By 2030, the Infrared Spectroscopy Devices Market Trends Uncovers Industry Revenue worth USD 2.52 Billion
Infrared Spectroscopy Devices Market Trends
Infrared spectroscopy instruments are becoming increasingly important in many areas, including pharmaceutical, biotechnology, food, and chemical testing. As a result, the market for infrared spectroscopy instruments is expanding at a rapid pace.
In its newly released study, Market Research Future (MRFR)'s infrared spectroscopy devices market trends report predicts that the global industry will reach approximately 1800 Million USD, registering a 5.60% CAGR during the forecast period, recognising the type of growth the market is now seeing (2022-2030).
Furthermore, growing concern for safety, stringent regulations for the purity of the product, and increasing cases of contamination are fostering the market growth, creating a huge demand.
Emerging IR devices made with futuristic technologies, on the other hand, require highly skilled professionals to operate them. Professionals' lack of technical skills is impeding the growth of the infrared spectroscopy equipment market.
The technique of infrared (IR) spectroscopy is used to collect information about atoms and molecules that are too tiny to be seen with electromagnetic radiation. IR spectroscopy is an analytical technique that has been very useful to scientific researchers in many domains, including medicine, protein characterisation, nanoscale semiconductor analysis, and space exploration, to name a few.
Factors supporting market expansion include increased financing from the public and private sectors for biotechnology and pharmaceutical research investigations. Furthermore, increased research and development initiatives conducted by governments, schools, colleges, and research organisations in developing regions are fuelling market expansion.
Furthermore, the high costs of infrared spectroscopy devices, as well as the significant capital investment required to start up a manufacturing plant, are serving as a headwind impeding market expansion.
Global Infrared Spectroscopy Devices Market – Segments
MRFR has segmented the analysis into five key dynamics; for better understanding: -
By Spectrum Sensitivity :Near-infrared (NIR), Mid-infrared (Mid IR), and Far-infrared (Far IR).
By Technology : Dispersive infrared spectroscopy and Fourier transform infrared (FTIR) spectroscopy.
By Product : Bench top, Portable, and Hyphenated.
End-User : Hospitals and Clinics, Pharmaceutical Industry and Research Laboratories among others.
By Regions : North America, Europe, APAC and Rest-of-the-World.
Global Infrared Spectroscopy Devices Market – Regional Analysis
The North American region dominates the global infrared spectroscopy devices market accounting for the largest market share. Factors supporting the growth in the regional market include substantial advancements and the uptake of advanced technologies.
The European region is another lucrative market for infrared spectroscopy devices. Continuous improvement in medical technologies is a key driving factor responsible for the growth of the regional market. European countries such as the U.K. and Germany backed by the enormous investments made in the development of these devices and related technologies account for the major contributors to the growth in the regional market.
The Asia Pacific region is rapidly emerging as a promising market for infrared spectroscopy devices, witnessing huge funding from foreign investors. Availability of cost-competitive logistics such as the land, raw materials, and workforce encourage manufacturers to shift their production bases to countries such as China and India, which in turn, fosters the market growth in the region.
Infrared Spectroscopy Devices Market – Competitive Analysis
The infrared spectroscopy devices market share is widely expanded and highly competitive with the presence of numerous big and small players operating at the international as well as global level. The market will witness fierce competition due to the expected extensions in product & service and product innovations. Manufacturers operating in the infrared spectroscopy devices market strive to develop devices with adept technology and unrivaled design & features.
Key Players:
The top key players mentioned in the Infrared spectroscopy devices market share report include Jasco, PerkinElmer, Shimadzu, Agilent Technologies, Bruker Corp., Thermo Fisher Scientific Inc., Sartorius AG, and Princeton Instruments, among others.
About Market Research Future:
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