According to Vision Research Reports, the global near-infrared spectroscopy market was estimated at USD 453.82 million in 2021 and it is expected to surpass around USD 806.8 million by 2030, poised to grow at a CAGR of 6.6% from 2022 to 2030.
According to Vision Research Reports, the global near-infrared spectroscopy market was estimated at USD 453.82 million in 2021 and it is expected to surpass around USD 806.8 million by 2030, poised to grow at a CAGR of 6.6% from 2022 to 2030.
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The growing implementation of an analytical technique for raw materials in numerous sectors, such as oil & gas and agriculture, coupled with their increasing applications is anticipated to spur industry growth. For instance, various herbs and plants with therapeutic and medicinal properties are analyzed through near-infrared (NIR) spectroscopy to assess the bio-active components. The industry has witnessed considerable growth in 2021 and is expected to have similar developments during the forecasted period.
The demand for the products from the material science sector is a substantial contributor to the revenue. NIR spectrometry provides significant advantages as a process analytical technology over other techniques including wet chemical methods, resulting in increasing preference from manufacturers. Other determinants, such as rapid advancement in the workflows of material verification, as well as improving risk management in the supply chain by manufacturers to fulfill the GMP criteria, are also contributing to the growth. The major 20 pharmaceutical manufacturers employ portable NIR analyzers to authenticate either raw materials or finished products to comply with GMP guidelines. Similarly, regulatory bodies in Europe, North America, Africa, and Asia have purchased the product to strengthen their counterfeiting efforts.
The COVID-19 pandemic had a positive impact on the demand from pharmaceutical manufacturers. However, the disruptions in industries, such as electronics & semiconductors, food & beverages, and chemical, are projected to have an adverse impact on the growth rate. For instance, in February 2021, the U.S. government reviewed the supply chain of pharma and semiconductors to strengthen the domestic investment and process of manufacturing. The imposed lockdown norms across the globe created shortages in supplies and inflated the cost of raw materials, this affected the profitability of the players. Similarly, the capability of NIR spectroscopy to identify the polymers that are used in the packaging of pharmaceutical and nutraceutical products is anticipated to be another determinant of industry growth.
As per the Code of Federal Regulations (CFR) for the packaging of pharmaceutical products, components used to store drug products are required to be identified before the use by Quality Control. On the other hand, this industry has a considerable number of players with regional dominance. The development of rapid and cost-effective NIR spectrometry is anticipated to accelerate the level of competition in the industry. For instance, in November 2020, a group of researchers developed a handheld NIR spectroscopy for organic solvents testing. Hence, the low-cost NIR spectroscopy with high accuracy will assist players to expand their presence in low- and middle-income countries.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 453.82 million |
| Revenue Forecast by 2030 | USD 806.8 million |
| Growth rate from 2022 to 2030 | CAGR of 6.6% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Product, type, application, region |
| Companies Covered | Thermo Fisher Scientific Inc.; Bruker; PerkinElmer Inc.; Oxford Instruments; Brainbox Ltd.; Malvern Panalytical Ltd.; Galaxy-Scientific; ABB; Metrohm AG; KPM Analytics |
Product Insights
On the basis of products, the global industry has been further segmented into Fourier Transform-based (FT-NIR) spectrometers and dispersive infrared spectroscopy. The FT-NIR spectrometers segment dominated the global industry in 2021 and accounted for the maximum share of more than 79.00% of the overall revenue. The segment is estimated to expand further at the fastest growth rate retaining the leading position throughout the forecasted period. Fourier Transform-based spectrometers were developed to overcome the limitations of dispersive NIR instrumentation.
The product utilizes minimal time per sample for the analysis and measures every infrared frequency concurrently, instead of individually. Such product characteristics give a competitive advantage for analyzing NIR spectra of pharmaceuticals, polymers, and chemicals. The dispersive near-infrared spectroscopy segment is anticipated to register the second-fastest growth rate during the forecast period on account of the increasing frequency of usage in the agriculture segment. The product has been predominantly used for grain and grain product measurement and employed monochromators to extract spectral information.
