IR Spectroscopy Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

Global IR spectroscopy market was valued at US$ 1,952.3 million in 2021 and is projected to reach valuation of US$ 2,866.7 million by 2030, at a CAGR of 4.6% over the forecast period 2022–2030. The market growth can be attributed to various factors such as extensive R&D investments in medical & pharmaceutical sector, evolving technological advancements into IR spectroscopy, and strict government regulations in accordance with the high demand for quality control across industries.

Infrared (IR) spectroscopy, a label-free & non-invasive method that investigates the vibrational module of compounds, thus providing a system-specific spectrum. It is being used in several industries and is ideal for many kinds of substances, including solids, liquids, & gases. 

The rapid development of infrared spectroscopic techniques that permits the collection of the IR spectrum from a chosen sample area at lateral resolutions ranging from micro to nanoscales, their application to more complex biological systems, such as whole cells and tissues, has gained a great deal of significance in biology and medicine. Moreover, the IR spectroscopy setups are constantly being improved and developed in a wide range of ways due to its numerous benefits.

There is a growing demand for IR spectroscopy due to the many benefits that it offers. IR spectroscopy is a powerful tool that can be used to identify and characterize molecules. It can be used to determine the structure of a molecule, as well as its chemical composition. Additionally, It can be used to study the interactions between molecules. One of the main advantages of IR spectroscopy is that it is non-destructive. This means that samples can be analyzed without being damaged or destroyed in the process. Additionally, IR spectroscopy is highly sensitive and can detect very small amounts of material.

Another advantage of IR spectroscopy is that it is relatively quick and easy to perform. Unlike some other analytical techniques, there is no need to prepare special sample holders or solvents. Additionally, data collection times are generally shorter with IR spectroscopy than with other techniques. 

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Market Dynamics of Global IR Spectroscopy market

Innovation & R&D Expenditure into Healthcare & Pharmaceutical Industries

Spectroscopic techniques, particularly infrared (IR) and Raman, have garnered enormous significance in the medical field, with applications ranging from early illness identification to monitoring and real-time diagnosis. With the use of IR spectroscopy, there have been many new drugs and medicines that are being licensed each year, due to which private spending on pharmaceutical R&D has significantly expanded over the past decade. Additionally, in 2021, the federal government increased the accessibility of new drugs. It promotes basic biomedical research, which provides the commercial sector with the knowledge necessary to develop new pharmaceuticals, & thus increasing the R&D spending over the course of development. 

Evolving Technology In IR Spectroscopy

The continuous development in the field of spectroscopy to satisfy the continuously changing worldwide demands has been playing a crucial role in the field of health, economic, and quality of life. 

IR spectroscopy has seen an incredible amount of change recently, with new and innovative technologies emerging to help users capture more accurate and insightful data. This trend is likely to continue as newer and more accurate systems are released, making IR spectroscopy an even more valuable tool for scientists and engineers. Here are five of the most important developments in IR spectroscopy technology over the past few years.n

• Improved resolution: As technology improves, the resolution of IR spectrometers also increases, allowing scientists to see smaller details within their samples. This type of detection is particularly important when studying materials that are difficult to sample or when analyzing complex molecular structures.
• Greater versatility: Different types of spectrometers can now be combined to obtain more detailed data; this makes IR spectroscopy a versatile tool for researchers looking for the best results from their research. For example, Fourier transform infrared (FTIR) spectrometers can be used in conjunction with 7-GHz array detectors to produce extremely high-resolution data on proteins and small molecules.
• Increased efficiency: Improvements in manufacturing processes have allowed for greater output from IR spectrometers; this means that researchers can obtain more data in less time.

Current Trends in the IR Spectroscopy Market

Rising Consumer Awareness & Demand for Quality Food

The significance of food's nutritional value is becoming more understood by consumers, thus, creating an interest in high-quality food and in other causes, such as health and environmental concerns. One of the most popular spectroscopic methods being employed in the food sector is infrared spectroscopy. 

The use of this technique has increased across a wide range of food study fields because of the rapid development of infrared spectroscopic instruments software and hardware. It has developed into a potent, quick, and non-destructive instrument for monitoring and analyzing food quality. This pace of technological growth exhibits food quality assessment and control in infrared spectroscopy. Additionally, ATR-FTIR and PLS-R together provide a highly effective option for accumulating the quantitative data on many foods’ nutritional values. 

