NEW YORK, Sept. 7, 2016 /PRNewswire/ -- The terahertz spectroscopy market is expected to reach USD 52.5 million in 2020 from USD 20.0 million in 2015 at a CAGR of 21.30%, whereas the infrared spectroscopy market is expected to reach USD 1.25 billion in 2020 from USD 0.90 billion in 2015 at a CAGR of 6.9%. Over the years, the market has witnessed various technological advancements that have expanded the application horizons of terahertz and infrared spectroscopy. Some of these applications are drug discovery and development, metabolomics, and diagnostics. However, the high cost of instruments is hindering market growth.
In 2015, the semiconductor segment is expected to account for the largest share of the global terahertz spectroscopy market, by application, while the pharmaceutical and biotechnology segment is expected to account for the largest share of the infrared spectroscopy market, by application.
In 2015, North America is expected to account for the largest share of the global terahertz and infrared spectroscopy market, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). In the coming years, the terahertz and infrared spectroscopy market is expected to witness the highest growth rate in the Asia-Pacific region. The high growth in this region can be attributed to government support, increased funding, and collaborations with established market players.
Competition is high in the global infrared spectroscopy market, as there are many big and small firms with similar product offerings. These companies adopt various strategies (collaboration, acquisition, new product launches, and expansion) to increase their market shares and establish a strong foothold in the global market.
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms garner a greater market share. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios and services offered by the top 10 players in the terahertz and infrared spectroscopy market. The report analyzes terahertz spectroscopy systems by application and infrared spectroscopy systems by technology
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the terahertz and infrared spectroscopy market
- Market Development: Comprehensive information about the lucrative emerging markets. The report analyzes the markets for various terahertz and infrared spectroscopy technologies across geographies
- Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the terahertz and infrared spectroscopy market
- Competitive Assessment: In-depth assessment of market shares, strategies, products and services, distribution networks, and manufacturing capabilities of leading players in the terahertz and infrared spectroscopy market
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