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Type Insights
On the basis of types, the global industry has been further categorized into portable and benchtop. The benchtop type segment dominated the global industry in 2021 and accounted for the maximum share of more than 76.85% of the overall revenue. The segment is projected to remain dominant throughout the forecast period owing to the high accuracy and, ability to trace multiple compounds in a drug. The product is estimated to have a low volume-based sale with a higher margin in the pricing as the benchtop has a longer lifespan that reduces the frequency of purchase by the companies. However, the increasing willingness of end-users to invest in testing instruments for robust analysis is anticipated to maintain the historical trend in the forecasted period.
The portable type segment is projected to register the fastest growth rate during the forecast period. The growing concerns for the quality of medicines in low- and middle-income regions, along with strategic initiatives by international organizations to establish a strong quality-check regulatory system, are the key contributors to the growth of this segment. A study published by PLOS in September 2021 on PLOS, stated that the current market requires a near-infrared portable device that can monitor the quality of all types of medicines.
Application Insights
The particle measurement segment dominated the global industry in 2021 and accounted for the largest share of more than 32.85% of the overall revenue. The segment includes studying the particles in various fields, including pharmaceutical drugs. Near-infrared spectroscopy has become a pillar in the pharmaceutical along with other sectors as an analytical method due to its rapid and non-destructive sampling ability. The segment is also propelled by an increase in the regulation of the pharmaceutical industry in emerging markets. Various analytical techniques and requirements for cGMP are based on the use of NIR spectroscopy and are found in numerous guidelines across the world.
The characteristics of NIR in an analytical method for pharmaceutical product development and drug substance, include instrument qualification, method validation, and sample design of experiment. In addition, the non-healthcare segments are projected to grow at faster rates during the forecasted period. The semiconductor industry is one of the emerging non-healthcare sectors for NIR spectroscopy. For instance, in May 2022, Thermo Fisher conducted a webinar on the analysis of chemicals and gas through the Mid and Near IR range for semiconductor manufacturers. NIR spectroscopy is considered to be an optimal solution for Process Analytical Technology (PAT).
Regional Insights
On the basis of geographies, the global industry is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe dominated the global industry in 2021 and accounted for the maximum share of more than 38.75% of the overall revenue. This largest share can be attributed to the presence of major pharmaceutical manufacturers in the region coupled with the recommendation of NIR spectroscopy by the regional regulatory bodies. The guidance by the regulatory bodies offers assistance in the development, validation, and use of NIR-based analytical processes in assessing the drug and its substances.
The recommendations apply to the applications of abbreviated new drug applications (ANDAs), new drug applications (NDAs), and supplementary NDAs and ANDAs for small molecule drugs. The Asia Pacific region, on the other hand, is expected to be the fastest-growing regional market during the forecast period owing to considerable developments by India and Japan in the adoption of the near-infrared spectroscopy technique. A number of suppliers of equipment and instruments are developing innovative methods to measure critical quality attributes, including a probe that is multi-point Near Infrared Spatially Resolved Spectroscopy (NIR-SRS) to estimate the fraction of API in a tablet.
Key Players
- Thermo Fisher Scientific Inc.
- Bruker
- PerkinElmer Inc.
- Oxford Instruments
- Brainbox Ltd.
- Malvern Panalytical Ltd
- Galaxy-Scientific
- ABB
- Metrohm AG
- KPM Analytics
Market Segmentation
- By Product Outlook
- Dispersive Infrared Spectroscopy
- Fourier Transform Based (FT-NIR) Spectrometers
- By Type Outlook
- Benchtop
- Portable
- By Application Outlook
- Medical Applications
- Astronomical Spectroscopy
- Remote Monitoring
- Agriculture
- Particle Measurement
- Material Science
- Industrial Use
- By Regional Outlook
- North America
-
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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