IR Spectroscopy Market worth $1.6 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 3, 2024 /PRNewswire/ -- The global IR spectroscopy market was valued at USD 1.2 billion in 2024 and is projected to reach USD 1.6 billion by 2029; it is expected to register a CAGR of 6.5% during the forecast period according to a new report by MarketsandMarkets™. The rise in demand for IR spectroscopy systems is attributed to the growth in the number of healthcare institutions and clinical research centers, increase in R&D investments in healthcare and pharmaceuticals industry, and continuous technological advancements in IR spectroscopy.

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IR Spectroscopy Market Report Scope:

By End-user Industry: Healthcare and Pharmaceuticals segment to account for the largest market share in the forecasted year.

The healthcare and pharmaceuticals segment accounted for the largest share of ~30% of the IR spectroscopy market in 2029. IR spectroscopy enables rapid and non-destructive analysis of pharmaceutical samples. This makes it invaluable for quality control purposes, allowing manufacturers to ensure batch-to-batch consistency and compliance with regulatory standard. Also, echnological advancements have led to the development of more sensitive and user-friendly IR spectrometers, making the technique more accessible to researchers and practitioners in the healthcare and pharmaceutical industries.

By Product Type: Benchtop Spectroscopes to account for the largest market share in the forecasted year.

Back Office & Other Services segment accounted for the largest share of ~52% of the IR spectroscopy market in 2029. Benchtop spectrometers are proving to be adaptable across various fields. From quality control in pharmaceutical and chemical industries to analysis in food science and environmental monitoring, these instruments offer valuable insights. Their growing capabilities are opening doors for new applications. Continuous improvements in technology are enhancing the performance of benchtop spectrometers. Miniaturization of components is leading to smaller footprints without sacrificing accuracy or sensitivity.

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Europe is expected to hold the second largest share of the IR spectroscopy market during the forecast period.

Europe held the second largest share of ~31% in the IR spectroscopy industry in 2029. European countries have strong regulations on food and pharmaceutical safety, requiring rigorous testing. IR spectroscopy is a powerful tool for ensuring compliance with these standards in industries like food & beverage and pharmaceuticals.

Key Players-

The key companies that offer IR spectroscopy companies include Shimadzu Corporation (Japan); ZEISS (Germany); PerkinElmer Inc. (US); Agilent Technologies, Inc. (US); Bruker Corporation (US).

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