges (High Cost of IR spectroscopy products)
Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the IR spectroscopy market.
Market Development: Comprehensive information about lucrative markets - the report analyses the IR spectroscopy market across varied regions
Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the IR spectroscopy market.
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Shimadzu Corporation (Japan), ZEISS (Germany), PerkinElmer Inc. (US), Agilent Technologies, Inc. (US), Bruker Corporation (US), ABB (Switzerland), Thermo Fisher Scientific Inc. (US), Horiba, Ltd. (Japan), Sartorius AG (Germany), Hitachi High-Tech Corporation (Japan) among others in the IR spectroscopy market.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 STUDY SCOPE
1.3.1 MARKETS COVERED
FIGURE 1 IR SPECTROSCOPY MARKET SEGMENTATION
1.3.2 REGIONAL SCOPE
1.3.3 INCLUSIONS AND EXCLUSIONS
TABLE 1 INCLUSIONS AND EXCLUSIONS
1.4 YEARS CONSIDERED
1.5 CURRENCY CONSIDERED
1.6 UNIT CONSIDERED
1.7 LIMITATIONS
1.8 STAKEHOLDERS
1.9 SUMMARY OF CHANGES
1.9.1 IMPACT OF RECESSION
2 RESEARCH METHODOLOGY
2.1 INTRODUCTION
FIGURE 2 RESEARCH DESIGN
2.2 RESEARCH DATA
FIGURE 3 RESEARCH APPROACH
2.2.1 SECONDARY DATA
2.2.1.1 Major secondary sources
2.2.1.2 Key data from secondary sources
2.2.2 PRIMARY DATA
2.2.2.1 Key participants in primary interviews
2.2.2.2 Breakdown of primary interviews
2.2.2.3 Key data from primary sources
2.2.2.4 Key industry insights
2.3 FACTOR ANALYSIS
2.3.1 SUPPLY-SIDE ANALYSIS
FIGURE 4 REVENUE GENERATED BY IR SPECTROSCOPY SALES, BY KEY PLAYERS
FIGURE 5 REVENUE ANALYSIS OF SHIMADZU CORPORATION
2.3.2 DEMAND-SIDE ANALYSIS
FIGURE 6 REVENUE GENERATED BY IR SPECTROSCOPY SALES, BY END USER
2.4 MARKET SIZE ESTIMATION METHODOLOGY
FIGURE 7 SUPPLY-SIDE ANALYSIS
2.4.1 BOTTOM-UP APPROACH
2.4.1.1 Approach to arrive at market size using bottom-up analysis (demand side)
FIGURE 8 BOTTOM-UP APPROACH
2.4.2 TOP-DOWN APPROACH
2.4.2.1 Approach to arrive at market size using top-down analysis (supply side)
FIGURE 9 TOP-DOWN APPROACH
2.5 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 10 DATA TRIANGULATION
2.6 RESEARCH ASSUMPTIONS
TABLE 2 RESEARCH ASSUMPTIONS
TABLE 3 GROWTH FORECAST ASSUMPTIONS
2.7 RESEARCH LIMITATIONS
2.8 RISK ASSESSMENT
TABLE 4 RISK ASSESSMENT
2.9 PARAMETERS TO ANALYZE RECESSION IMPACT
TABLE 5 PARAMETERS TO ANALYZE RECESSION IMPACT
3 EXECUTIVE SUMMARY
FIGURE 11 IR SPECTROSCOPY MARKET, 2020-2029 (USD MILLION)
FIGURE 12 FAR-INFRARED SPECTROSCOPY SEGMENT TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 13 PORTABLE SPECTROSCOPES SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 14 BIOMEDICAL RESEARCH & BIOMATERIALS SEGMENT TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 15 ASIA PACIFIC TO BE FASTEST-GROWING MARKET DURING FORECAST PERIOD
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE GROWTH OPPORTUNITIES FOR PLAYERS IN IR SPECTROSCOPY MARKET
FIGURE 16 GROWING DEPLOYMENT OF IR SPECTROSCOPY SYSTEMS IN HEALTHCARE & PHARMACEUTICALS INDUSTRY TO DRIVE MARKET
4.2 IR SPECTROSCOPY MARKET, BY TYPE
FIGURE 17 MID-INFRARED SPECTROSCOPY TO LEAD MARKET DURING FORECAST PERIOD
4.3 IR SPECTROSCOPY MARKET FOR HEALTHCARE & PHARMACEUTICALS, BY REGION
FIGURE 18 NORTH AMERICA TO ACCOUNT FOR LARGEST MARKET SHARE DURING FORECAST PERIOD
4.4 IR SPECTROSCOPY MARKET, BY PRODUCT TYPE
