Near Infrared Spectroscopy Market Size to Reach Valuation of USD 437.3 Million in 2028 Growing at a CAGR of 6.2%, according to Emergen Research
The global near infrared spectroscopy market size is expected to reach USD 437.3 Million at a steady CAGR of 6.2% in 2028, according to latest analysis by Emergen Research. Increase in need for various medical treatments due to rising prevalence of chronic diseases is propelling near infrared spectroscopy market revenue growth.
Near infrared spectroscopy has emerged as an important technique for analysis of raw materials and quality control testing in the pharmaceutical industry. Near infrared spectroscopy technique is being adopted in genetics and genomics analysis, biotechnology, insect detection, proteomic research, crime detection, and forensic lab application, which is driving growth of the market. Upsurge in deployment of advanced healthcare treatments in hospitals in developing countries will further propel growth of the near infrared spectroscopy market. However, low lifecycle and high cost of near infrared spectroscopy devices is hampering growth of the market.
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Near infrared spectroscopy also finds application in medical industry in assays of skin for noninvasive diabetes screening and glucose quantification. NIR spectroscopy is used as a screening tool for possible intercranial bleeding and non-invasive assessment of brain functionality through the intact human skull. Surge in demand for quality purpose and specific tests is impacting growth of the near infrared spectroscopy market. Near infrared spectroscopy witnesses high demand in the medical sector due to continuous real-time data that can be obtained from NIR spectroscopy devices. Identification accuracy for pure compound by near infrared spectroscopy also makes it perfect for qualitative research. Development in molecular and atomic physics will further propel growth of the market going ahead.
Some Key Highlights From the Report
- In March 2021, KPM Analytics partnered with AB Vista, which is the feed additives division of AB Agri Limited, in a multi-year license agreement. The agreement solidifies the customization, calibration, development, and support activities between the companies. KPM Analytics will offer new calibration options and support programs for its Unity SpectraStar NIR Analysers.
- Hand-held near infrared spectroscopy is used to authenticate pharmaceutical formulations. One of the most common counterfeit drugs is marketed for the treatment of erectile dysfunction and is sold over the counter as well as online. Distinction between fake and genuine tablets can be done by handheld NIR spectrometer, and increasing awareness regarding using these devices to avoid selling or buying fake drugs is driving growth of portable segment.
- FT-IR finds application in various industries and is used for analysis of both inorganic and organic compounds. This technology can confirm the composition of solids, liquids, and gases. It is also used to give complex information when coupled with devices such as rheometry and TGA.
- Near infrared spectroscopy is used in astronomy for studying the atmospheres of cool stars where molecules can be formed. It is also used for studying molecules in astronomical context such as molecular cloud where new stars are formed. Regions inaccessible by optical spectroscopy can be studied using the help of near infrared spectroscopy as they are less affected by dust in the interstellar medium.
- Near infrared spectroscopy market in Asia Pacific is expected to register the fastest revenue CAGR during the forecast period, attributed to rising prevalence of cardiovascular diseases and cancers, and growing concerns regarding food contamination in countries in the region. In addition, rising disposable income and increasing healthcare expenditure are causative of rapid revenue growth of the market in the region.
- Key players in the market include Agilent Technologies, PerkinElmer, Thermo Fisher Scientific Inc., Bruker Corp., Hitachi Ltd., Shimadzu Corporation, Carl Zeiss AG, JASCO International Co., Ltd., Horiba Ltd., and Lumex Instruments.
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Emergen Research has segmented the global near infrared spectroscopy market on the basis of modality, technology, application, and region:
- Modality Outlook (Revenue, USD Million; 2018–2028)
- Technology Outlook (Revenue, USD Million; 2018–2028)
- Dispersive Infrared Spectroscopy
- Fourier Transform Infrared (FT-IR) Spectroscopy
- Application Outlook (Revenue, USD Million; 2018–2028)
- Medical uses
- Astronomical Spectroscopy
- Remote Monitoring
- Particle Measurement
- Material Science
- Industrial uses
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- Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest Of MEA
- North America
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