In 2023, it is anticipated that the size of the global IR spectroscopy market will achieve a valuation of US$ 1.1 billion. It is predicted to surge at a steady CAGR of 6.0% from 2023 to 2033.
According to Future Market Insights (FMI), the IR spectroscopy industry is anticipated to have an absolute dollar potential of US$ 840 million during the research period. By 2033, it is most likely to be worth more than US$ 1.9 billion.
One of the main reasons for the rising IR spectroscopy demand is its critical role in the production of medications and therapeutics. Demand is expected to increase due to the need to characterize complex chemical structures and the growing importance of precision medicine.
In order to ensure the quality, purity, and safety of medicinal compounds, researchers might want to test them fast and effectively. As pharmaceutical regulations become more stringent, there will likely be an increased need for precise and powerful analytical techniques such as IR spectroscopy.
The Development of IR spectroscopy has been sparked by initiatives to advance sustainability and protect the environment across several businesses. Food manufacturing, agriculture, and ecological surveillance sectors are expected to employ this technique.
It will be used to monitor toxins, analyze soil conditions, and determine food’s nutritional value. By providing rapid and non-destructive analysis, IR spectroscopy would support activities that conserve resources and promote sustainability.
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IR spectroscopy is becoming increasingly popular worldwide due to its ability to characterize and identify materials at the molecular level. It is anticipated to be in high demand in the manufacturing and material science industries.
It might aid in quality control, ensuring that products meet specifications and perform at their peak. Due to its non-intrusiveness and ability to evaluate diverse materials, this technology has been implemented into several industrial processes.
As research in fields such as biological sciences, chemistry, and biochemistry progresses, demand for innovative analytical tools such as IR spectroscopy might rise. Researchers would hence try to understand fundamental chemical processes.
Key Takeaways from IR Spectroscopy Market Study:
- The global IR spectroscopy industry recorded a CAGR of around 7.8% in the historical period from 2018 to 2022.
- Japan IR spectroscopy industry is projected to witness a CAGR of 5.9% in the evaluation period.
- South Korea IR spectroscopy industry is likely to create an incremental opportunity of around US$ 42.8 million in the review period.
- Based on product type, the benchtop segment is anticipated to witness a CAGR of about 5.8% in the assessment period.
- In terms of end use, the healthcare and pharmaceuticals segment registered a CAGR of 7.6% between 2018 and 2022.
“Unlike several other processes that need labeling or sample modification, IR spectroscopy does not require the use of labels. This might make sure that the outcomes are a true reflection of the typical behavior of biological molecules by preserving their original condition. It is expected to pave the way to success for leading companies.” – Says a lead analyst at Future Market Insights (FMI).
Competitive Landscape
To deliver cutting-edge spectroscopic equipment, leading IR spectroscopy vendors are investing significantly in research and development. They are focusing on enhancing robotics, solutions, as well as device responsiveness. Researchers would be able to conduct more accurate and productive analyses as a result.
By developing small and portable IR spectrometers, suppliers can address the demand for on-site analysis across sectors, including those that deal with food, medicine, and environmental monitoring. Demand for rapid and immediate outcomes is on the rise, and this agility can help.
Providers are also creating user-friendly software solutions that make understanding, comprehension, and presentation of data easier. Researchers can quickly comprehend complex spectroscopic data and draw meaningful inferences from it with the help of user-friendly software.
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For instance,
Bruker Optics introduced the MOBILE-IR II in July 2023. It is a compact, battery-operated Fourier transform infrared (FT-IR) spectrometer that provides superior spectral performance for laboratory table-top equipment. This sturdy, portable spectrometer will enable users worldwide to carry common and uncommon FT-IR applications into the field.
Get More Valuable Insights into the IR Spectroscopy Market Report
In the latest report, Future Market Insights (FMI) has offered an unbiased analysis of the global IR spectroscopy market. The IR spectroscopy industry is segmented based on product type (benchtop, micro, hyphenated, and portable), end use (healthcare & pharmaceuticals, chemicals, biological research, environmental, and others), and regions.
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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