Infrared (IR) spectroscopy technique is used to obtain information about atoms and molecules that are too small to see using electromagnetic radiation. IR spectroscopy is also an analytical technique has been of great significance to scientific researchers in many fields such as medical, protein characterization, nanoscale semiconductor analysis, and space exploration among several others.
Infrared spectroscopy devices are proving indispensable in numerous industries such as pharmaceutical, biotechnology, food, chemical etc. for quality control and raw material testing. As a result, the market for infrared spectroscopy devices is growing exponentially.
Acknowledging the kind of growth, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global infrared spectroscopy devices market will reach approximately 1800 MN USD, registering approximately 5.60% CAGR over the forecast period (2022-2030).
Factors substantiating the market growth include the increased funding by the public and private sector for research studies in the biotechnology and pharmaceutical discoveries. Moreover, increasing research and development activities initiated by governments, schools, universities and research institutions across the developing regions is fuelling the growth of the market.
Furthermore, growing concern for safety, stringent regulations for the purity of the product, and increasing cases of contamination are fostering the market growth, creating a huge demand.
On the other hand, emerging IR devices developed with the futuristic technologies demand highly skilled professionals operate them. The lack of technical expertise among professionals is hampering the growth of the infrared spectroscopy devices market.
Also, the high costs of infrared spectroscopy devices alongside the high capital investment required for setting up manufacturing plant are acting as a headwind obstructing the market growth.
Global Infrared Spectroscopy Devices Market – Segments
MRFR has segmented the analysis into five key dynamics; for better understanding: –
By Spectrum Sensitivity : Near-infrared (NIR), Mid-infrared (Mid IR), and Far-infrared (Far IR)).
By Technology : Dispersive infrared spectroscopy and Fourier transform infrared (FTIR) spectroscopy.
By Product : Bench top, Portable, and Hyphenated.
End-User : Hospitals and Clinics, Pharmaceutical Industry and Research Laboratories among others.
By Regions : North America, Europe, APAC and Rest-of-the-World.
Global Infrared Spectroscopy Devices Market – Regional Analysis
The North American region dominates the global infrared spectroscopy devices market accounting for the largest market share. Factors supporting the growth in the regional market include substantial advancements and the uptake of advanced technologies.
The European region is another lucrative market for infrared spectroscopy devices. Continuous improvement in medical technologies is a key driving factor responsible for the growth of the regional market. European countries such as the U.K. and Germany backed by the enormous investments made in the development of these devices and related technologies account for the major contributors to the growth in the regional market.
The Asia Pacific region is rapidly emerging as a promising market for infrared spectroscopy devices, witnessing huge funding from foreign investors. Availability of cost-competitive logistics such as the land, raw materials, and workforce encourage manufacturers to shift their production bases to countries such as China and India, which in turn, fosters the market growth in the region.
Infrared Spectroscopy Devices Market – Competitive Analysis
The infrared spectroscopy devices market is widely expanded and highly competitive with the presence of numerous big and small players operating at the international as well as global level. The market will witness fierce competition due to the expected extensions in product & service and product innovations. Manufacturers operating in the infrared spectroscopy devices market strive to develop devices with adept technology and unrivaled design & features.
The Infrared spectroscopy devices market players driving the industry significantly include Jasco, PerkinElmer, Shimadzu, Agilent Technologies, Bruker Corp., Thermo Fisher Scientific Inc., Sartorius AG, and Princeton Instruments, among others.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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