Regional Analysis
The geographical analysis of the global IR Spectroscopy Market Trends has been done for North America, Europe, Asia-Pacific, and the rest of the world.
The North American market has been segmented into the US, Canada, and Mexico. The regional market is expected to account for the largest share of the IR spectroscopy market during the review period. The growth of the market in North America can be attributed to the high concentration of market players and the easy availability of proficient technical expertise in the region. Furthermore, rapid development and uptake of technology and large research industry in the US are expected to drive the demand for IR Spectroscopy in the region.
Europe is expected to account for the second-largest share in the IR spectroscopy market, in terms of market size. The regional market has been divided into the UK, Germany, France, and the rest of Europe. The increased investments in research & development projects being carried out in the healthcare & pharmaceuticals industry are the key growth drivers for the region. Furthermore, the region is witnessing a rise in partnership amongst the key market players.
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The Asia-Pacific market is projected to register the highest growth during the study period, 2020 to 2026. The regional market has been segmented into China, Japan, India, South Korea, and the rest of Asia-Pacific. Japan and China are the leading revenue generators in the Asia-Pacific IR spectroscopy market. The rapid growth of the pharmaceuticals and food & beverage industries in the region is expected to positively impact the regional market during the review period.
The rest of the world comprises South America, and the Middle East, and Africa. The market in the Middle East & Africa is expected to register a significant CAGR during the review period. The advancements in the field of biological research in the region fuel growth of the regional market.
Market Highlights
The global IR Spectroscopy Market Trends is expected to reach USD 1,548.9 million by 2026, registering a 6.53% CAGR during the forecast period, 2020–2026. Factors such as growing investments in the healthcare & pharmaceutical industry continuous technological advancements are expected to drive the demand for IR spectroscopy techniques across the globe.
Based on technology, the IR spectroscopy market has been segmented into near-infrared spectroscopy, mid-infrared spectroscopy, and far-infrared spectroscopy. The mid-infrared spectroscopy segment dominated the market in 2019, whereas the far-infrared spectroscopy segment is expected to register the highest CAGR during the study period from 2020 to 2026.
Based on product type, the IR spectroscopy market has been divided into benchtop, portable, hyphenated, and others. The benchtop segment dominated the market in 2019, whereas the portable segment is expected to register the highest CAGR during the review period from 2020 to 2026.
Based on vertical, the IR Spectroscopy Market Trends has been classified into healthcare, pharmaceuticals, chemicals, research, food & beverage, and others. The healthcare segment is expected to dominate the review period. The research segment is expected to register the highest CAGR during the forecast period.
Key players
The key players profiled in the global IR spectroscopy market research report Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., PerkinElmer, Inc., Horiba Limited, Shimadzu Corporation, Metrohm, Bruker Corporation, Hitachi High-Technologies Corporation, Jasco, Newport Corporation, Oxford Instruments, Sartorius AG, and Teledyne Princeton Instruments.
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