FIGURE 19 BENCHTOP SPECTROSCOPES TO BE DOMINANT SEGMENT DURING FORECAST PERIOD
4.5 IR SPECTROSCOPY MARKET, BY END USER
FIGURE 20 HEALTHCARE & PHARMACEUTICALS SEGMENT TO HAVE LARGEST MARKET SHARE DURING FORECAST PERIOD
4.6 IR SPECTROSCOPY MARKET, BY REGION
FIGURE 21 NORTH AMERICA TO SHOWCASE LARGEST SHARE OF IR SPECTROSCOPY MARKET IN 2029
4.7 IR SPECTROSCOPY MARKET, BY COUNTRY
FIGURE 22 CHINA TO RECORD HIGHEST CAGR DURING FORECAST PERIOD
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 23 IR SPECTROSCOPY MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
FIGURE 24 IMPACT OF DRIVERS
5.2.1.1 Growing number of healthcare institutions and clinical research centers
5.2.1.2 Increasing R&D investments in healthcare & pharmaceutical industry
5.2.1.3 Continuous technological advancements in IR spectroscopy
5.2.2 RESTRAINTS
FIGURE 25 IMPACT OF RESTRAINTS
5.2.2.1 Technical constraints
5.2.2.2 Limited lifespan of IR spectroscopy devices
5.2.3 OPPORTUNITIES
FIGURE 26 IMPACT OF OPPORTUNITIES
5.2.3.1 Seed quality detection using NIR spectroscopy
5.2.3.2 Focus on drug development and biological research
5.2.4 CHALLENGES
FIGURE 27 IMPACT OF CHALLENGES
5.2.4.1 High cost of IR spectroscopy products
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
FIGURE 28 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
5.4 PRICING ANALYSIS
5.4.1 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY PRODUCT TYPE
FIGURE 29 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TOP PRODUCT TYPE
TABLE 6 AVERAGE SELLING PRICE TREND, BY TOP PRODUCT TYPE, 2015-2023 (USD)
5.4.2 AVERAGE SELLING PRICE TREND, BY REGION
TABLE 7 AVERAGE SELLING PRICE TREND, BY REGION, 2019-2023 (USD)
5.5 VALUE CHAIN ANALYSIS
FIGURE 30 VALUE CHAIN ANALYSIS
5.6 ECOSYSTEM ANALYSIS
FIGURE 31 ECOSYSTEM MAPPING
TABLE 8 ROLE OF COMPANIES IN ECOSYSTEM
5.7 INVESTMENT AND FUNDING SCENARIO
FIGURE 32 INVESTMENT AND FUNDING SCENARIO
5.8 TECHNOLOGY ANALYSIS
5.8.1 KEY TECHNOLOGIES
5.8.1.1 Micro-FTIR spectroscopy
5.8.2 COMPLEMENTARY TECHNOLOGIES
5.8.2.1 Raman spectroscopy
5.8.2.2 Mass spectrometry
5.8.3 ADJACENT TECHNOLOGIES
5.8.3.1 Miniaturization and portability
5.8.3.2 Data analysis software
5.9 PATENT ANALYSIS
TABLE 9 INNOVATIONS AND PATENT REGISTRATIONS, 2021-2023
FIGURE 33 PATENT ANALYSIS, 2013-2023
FIGURE 34 REGIONAL ANALYSIS OF PATENTS, 2023
5.10 TRADE DATA ANALYSIS
5.10.1 IMPORT DATA
FIGURE 35 IMPORT DATA FOR HS CODE 902730-COMPLIANT PRODUCTS, BY COUNTRY, 2018-2022 (USD MILLION)
TABLE 10 IMPORT SCENARIO FOR HS CODE 902730-COMPLIANT PRODUCTS, BY COUNTRY, 2018-2022 (USD MILLION)
5.10.2 EXPORT DATA
FIGURE 36 EXPORT DATA FOR HS CODE 902730-COMPLIANT PRODUCTS, BY COUNTRY, 2018-2022 (USD MILLION)
TABLE 11 EXPORT SCENARIO FOR HS CODE 902730-COMPLIANT PRODUCTS, BY COUNTRY, 2018-2022 (USD MILLION)
5.11 KEY CONFERENCES AND EVENTS
TABLE 12 KEY CONFERENCES AND EVENTS, 2024-2025
5.12 CASE STUDY ANALYSIS
5.12.1 NIR METHODS OPTIMIZED USING ANTARIS FT-NIR AND CHEMOMETRIC MODELING
5.12.2 USE OF FTIR SPECTROSCOPY FOR ENVIRONMENTAL PLASTICS RESEARCH
5.12.3 IMPROVED STONE DETECTION WITH MULTIVARIATE ANALYSIS SOFTWARE
5.12.4 ENHANCED CHEMICAL COMPOUND DETECTION USING DIAMOND-TURNED MIRRORS AND BEAMSPLITTERS
5.13 TARIFF AND REGULATORY LANDSCAPE
5.13.1 COUNTRY-WISE TARIFFS FOR HS CODE 902730-COMPLIANT PRODUCTS
