IR Spectroscopy Market by Spectrum Sensitivity (NIR, Mid IR, and Far IR), Product Type (Benchtop, Micro, Portable, and Hyphenated), Vertical (Biological, Pharmaceuticals, Chemicals, Food & Beverages, Environmental), and Geography - Global Forecast to 2022
“IR spectroscopy expected to grow at a CAGR of 6.5% during the forecast period”
The IR spectroscopy market is expected to be valued at USD 1.26 billion by 2022, growing at a CAGR of 6.5% during the forecast period. IR spectroscopy is used in various sectors such as biological, pharmaceuticals, chemicals, food & beverages, environmental, semiconductors, and others; of which the market for the biological sector is expected to grow at the highest CAGR during the forecast period. Factors such as advancements in the biotechnology and pharmaceuticals industries in the U.S., Germany, the U.K., and Italy are expected to drive the growth of the market during the forecast period.
“Portable spectroscopes to gain maximum traction during the forecast period”
The market for portable spectroscopes is expected to grow at a higher rate than that of the other IR spectroscopy types during the forecast period. The growth in this market is due the advantages of portable spectroscopes such as improved workflow, minimum space requirements, and less complications and efforts in maintenance. The portable IR instruments that are commonly available in the market involve Fourier transform mechanisms and are known as portable FT-IR. Benchtop spectroscopy held the largest market share in 2015.
“North America held the largest market share in 2015.”
North America held the largest share of the IR spectroscopy market in 2015; the market in North America is expected to dominate the global market during the forecast period. Increasing government funding for research, stringent drug regulations, and growing food safety concerns are some of the driving factors for the growth of the IR spectroscopy market in North America; whereas the market in APAC is expected to grow at the highest rate during the forecast period.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews have been conducted with key opinion leaders. The break-up of the profiles of primary participants is given below:
By Company Type: Tier 1—22%, Tier 2—45%, and Tier 3—33%
By Designation: C-Level Executives—33%, Directors—22%, and Others—45%
By Region: The Americas—34%, APAC—33%, Europe—22%, and RoW—11%
The increase in R&D investment in life science, regulatory framework for process analytical technology in the pharmaceuticals industry, and continuous technological advancements in IR spectroscopy are expected to drive the growth of the IR spectroscopy market in the next five years.
The key players, operating in the IR spectroscopy market, profiled in the report are:
1. Agilent Technologies, Inc.
2. Bruker Corp.
3. Bayspec, Inc.
4. Horiba, Ltd.
5. Jasco Inc.
6. Perkinelmer Inc.
7. Princeton Instruments (PI )
8. Spectra Analysis Instruments Inc.
9. Teledyne Technologies Inc.
10. Thermo Fisher Scientific Inc.
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the IR spectroscopy market comprehensively and provides the closest approximations of the revenue numbers, along with the shipment for the overall market and the subsegments across different verticals and regions.
2. The report would help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, and opportunities.
3. This report would help stakeholders to understand their competitors and gain more insights to strengthen their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.