The global near-infrared spectroscopy market size is expected to reach USD 806.4 million by 2030, registering a CAGR of 5.8% over the forecast period, according to a new report by Grand View Research, Inc. The growing implementation of an analytical technique for raw materials in numerous sectors, such as oil & gas and agriculture, coupled with their increasing applications is anticipated to spur industry growth. For instance, various herbs and plants with therapeutic and medicinal properties are analyzed through near-infrared (NIR) spectroscopy to assess the bio-active components. The industry has witnessed considerable growth in 2021 and is expected to have similar developments during the forecasted period.
The demand for the products from the material science sector is a substantial contributor to the revenue. NIR spectrometry provides significant advantages as a process analytical technology over other techniques including wet chemical methods, resulting in increasing preference from manufacturers. Other determinants, such as rapid advancement in the workflows of material verification, as well as improving risk management in the supply chain by manufacturers to fulfill the GMP criteria, are also contributing to the growth. The major 20 pharmaceutical manufacturers employ portable NIR analyzers to authenticate either raw materials or finished products to comply with GMP guidelines. Similarly, regulatory bodies in Europe, North America, Africa, and Asia have purchased the product to strengthen their counterfeiting efforts.
The COVID-19 pandemic had a positive impact on the demand from pharmaceutical manufacturers. However, the disruptions in industries, such as electronics & semiconductors, food & beverages, and chemical, are projected to have an adverse impact on the growth rate. For instance, in February 2021, the U.S. government reviewed the supply chain of pharma and semiconductors to strengthen the domestic investment and process of manufacturing. The imposed lockdown norms across the globe created shortages in supplies and inflated the cost of raw materials, this affected the profitability of the players. Similarly, the capability of NIR spectroscopy to identify the polymers that are used in the packaging of pharmaceutical and nutraceutical products is anticipated to be another determinant of industry growth.
Gather more insights about the market drivers, restrains and growth of the Near-infrared Spectroscopy Market
Near-infrared Spectroscopy Market Report Highlights
• The Fourier Transform-based (FT-NIR) spectrometers product segment held the major revenue share owing to the high accuracy in the material testing and verification
• The particle measurement application segment had a substantial share in 2022 due to strict measures by emerging countries for dealing with counterfeited medicines
• The portable near-infrared spectroscopy type segment is anticipated to register the fastest CAGR during the forecasted period
• MicroPHAZIR RX analyzer by Thermo Fisher Scientific is one of the portable NIR spectrometry that can analyze various applications
• Europe dominated the global industry in 2022 due to the establishment of a large number of pharmaceutical manufacturers and strict regulations for quality-check as a part of GMP compliance
• Asia Pacific is estimated to grow at the fastest CAGR over the forecasted period owing to the expansion of the semiconductors industry in emerging regions, such as India
Near-infrared Spectroscopy Market Segmentation
Grand View Research has segmented the global near-infrared Spectroscopy market based on product, type, application, and region:
NIR Spectroscopy Product Outlook (Revenue, USD Million, 2018 - 2030)
• Dispersive Infrared Spectroscopy
• Fourier Transform-Based (FT-NIR) Spectrometers
NIR Spectroscopy Type Outlook (Revenue, USD Million, 2018 - 2030)
• Benchtop
• Portable
NIR Spectroscopy Application Outlook (Revenue, USD Million, 2018 - 2030)
• Medical Applications
• Astronomical Spectroscopy
• Remote Monitoring
• Agriculture
• Particle Measurement
• Material Science
• Industrial Use
NIR Spectroscopy Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
• Asia Pacific
o Japan
o China
o India
o South Korea
o Australia
• Latin America
o Brazil
o Mexico
o Argentina
• Middle East & Africa
o South Africa
o Saudi Arabia
o UAE
Order a free sample PDF of the Near-infrared Spectroscopy Market Intelligence Study, published by Grand View Research.
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian