The global IR spectroscopy market is growing rapidly, witnessing rapid demand. Growing investments in technology development and spurring rise in the healthcare & pharmaceutical industry drive the market growth. Besides, the increasing product launches with innovative and easy-to-use technologies certainly helped the market grow excellently.
With increasing expenditures in scientific research and the aerospace industry, the market is projected to garner significant traction in the years to come. According to Market Research Future (MRFR), the global IR spectroscopy market is estimated to grow at an impressive CAGR over the review period (2020 to 2027). Also, rising uses of infrared spectroscopy across industries increase market revenues excellently.
IR spectroscopy also provides innovative diagnostics methods for cancer, offering benefits of early diagnosis that helps in starting the treatment in the initial stages. Also, IR spectroscopy is increasingly used in food & agriculture, healthcare, defense, mining, and metrology industries. Besides, Increasing awareness for IR spectroscopy advantage and the growing prevalence of cancer positively impact the IR spectroscopy market size.
Global IR Spectroscopy Market - Segmentations
The report is segmented into product types, technologies, and verticals. The product type segment is sub-segmented into benchtop, portable, hyphenated, and others. The technology segment is sub-segmented into near-infrared spectroscopy, mid-infrared spectroscopy, and far-infrared spectroscopy.
The vertical segment is sub-segmented into healthcare, pharmaceuticals, chemicals, research, food & beverage, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global IR Spectroscopy Market - Geographical Analysis
North America dominates the global IR spectroscopy market. The market is driven by the presence of major market players and high-tech technology & developed infrastructure. Besides, the proliferation of the healthcare sector, rising healthcare spending, and adoption of IR spectroscopy for surveillance & medical diagnostics are major trends in the infrared spectroscopy market.
Furthermore, rapid development and uptake of advanced technologies & IR spectroscopy, and a large research industry in the US fuel the regional market's growth. The US and Canada account for major IR spectroscopy market shares. The North American IR spectroscopy market is estimated to continue its dominance throughout the forecast period.
Global IR Spectroscopy Market - Competitive Landscape
The IR spectroscopy market appears highly competitive, with many well-established players forming a competitive landscape. To gain a larger competitive share, market players adopt strategic approaches such as mergers & acquisitions, product & technology launch, expansion, and collaboration.
Players make substantial investments to drive the R&D required for innovation and product launch. They also invest in increasing their global footprint and acquiring promising companies from emerging markets.
Major Players:
Players active in the global IR spectroscopy market include Agilent Technologies, Inc., Thermo Fisher Scientific, Inc., PerkinElmer, Inc., Shimadzu Corporation, Horiba Limited, Metrohm, Bruker Corporation, Jasco, Newport Corporation, Hitachi High-Technologies Corporation, Oxford Instruments, Teledyne Princeton Instruments, and Sartorius AG, among others.
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Source- Market Research Future