Depending on the analytical needs, this technique offers a variety of characteristics for speed and accuracy. For instance, PepsiCo has instated quality management systems and internationally applicable programmes that monitor performance regarding compliance targets set in every sector. Compliance programmes and quality management systems are housed in the R&D department. The compliance members include PepsiCo's Food Safety, Quality Assurance, Scientific Affairs, and Regulatory Affairs departments.

Factors restraining market growth

Lack of Expertise

IR spectroscopy requires high-quality instrumentation and expertise from analysts. Instrumentation can be expensive and a lot of specialized knowledge is necessary to use IR spectroscopy effectively. Additionally, there is a high demand for IR spectroscopy in industries such as oil and gas, automotive, food sciences, and pharmaceuticals. But because these industries are subject to continuous changes, new applications for IR spectroscopy are always being developed. This means that respondents may have less need for IR spectroscopy in the long run, which could hamper demand growth.

Lack of Awareness

Another reason for low demand for IR spectroscopy is the lack of awareness among commercial users about its potential benefits. Many companies may see IR spectroscopy as a niche instrument that only limited companies or research institutes can afford. Furthermore, there is often little demonstration or marketing support available to promote the benefits of using IR spectroscopy. This makes it difficult to attract newcomers to the field and drive wider adoption of the technology.

Healthcare and Food & Beverage Industries witnessed a decline during COVID-19

The COVID Pandemic has impacted use of IR spectroscopy across various major sectors. At the start of pandemic, the manufacturing operation in food and beverage sector, consumer electronic goods sector, healthcare sector and pharma research centers came to standstill & thus, negatively affected the use of IR spectroscopy. Moreover, the Fourier-transform infrared (FTIR) spectroscopy with artificial intelligence (AI) are being highly used for the rapid diagnosis of Covid-19 in major clinical laboratories and research institutes, as it is simple non-invasive technique, label-free, and cost-effective.

According to Astute Analytics, it is inferred that the market’s y-o-y fell to 1.43% in 2020 during the peak Covid-19 pandemic, which was better as compared to other industries. However, this impact of covid had been quickly mitigated in 2021 due to the ease with covid restrictions & progressive opening of industries worldwide and is expected to continue a smooth linear growth trend up till 2030. It is predicted to reach a y-o-y (%) of 6.68% by 2030 due to the increasing usage of IR spectroscopy in bioscience research and healthcare sector.

Market Segmentation

Spectrum Analysis

Based on spectrum, the IR spectroscopy market is segmented into short wave infrared (0.78 to 1.5 microns), medium wave infrared (1.5 to 3 microns), and longwave infrared (3 to 1000 microns). The Medium wave infrared segment contributed 49.2% revenue to the global market in 2021 and is expected to reach US$ 1400 million by 2030. This is because of the analytical approach, which can be employed in a wide range of scientific and technical domains for detection and scanning of particle oscillation, ensures easy detection of adulteration in many food and beverage goods. Whereas the Longwave Infrared is anticipated to grow at the highest CAGR of 5.2% in the IR Spectroscopy market over the forecast period due to their rising utilization for medical and pharmaceutical-related activities.

Product Type Analysis

In terms of product type, the benchtop spectroscopes segment generated 41.9% revenue of the global IR spectroscopy market in 2021 due to their use in identifying the molecular composition/character of a specimen in a single group of diagnostic tests, followed by the hyphenated spectroscope segment. Meanwhile, portable spectroscopy segment is anticipated to experience the highest CAGR of 5.6% over the projection period thanks to its extensive use in forensic investigations and biological research.

Technology Analysis

In terms of technology, the Fourier transform infrared spectroscopy segment held the highest market share at 63.6% in 2021 due to its superior spectral quality to dispersive technology. In addition, it is predicted to grow at the highest CAGR of 4.9% during the forecast period because of its fast data gathering speed and relatively simple maintenance and usage, making it a desirable option for a variety of industrial users.

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Application Analysis

Based on application, the healthcare and pharmaceutical segment accounted 27.5% share of the global IR spectroscopy market in 2021 and is anticipated to reach 29.2% by 2030 due to sharp increase in investment following the onset of the global pandemic. While the biological research segment is continue expanding at the highest CAGR of 6.4% over the forecast period. This rapid growth is attributed to quick development of proteomics and genomics which have pushed forth the demand for IR spectroscopy tools and services.

