The IR spectroscopy market is expected to be valued at USD 1.26 Billion by 2022, growing at a CAGR of 6.5% during the forecast period. The major drivers for the growth of the IR spectroscopy market include technological advancements in miniaturization and computerization of IR spectroscopy instruments.
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According to new market research report "IR Spectroscopy Market by Spectrum Sensitivity (NIR, Mid IR, and Far IR), Product Type (Benchtop, Micro, Portable, and Hyphenated), Vertical (Biological, Pharmaceuticals, Chemicals, Food & Beverages, Environmental), and Geography - Global Forecast to 2022", the overall market is expected to be valued at USD 1.26 Billion by 2022, growing at a CAGR of 6.5% between 2016 and 2022. The major factors driving the growth of the IR spectroscopy market include regulatory framework for process analytical technology in the pharmaceuticals industry, increase in R&D investment in life science, and continuous technological advancements in IR spectroscopy.
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The pharmaceuticals sector to hold the largest market share during the forecast period
The pharmaceuticals sector held the largest share of the IR spectroscopy market in 2015, while the market for the biological and chemicals sectors is expected to grow at a significant rate between 2016 and 2022.
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In the current scenario, IR spectroscopy plays a key role in the pharmaceutical excipient manufacturing process. Growing acceptance of new international cGMP & cGDP certification is expected to increase the usage of IR spectroscopy instruments, thereby driving the growth of the market.
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MID IR spectroscopy plays a key role in the IR spectroscopy market
The IR spectroscopy market has been segmented on the basis of spectrum sensitivity into NIR, Mid IR, and Far IR; of all these, Mid IR is expected to hold the largest market share during the forcast period, owing to the wide range of applications of Mid IR spectroscopy for the research and industrial sector. Along with this, the market for NIR spectroscopy devices is expected to grow at a significant growth rate during the forecast period.
North America expected to hold the largest market share in the near future
North America is expected to hold the largest market share and dominate the IR spectroscopy market in the near future because of the factors such as stringent drug development regulations and increase in government funding for R&D in North America. The market growth can also be attributed to the rise in proteomics research and various conferences that provide a platform for key players to showcase new products and technologies.
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The key companies operating in the IR spectroscopy market include Thermo Fisher Scientific (U.S.), PerkinElmer (U.S.), Bruker Corporation (U.S.), Agilent Technologies (U.S.), Foss (Denmark), and others.
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