Rising prevalence of chronic and acute diseases and increasing medical applications of near-infrared spectroscopy are some key factors contributing to the global near infrared spectroscopy market revenue growth.
Rising prevalence of chronic and acute diseases and increasing medical applications of near-infrared spectroscopy are some key factors contributing to the global near infrared spectroscopy market revenue growth
According to Emergen Research, the global near infrared spectroscopy market size was USD 270 million in 2020 and is expected to reach USD 437.3 million in 2028 and register a revenue CAGR of 6.2% during the forecast period, 2021-2028.
Market Dynamics:
Factors contributing to substantial revenue growth of the global near infrared spectroscopy market are growing prevalence of chronic and acute diseases worldwide, rising demand for advanced drugs and therapeutics, increasing pharmaceutical applications of the near-infrared spectroscopy technique, and rise in research & development activities in the fields of proteomics, genomics, and forensic science. Near-infrared spectroscopy, abbreviated as NIRS, is a spectroscopic technique using the near-infrared region (780 nm to 2500 nm) of the electromagnetic spectrum. Some of the key applications of this technique include pharmaceuticals, medical research and diagnostics, combustion research atmospheric chemistry, atmospheric chemistry, and quality control of food and agrochemicals.
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Near-infrared spectroscopy finds applications in several areas of medical diagnostics, including pulse oximetry, blood sugar, functional neuroimaging, urology (bladder contraction), neurology, neonatal research, as well as in sports medicine, rehabilitation, brain computer interface, and ergonomics. Near-infrared spectroscopy is used as a non-invasive screening tool for intercranial bleeding, and it also used in assessment and monitoring of various brain functions. The technique is widely used in the life sciences, chemical, food & beverage, micro-electronics, and materials science industries to measure and analyze the physical and chemical properties of different products. One of the key applications of near infrared spectroscopy is food quality testing & control. According to the WHO, food-borne disease is one of the major causes of death in the world, and approximately 420,000 people die each year due to intake of contaminated food. Hence, growing concerns of food contamination among consumers and increasing use of the NIRS technique in food testing labs further boost market revenue growth.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Portable Segment Accounted for Largest Revenue Share in 2020:
The portable segment dominated other segments in terms of revenue share in the global market in 2020. Growing demand for portable near-infrared spectroscopy instruments, mainly owing to their advantages over benchtop NIRS instruments such as more compact and ergonomic design, simpler functions, ease of use, in-situ analysis, and high portability, is one of the key factors contributing to revenue growth of this segment.
Fourier Transform Infrared (FT-IR) Spectroscopy Segment to Account for Fastest Revenue CAGR:
. The Fourier Transform Infrared (FT-IR) spectroscopy segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Revenue growth of this segment is mainly driven by factors such as increasing use of the FT-IR spectroscopy technique in the pharmaceutical, biotechnology, chemical, food & beverage, and materials industries for applications such as analysis of organic and inorganic compounds and composition of liquids, solids, and gases. Advantages of this technique over other spectroscopy methods, such as improved speed and sensitivity, further drive this segment’s revenue growth.
North America Market Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America near infrared spectroscopy market accounted for the largest revenue share in the global market in 2020. Increasing applications of near-infrared spectroscopy in the biotechnology, pharmaceutical, food & beverage, chemical, and materials industries, and continuous advancements in near-infrared spectroscopy techniques are among the major factors providing impetus to the North America market revenue growth. Presence of leading market players in the region, including Bruker Corporation, PerkinElmer Inc., Thermo Fisher Scientific, and Agilent Technologies, further boosts the regional market revenue growth.
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Major Companies in the Global Near Infrared Spectroscopy Market Include:
- Agilent Technologies
- PerkinElmer Inc.
- Thermo Fisher Scientific
- Bruker Corporation
- Hitachi Ltd.
- Shimadzu Corporation
- Carl Zeiss AG
- JASCO International Co., Ltd.
- Horiba Ltd.
- Lumex Instruments
For the purpose of this report, Emergen Research has segmented the global near infrared spectroscopy market based on modality, technology, application, and region:
Modality Outlook (Revenue, USD Million; 2018–2028)
- Benchtop
- Portable
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
- Agriculture
- Particle Measurement
- Material Science
- Industrial uses
- Others
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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