IR Spectroscopy Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024

Description

The Global IR Spectroscopy Market was valued at USD 1.3 billion in 2023 and is projected to grow at a CAGR of 5% from 2024 to 2032, driven by technological advancements. The growing miniaturization and portability of IR spectrometers have expanded their applications, making them more accessible for real-time, on-site analysis in sectors like environmental monitoring, food safety, and forensic science. Portable and handheld devices are becoming essential for rapid and accurate assessments in these areas. In the pharmaceutical industry, demand for IR spectroscopy is rising due to its critical role in drug development, quality assurance, and regulatory compliance.

This technique provides a non-destructive and precise method to analyze chemical compositions, aiding in various stages of drug formulation. IR spectroscopy is especially useful in identifying molecular structures, analyzing chemical interactions, and verifying compound purity during the drug discovery phase. In terms of technology, the Fourier Transform Infrared spectroscopy segment accounted for over 30% of the market share in 2023. FTIR spectroscopy, a sophisticated technique, offers detailed molecular analysis by measuring the absorbance of infrared light across different wavelengths. Unlike traditional methods that rely on a monochromator to select individual wavelengths, FTIR uses an interferometer to simultaneously capture a broad spectrum, making it a highly efficient and versatile tool.

On the product front, the portable IR spectroscopy segment is projected to experience significant growth, with a projected CAGR of over 9% between 2024 and 2032. Portable IR spectrometers are compact, field-deployable devices designed for real-time sample analysis outside the lab. These devices, equipped with miniaturized optics and detectors, enable rapid, accurate results in diverse field applications, such as environmental assessments, food safety inspections, and security screenings. North America led the global IR spectroscopy market in 2023, contributing over 35% of the total market share. This dominance is largely due to the region's strong pharmaceutical sector, advanced healthcare infrastructure, and substantial investment in research and development.

Market Scope
Start Year	2023
Forecast Year	2024-2032
Start Value	$1.3 Billion
Forecast Value	$2 Billion
CAGR	5%

The U.S., in particular, plays a pivotal role in driving market growth with its thriving pharmaceutical companies, research institutions, and academic organizations, which heavily rely on IR spectroscopy for various scientific and industrial applications

Product Code: 11642

Chapter 1 Methodology & Scope

1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Vendor matrix
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
- 3.8.1 Growth drivers
  - 3.8.1.1 Advancements in technology
  - 3.8.1.2 Rising demand in pharmaceutical industry
  - 3.8.1.3 Growing application in environmental analysis
  - 3.8.1.4 Expansion in food and beverage industry
  - 3.8.1.5 Increased use in chemical industry
- 3.8.2 Industry pitfalls & challenges
  - 3.8.2.1 Technical challenges and limitations
  - 3.8.2.2 High initial costs
3.9 Growth potential analysis
3.10 Porter's analysis
- 3.10.1 Supplier power
- 3.10.2 Buyer power
- 3.10.3 Threat of new entrants
- 3.10.4 Threat of substitutes
- 3.10.5 Industry rivalry
3.11 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates & Forecast, By Technology, 2021 - 2032 (USD Million)

5.1 Key Trends
5.2 Dispersive IR spectroscopy
5.3 Fourier Transform Infrared (FTIR) spectroscopy
5.4 Attenuated Total Reflectance (ATR) spectroscopy
5.5 Others

Chapter 6 Market Estimates & Forecast, By Type, 2021 - 2032 (USD Million)

6.1 Key Trends
6.2 Near-Infrared (NIR) spectroscopy
6.3 Mid-Infrared (MIR) spectroscopy
6.4 Far-Infrared (FIR) spectroscopy

Chapter 7 Market Estimates & Forecast, By Product Type, 2021 - 2032 (USD Million)

7.1 Key trends
7.2 Benchtop IR spectroscopy
7.3 Portable IR spectroscopy
7.4 Microscopy IR spectroscopy
7.5 Hyphenated IR spectroscopy

Chapter 8 Market Estimates & Forecast, By End-use Industry, 2021 - 2032 (USD Million)

8.1 Key trends
8.2 Healthcare & pharmaceuticals
8.3 Food and beverage
8.4 Chemical
8.5 Environmental
8.6 Biomedical research & biomaterials
8.7 Others

Chapter 9 Market Estimates & Forecast, By Region, 2021 - 2032 (USD Million)

9.1 Key trends
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Rest of Europe
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Rest of Asia Pacific
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Rest of Latin America
9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia
- 9.6.4 Rest of MEA

Chapter 10 Company Profiles

10.1 ABB
10.2 Agilent Technologies
10.3 BaySpec
10.4 Brainbox
10.5 Bruker
10.6 Cole-Parmer Instrument Company
10.7 FOSS
10.8 Hitachi High-Tech
10.9 HORIBA
10.10 Ibsen Photonics
10.11 JASCO International
10.12 Lumex Instruments
10.13 Metrohm
10.14 Microptik
10.15 Oxford Instruments
10.16 PerkinElmer
10.17 Sartorius
10.18 Shimadzu
10.19 Spectra Analysis Instruments
10.20 Teledyne Princeton Instruments
10.21 Thermo Fisher Scientific
10.22 ZEISS

IR Spectroscopy Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032