IR Spectroscopy Market Size Expected to Reach USD 3.0 Billion by 2034 with a 6.5% CAGR: Exploring New Market Opportunities in the Exclusive Report by Transparency Market Research Inc.

The IR spectroscopy market is experiencing growth due to expansion in the healthcare & pharmaceuticals sector and increased demand for quality food. This analytical technique is instrumental in various applications, including pharmaceutical analysis, food quality testing, and chemical research.

Wilmington, Delaware, United States, Transparency Market Research, Inc. , Aug. 05, 2024 (GLOBE NEWSWIRE) -- The global IR spectroscopy market (IR 분광기 시장) stood at US$ 1.5 billion in 2023, and the global market is projected to reach US$ 3.0 billion in 2034. The global IR spectroscopy market is anticipated to expand at a CAGR of 6.5% between 2024 and 2034.

The IR spectroscopy market is witnessing robust growth, fueled by its widespread adoption across various industries, including healthcare, pharmaceuticals, food, and chemical analysis. This analytical technique utilizes the interaction of infrared radiation with matter to provide valuable insights into molecular structures, compositions, and functionalities.

In the healthcare and pharmaceutical sectors, IR spectroscopy plays a pivotal role in drug discovery, formulation development, and quality control. Pharmaceutical companies utilize IR spectroscopy for drug identification, quantification, and characterization, ensuring the safety, efficacy, and consistency of pharmaceutical products. Additionally, IR spectroscopy aids in the analysis of biomolecules, such as proteins and nucleic acids, supporting research in areas like proteomics and genomics.

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The food industry relies on IR spectroscopy for quality assurance and safety testing of food products. By analyzing the molecular composition of food samples, IR spectroscopy can detect contaminants, adulterants, and nutritional components, ensuring compliance with regulatory standards and consumer expectations. Moreover, IR spectroscopy facilitates the authentication and classification of food products, helping to combat food fraud and ensure product integrity.

In the chemical and material science fields, IR spectroscopy is indispensable for structural elucidation, polymer analysis, and material characterization. Researchers utilize IR spectroscopy to identify functional groups, analyse chemical bonds, and investigate molecular interactions in organic and inorganic compounds. Moreover, IR spectroscopy enables the study of material properties, such as thermal stability, crystallinity, and phase transitions, aiding in the development of new materials for various applications.

The market for IR spectroscopy is also driven by technological advancements, such as the development of portable and handheld IR spectrometers, which offer on-site analysis capabilities and greater accessibility to end-users. Additionally, advancements in data analysis software and spectral databases enhance the interpretability and reliability of IR spectroscopy results, further expanding its utility across different industries.

Key Takeaways of Market Report

• Global IR spectroscopy market to generate absolute dollar opportunity worth US$ 3 billion until 2034.
• Global IR spectroscopy market is valued at US$ 1.5 billion in 2023.
• North America is forecasted to hold the largest market share.

Global IR Spectroscopy Market: Growth Drivers

• In the healthcare and pharmaceuticals sector, IR spectroscopic techniques are crucial for enhancing the lighting efficiency of endoscopic instruments used in procedures such as plaque and kidney stone removal. These techniques optimize instrument lighting for precise visualization and operation within the human body.
• IR spectroscopy has gained prominence in the food sector due to its quick and non-destructive analysis capabilities, driven by advancements in software and hardware. Rising awareness of food safety and nutritional value, alongside health and environmental concerns, presents significant market opportunities for companies in the IR spectroscopy landscape.

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Global IR Spectroscopy Market: Regional Landscape

• According to the latest analysis, North America dominated the global IR spectroscopy market in 2023. The region's leadership is attributed to the growing need for quality maintenance in the healthcare & pharmaceuticals sector, alongside increased production of medical equipment and medicines, and advancements in technology.
• Asia Pacific witnessed significant market expansion fueled by growth in the food & beverages sector, presence of numerous developing countries, positive economic outlook, high industrial presence, and a surge in population. These factors collectively drive demand for IR spectroscopy in the region, highlighting its growing importance in diverse industries across Asia Pacific.

Global IR Spectroscopy Market: Key Developments

• In 2023, Bayspec Inc. introduced a groundbreaking portable IR spectroscopy device equipped with advanced spectral analysis capabilities. This innovative product offers on-the-go spectral analysis for various applications in industries such as pharmaceuticals, food safety, and environmental monitoring.
• In 2023, Bruker Corp . unveiled a next-generation IR spectroscopy system featuring enhanced sensitivity and resolution capabilities. This cutting-edge instrument sets new standards for precision and accuracy in spectral analysis, empowering researchers and scientists to delve deeper into molecular structures and chemical compositions.

Global IR Spectroscopy Market: Key Players

Agilent Technologies , Inc., Bayspec, Inc., Bruker Corp ., Foss, Hitachi High-Tech Corporation, Horiba, Ltd., Jasco Inc., Microptik, PerkinElmer Inc., Sartorius AG, Shimadzu Corporation, Spectra Analysis Instruments, Inc., Teledyne Princeton instruments, Thermo Fisher Scientific . and ZEISS are some of the key players covered in the global market report.

Global IR Spectroscopy Market: Segmentation

Technology

• Transmission IR Spectroscopy
• Reflectance IR Spectroscopy
• Fourier Transform IR (FTIR) Spectroscopy
• Attenuated Total Reflectance (ATR) IR Spectroscopy
• Two-Dimensional (2D) IR Spectroscopy

Range Type

• Near-infrared Spectroscopy
• Mid-infrared Spectroscopy
• Far-infrared Spectroscopy

Product Type

• Benchtop
• Micro
• Portable
• Hyphenated

End-use Industry

• Electronics and Semiconductors
• Chemical
• Healthcare & Pharmaceuticals
• Food & Beverages
• Environmental
• Others

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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