TABLE 13 MFN TARIFF FOR HS CODE 902730-COMPLIANT PRODUCTS EXPORTED BY US, 2023
5.13.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 14 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 15 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 16 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 17 REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.13.3 REGULATORY STANDARDS
5.14 PORTER'S FIVE FORCES ANALYSIS
TABLE 18 IMPACT OF PORTER'S FIVE FORCES
FIGURE 37 PORTER'S FIVE FORCES ANALYSIS
5.14.1 THREAT OF NEW ENTRANTS
5.14.2 THREAT OF SUBSTITUTES
5.14.3 BARGAINING POWER OF SUPPLIERS
5.14.4 BARGAINING POWER OF BUYERS
5.14.5 INTENSITY OF COMPETITIVE RIVALRY
5.15 KEY STAKEHOLDERS AND BUYING CRITERIA
5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS
FIGURE 38 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY TECHNOLOGY
TABLE 19 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY TECHNOLOGY (%)
5.15.2 BUYING CRITERIA
FIGURE 39 KEY BUYING CRITERIA, BY PRODUCT TYPE
TABLE 20 KEY BUYING CRITERIA, BY PRODUCT TYPE
6 IR SPECTROSCOPY MARKET, BY TECHNOLOGY
6.1 INTRODUCTION
FIGURE 40 IR SPECTROSCOPY MARKET, BY TECHNOLOGY, 2024-2029 (USD MILLION)
TABLE 21 IR SPECTROSCOPY MARKET, BY TECHNOLOGY, 2020-2023 (USD MILLION)
TABLE 22 IR SPECTROSCOPY MARKET, BY TECHNOLOGY, 2024-2029 (USD MILLION)
6.2 FOURIER TRANSFORM INFRARED SPECTROSCOPY
6.2.1 INCREASING ADOPTION IN FORENSICS AND PHARMACEUTICAL RESEARCH TO DRIVE MARKET
TABLE 23 FOURIER TRANSFORM INFRARED SPECTROSCOPY: IR SPECTROSCOPY MARKET, BY PRODUCT TYPE, 2020-2023 (USD MILLION)
TABLE 24 FOURIER TRANSFORM INFRARED SPECTROSCOPY: IR SPECTROSCOPY MARKET, BY PRODUCT TYPE, 2024-2029 (USD MILLION)
6.3 DISPERSIVE INFRARED SPECTROSCOPY
6.3.1 GROWING USE IN CATALYSIS, SURFACE SCIENCE, ENVIRONMENTAL SCIENCE, AND MATERIALS CHARACTERIZATION TO DRIVE MARKET
TABLE 25 DISPERSIVE INFRARED SPECTROSCOPY: IR SPECTROSCOPY MARKET, BY PRODUCT TYPE, 2020-2023 (USD MILLION)
TABLE 26 DISPERSIVE INFRARED SPECTROSCOPY: IR SPECTROSCOPY MARKET, BY PRODUCT TYPE, 2024-2029 (USD MILLION)
7 IR SPECTROSCOPY MARKET, BY TYPE
7.1 INTRODUCTION
FIGURE 41 IR SPECTROSCOPY MARKET, BY TYPE, 2024-2029 (USD MILLION)
TABLE 27 IR SPECTROSCOPY MARKET, BY TYPE, 2020-2023 (USD MILLION)
TABLE 28 IR SPECTROSCOPY MARKET, BY TYPE, 2024-2029 (USD MILLION)
7.2 NEAR-INFRARED SPECTROSCOPY
7.2.1 RISING FOCUS ON DELIVERING HIGH-QUALITY PRODUCTS TO DAIRY AND AGRICULTURE INDUSTRIES TO DRIVE MARKET
TABLE 161 TELEDYNE PRINCETON INSTRUMENTS: COMPANY OVERVIEW
12.2.4 FOSS
TABLE 162 FOSS: COMPANY OVERVIEW
12.2.5 LUMEX INSTRUMENTS
TABLE 163 LUMEX INSTRUMENTS: COMPANY OVERVIEW
12.2.6 SPECTRA ANALYSIS INSTRUMENTS, INC.
TABLE 164 SPECTRA ANALYSIS INSTRUMENTS, INC.: COMPANY OVERVIEW
12.2.7 GALAXY SCIENTIFIC
TABLE 165 GALAXY SCIENTIFIC: COMPANY OVERVIEW
12.2.8 MICROPTIK
TABLE 166 MICROPTIK: COMPANY OVERVIEW
12.2.9 ISBEN PHOTONICS
TABLE 167 ISBEN PHOTONICS: COMPANY OVERVIEW
12.2.10 BAYSPEC
TABLE 168 BAYSPEC: COMPANY OVERVIEW
12.2.11 METROHM AG
TABLE 169 METROHM AG: COMPANY OVERVIEW
12.2.12 BRISTOL INSTRUMENTS
TABLE 170 BRISTOL INSTRUMENTS: COMPANY OVERVIEW
12.2.13 COLE-PARMER INSTRUMENT COMPANY, LLC
TABLE 171 COLE-PARMER INSTRUMENT COMPANY, LLC: COMPANY OVERVIEW
12.2.14 SCIEX
TABLE 172 SCIEX: COMPANY OVERVIEW
12.2.15 BRAINBOX LTD.
TABLE 173 BRAINBOX LTD.: COMPANY OVERVIEW
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.