Global IR Spectroscopy Market Size, Share & Trends Analysis Report By Technology (Dispersive and Fourier Transform), By Type, By Product Type, By End-user, By Regional Outlook and Forecast, 2024 - 2031

Global IR Spectroscopy Market Size, Share & Trends Analysis Report By Technology (Dispersive and Fourier Transform), By Type, By Product Type, By End-user, By Regional Outlook and Forecast, 2024 - 2031

The Global IR Spectroscopy Market size is expected to reach $1.8 billion by 2031, rising at a market growth of 6.3% CAGR during the forecast period.

Biological research represents a significant and growing segment within the IR spectroscopy market, driven by the demand for advanced analytical techniques to unravel the complexities of biological systems, understand disease mechanisms, and develop innovative therapies and diagnostics. Consequently, the Biological research segment would generate approximately 10.11% share of the market by 2031. IR spectroscopy continues to play a pivotal role in advancing biological research, offering unique capabilities for studying biomolecular structure, function, dynamics, and interactions in health and disease.

The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance In December, 2023, Shimadzu Scientific Instruments, a subsidiary of Shimadzu Corporation, has unveiled its latest offering: the IRSpirit-X series Fourier transform infrared (FTIR) spectrophotometers. This series includes three models: the entry-level IRSpirit-LX, the high-sensitivity IRSpirit-TX, and the moisture-resistant IRSpirit-ZX. In November, 2023, Thermo Fisher Scientific, Inc. introduced the Thermo Scientific™ ARL iSpark™ Plus Optical Emission Spectrometer series to enhance elemental analysis efficiency in metal industries and labs. Tailored for metal production, processing, recycling, contract, and research labs, the ARL iSpark.

Based on the Analysis presented in the KBV Cardinal matrix; Thermo Fisher Scientific, Inc., Hitachi High-Tech Corporation and ABB Group are the forerunners in the Market. In March, 2024, Thermo Fisher Scientific, Inc. has introduced the Thermo Scientific™ Nicolet™ Apex FTIR Spectrometer, an advanced infrared spectrometer designed for diverse applications such as materials analysis, pharmaceutical research, and environmental monitoring. And Companies such as Carl Zeiss AG., Agilent Technologies, Inc., and Revvity, Inc. are some of the key innovators in Market.

Market Growth Factors

Advancements in instrumentation and technology play a crucial role in boosting the IR spectroscopy market by enhancing the capabilities, performance, and usability of IR spectroscopy instruments. Thus, as technology continues to evolve, the future of IR spectroscopy holds promise for further advancements in sensitivity, resolution, speed, portability, and integration, unlocking new opportunities for research, analysis, and problem-solving in diverse industries and scientific disciplines.

As healthcare systems worldwide evolve to meet the growing demand for medical services and advanced diagnostics, there has been a parallel increase in the establishment of healthcare institutions and clinical research centers across regions. Therefore, as the number of healthcare institutions and clinical research centers continues to grow worldwide, the demand for IR spectroscopy instruments, accessories, and services is expected to rise correspondingly.

Market Restraining Factors

The complexity of data interpretation poses a significant challenge in the IR spectroscopy market, hindering its widespread adoption and utilization across industries and research fields. Infrared spectra may contain baseline drift, instrumental noise, or other artifacts that can obscure true spectral features and complicate data interpretation. Thus, the intricacy of data interpretation may hamper the market's growth.

The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.

By Technology Analysis

Based on technology, the market is characterized into dispersive and Fourier transform. In 2023, the Fourier transform segment recorded a 32.70% revenue share in the market. Within the domain of infrared spectroscopy, Fourier Transform Infrared (FT-IR) spectroscopy is among the most prevalent methods. It has become a cornerstone in various industries and research fields due to its versatility, sensitivity, and ease of use. Its widespread adoption is attributed to several factors, including its ability to rapidly acquire high-quality spectra over a broad spectral range, typically from the far-infrared to the near-infrared.

By Type Analysis

On the basis of type, the market is classified into near-infrared spectroscopy, mid-infrared spectroscopy, and far-infrared spectroscopy. The near-infrared spectroscopy segment garnered the 59.79% revenue share in the market in 2023. Near-infrared spectroscopy, also known as NIR spectroscopy, is a technique that emphasizes the near-infrared region of the electromagnetic spectrum, which typically ranges from 780 to 2500 nanometers. It is considered to be an important technique within the field of infrared spectroscopy. NIR spectroscopy occupies a prominent position within the IR spectroscopy market, offering valuable capabilities for a wide range of industrial and research applications.

By Product Type Analysis

By product type, the market is fragmented into benchtop spectroscopes, micro spectroscopes, portable spectroscopes, and hyphenated spectroscopes. In 2023, the micro spectroscopes segment acquired a 19.91% revenue share in the market. Micro spectroscopy in IR spectroscopy finds applications across various fields such as materials science, pharmaceuticals, forensics, biology, geology, and semiconductor analysis. Its wide-ranging applications, imaging capabilities, and high spatial resolution make it invaluable for both academic research and industrial R&D in various fields.