Regional Analysis:

North America dominated the global IR spectroscopy market by accounting for 31.7% market share in 2021  thanks to robust R&D activities across US and Canada in the pharmaceutical and healthcare sectors, growing technological breakthroughs, well-developed infrastructure for medical research and diagnostic testing, and stringent food safety regulations.

While the Asia Pacific is projected to grow at the highest CAGR of 5.5% over the forecast period on account of rapid growth in the food and beverage industries and rising medical tourism in the region. Additionally, the economic growth in the region and the presence of large rapid population base is likely to push the market growth in the future.

Key Industry Players

As per Astute Analytica study, top 5 players in the IR spectroscopy market collectively held 43.1% market share in 2021. The key players in the market include Medtronic, Bruker Corporation, Agilent Technologies Inc., Thermo Fisher Scientific and Sartorius AG. These players are adopting various methodologies such as mergers, acquisitions, and development of new products to survive in the fiercely competitive market.

List of Key Companies Profiled:

• ABB Ltd.
• Agilent Technologies, Inc.,
• Bruker Corporation
• Hitachi High-Tech Corporation
• Horiba
• JASCO Inc.
• Medtronic
• Metrohm India Limited
• Miltenyi Biotec
• MKS Instruments Inc.
• PerkinElmer, Inc.
• Quest Medical Imaging B.V.
• Sartorius AG
• Shimadzu Corporation
• Teledyne Technologies Corporation
• Thermo Fisher Scientific
• Other Prominent Players

Recent strategies adopted by key market players are:

• Medtronic partnership with GE Healthcare speeding global access to individualized care by offering cutting-edge patient monitoring solutions on the CARESCAPE platform. Additionally, it concluded the purchase of Affera, Inc., expanding the business's offering of cardiac ablation techniques to include the first-ever cardiac mapping and navigation platform, which combines a distinctive, fully integrated diagnostic with a radiofrequency ablation and focal pulsed field technology.
• Bruker Corporation and Tofwerk AG forged a strategic alliance for elevated-speed, super-sensitive applied and commercial analytical model, in addition to a Bruker minority investment in Tofwerk. Tofwerk anticipates utilizing Bruker’s commercial scale to increase penetration of particular market segments. This includes offering Tofwerk’s portable time-of-flight mass spectrometers (TOF-MS) for studies of tiny molecules and volatiles that need to be completed quickly, sensitively, and with a high degree of mobility.
• Agilent Technologies intends to invest $20 million to increase the size of its manufacturing facility in Shanghai in order to meet the rising demand for the company's advanced liquid chromatography (LC), spectrometer, and mass spectroscopy (MS) systems in China. Additionally, it acquired cutting-edge AI technology created by Virtual Control, a maker of AI and machine learning software that develops novel analysis techniques for in-lab testing. The software, dubbed ACIES, would be included by Agilent into its top-tier gas chromatography and mass spectrometry (GS/MS) systems to boost the effectiveness, efficiency, and precision of the high-throughput laboratories that the business works with all over the world.

Segmentation Overview

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The global IR Spectroscopy market is segmented into:

By Spectrum

• Short Wave Infrared (0.78 to 1.5 microns)
• Medium Wave Infrared (1.5 to 3 microns)
• Longwave Infrared (3 to 1000 microns)

By Product Type

• Benchtop Spectroscopes
• Micro Spectroscopes
• Hyphenated Spectroscopes
• Portable IR Spectroscopy

By Technology

• Dispersive Infrared Spectroscopy
• Fourier Transform Infrared (FTIR) Spectroscopy

By Application

• Food & Beverage Testing
• Healthcare & Pharmaceuticals
• Environmental Testing
• Biological Research
• Consumer Electronics
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Western Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
  • Rest of Western Europe
    • Eastern Europe
    • Poland
    • Russia
    • Rest of Eastern Europe
• Asia Pacific
  • China
  • India
  • South Korea
  • Japan
  • Australia & New Zealand
  • ASEAN
    • Malaysia
    • Myanmar
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Indonesia
    • Cambodia
    • Rest of ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America