Key Factors Driving Market Growth:
Growth in the market can primarily be attributed to factors such as stringent regulations in the pharmaceutical industry, growing food safety concerns, increasing government in Infrared technologies and technological advancements in the market.
Revenue Growth Analysis:
[182 Pages Report] The infrared spectroscopy market is expected to reach USD 1.3 billion by 2025 from USD 1.0 billion in 2020, at a CAGR of 5.2%.
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The study involved four major activities in estimating the current size for Infrared spectroscopy market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter market breakdown and data triangulation was used to estimate the market size of segments and subsegments.
Infrared Spectroscopy Market Dynamics:
Driver: Growing Food Safety Concerns
Infrared spectroscopy is one of the most commonly used analytical techniques in quality testing and quality control of food. Food contamination is one of the biggest concerns worldwide, with more than 200 types of diseases caused by the consumption of unsafe food every year [Source: World Health Organization (WHO)]. Diarrheal diseases are the most common illnesses caused due to the consumption of contaminated food, and it is estimated that 600 million people (1 in every ten people in the world) fall sick from the consumption of contaminated food and 420,000 die every year [Source: World Health Organization (WHO)]. Food safety is thus a major concern for governments across the globe.
Opportunity: Emerging Economies
As compared to mature markets such as the US and Europe, emerging markets such as China and India are expected to provide significant growth opportunities for players operating in this market. Huge demand for spectroscopy is generated from China and India due to the Greenfield projects set up in various end-user industries in these countries. The life sciences industry in this region is also quite robust and is expected to contribute significantly to the growth of the infrared spectroscopy market in the coming years.
Pharmaceuticals and Biotechnology Holds Largest Market Share:
Based on the applications, the infrared spectroscopy market is segmented into food & beverage testing, pharmaceutical & biotechnology applications, industrial chemistry applications, environmental testing, and other applications (academic applications, forensic applications, biomonitoring, and agricultural applications). In 2020, the pharmaceutical and biotechnology applications segment to command the largest share of the infrared spectroscopy market. The large share of this segment can be attributed to the stringent regulations in the pharmaceutical industry.
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Regional Growth Analysis:
Geographically, North America dominated the global infrared spectroscopy market in 2020. However, the Asia Pacific market is expected to register the highest during the forecast period. The major factors driving the growth of the Asia Pacific market include strategic expansions by key players, increasing food safety concerns and adoption of technologically advanced products.
Key Players in Infrared Spectroscopy Market are Bruker Corporation (US), Agilent Technologies (US), Shimadzu Corporation (Japan), PerkinElmer (US), Thermo Fisher Scientific (US), FOSS (Denmark), HORIBA Ltd. (Japan), Teledyne Princeton Instruments (US), JASCO, Inc. (US), BaySpec (US), Spectra Analysis instruments (US), TeraView Ltd (UK), Microtech Instruments (US), EKSPLA (Lithuania), HÜBNER GmbH (Germany), and BATOP GmbH (Germany), Menlo Systems GmbH (Germany), Toptica Photonix AG (Germany), Advanced Photonix, Inc. (U.S.), and Advantest Corporation (Japan).