By End User Analysis

Based on end-user, the market is classified into healthcare & pharmaceuticals, chemicals, food & beverages, environmental, biological research, and consumer electronics. The healthcare and pharmaceuticals segment recorded the 44.21% revenue share in the market in 2023. In this sector, infrared (IR) spectroscopy is widely employed for a range of applications, including drug discovery, formulation development, quality control, and regulatory compliance.

By Regional Analysis

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region held a 25.54 % revenue share in the market in 2023. The Asia-Pacific region presents opportunities for the adoption of IR spectroscopy for quality control, safety assessment, and authenticity verification of food products. These uses are driven by factors such as rapid industrialization, expanding healthcare and pharmaceutical sectors, growing chemical and petrochemical industries, increasing focus on environmental monitoring, and government support for research and development activities.

Market Competition and Attributes

Competition in the IR spectroscopy market is fierce, with established players like Thermo Fisher Scientific, Inc., Hitachi High-Tech Corporation and ABB Group driven by innovation, product variety, customer service, and regulatory compliance. Companies vie for dominance through technological advancements, diverse product portfolios, global expansion, and competitive pricing. Success hinges on staying ahead in technology, meeting customer needs, and adhering to industry regulations.

Recent Strategies Deployed in the Market

• Mar-2024: Thermo Fisher Scientific, Inc. has introduced the Thermo Scientific™ Nicolet™ Apex FTIR Spectrometer, an advanced infrared spectrometer designed for diverse applications such as materials analysis, pharmaceutical research, and environmental monitoring. The innovative Nicolet Apex spectrometer features the fast TE-MCT detector and intuitive Thermo Scientific™ OMNIC™ Paradigm Software, enhancing performance and analytical capabilities compared to similar solutions. With faster data acquisition, higher signal-to-noise ratio, and improved data quality, it aims to boost productivity and facilitate quicker decision-making. The user-friendly OMNIC Paradigm Software ensures seamless operation and integration into existing laboratory workflows, offering convenience and efficiency.
• Feb-2024: Bruker Corporation has finalized the acquisition of Spectral Instruments Imaging LLC, a renowned provider of preclinical in-vivo optical imaging systems. With this acquisition, Bruker aims to integrate spectral imaging systems into its preclinical offerings, effectively addressing a technological gap within the Bruker Biospin preclinical imaging (PCI) division. This acquisition expands Bruker's array of preclinical solutions for disease research, enhancing its overall product portfolio.
• Nov-2023: Thermo Fisher Scientific, Inc. introduced the Thermo Scientific™ ARL iSpark™ Plus Optical Emission Spectrometer series to enhance elemental analysis efficiency in metal industries and labs. Tailored for metal production, processing, recycling, contract, and research labs, the ARL iSpark Plus offers swift and accurate spectral analysis, aiding productivity, quality, and environmental goals. Notable features include an upgraded spark stand extending maintenance intervals by 30%, reduced signal drift for most elements, and minimal memory effect from previous samples. The integrated software and firmware also streamline processing, reducing time by 15%.
• Jul-2023: Agilent Technologies, Inc. has entered into an agreement with Metrohm AG, a Swiss firm renowned for crafting precision instruments for chemical analysis, including titration devices. Under this agreement, Metrohm will serve as a value-added reseller of Agilent's single and triple-quadrupole mass spectrometers (MS), ICP-MS products, software, and services across various European regions, including France, Spain, Switzerland, the UK, and Ireland. This alliance not only broadens Metrohm's ion chromatography (IC) capabilities but also unlocks numerous additional application opportunities, especially within the environmental, food, and beverage analysis sectors.
• Dec-2022: ABB Group has introduced a novel product called Sens+, offering natural gas quality monitoring solutions. Sens+ serves as a single device for ongoing, concurrent assessments of H2S, H2O, and CO2 impurities in natural gas streams, catering to custody transfer, tariff compliance, and process monitoring needs. Its swift response facilitates rapid reactions to process disturbances, thereby aiding in waste reduction and mitigating methane emissions. Notably, Sens+ demands approximately six times less sample flowrate for its measurements compared to alternative technologies, thereby diminishing both the total carbon emissions of the analyzer and the dissipation of natural gas into the atmosphere.

List of Key Companies Profiled

• Shimadzu Corporation
• Carl Zeiss AG
• Revvit, Inc
• Agilent Technologies, Inc.
• Bruker Corporation
• ABB Group
• Thermo Fisher Scientific, Inc.
• Horiba Ltd.
• Sartorius AG
• Hitachi High-Tech Corporation (Hitachi, Ltd)

Global IR Spectroscopy Market Report Segmentation

By Technology

• Dispersive
• Fourier Transform

By Type

• Near-infrared Spectroscopy
• Mid-infrared Spectroscopy
• Far-infrared Spectroscopy

By Product Type

• Benchtop Spectroscopes
• Micro Spectroscopes
• Portable Spectroscopes
• Hyphenated Spectroscopes

By End-User

• Healthcare & Pharmaceuticals
• Chemicals
• Food & Beverages
• Biological Research
• Environmental
• Consumer Electronics

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA