IR Spectroscopy Market - Size & Upcoming Industry Trends (2024-2032)

IR Spectroscopy Market Synopsis:

IR Spectroscopy Market Size Was Valued at USD 1.89 Billion in 2023, and is Projected to Reach USD 32.77 Billion by 2032, Growing at a CAGR of 7.40% From 2024-2032.

IR (Infrared) Spectroscopy is a method of Molecular identification and characterization of material based on its ability to absorb Infrared radiations. It uses the fact that varying chemical bonds reflect definite wave lengths of the infrared light to infer about the molecular vibrations and groups functions within a sample.

 The IR Spectroscopy Market is growing at the fast pace because of its usage in many sectors such as healthcare, pharmaceuticals, chemicals, and environmental analysis. Because this technique is fast and does not cause any harm to the samples it is widely used in quality control and in research. Continued growth in technology has led to innovation in the design of IR spectroscopy portable or miniaturized devices for real time analysis in numerous application sites within laboratory and in field.

Market leaders and large pharmaceutical and chemical industries have persisted on research and development so the use of IR spectroscopy has gradually made a shift. Scientists use this technology for distinguishing between compounds, investigating reactions and for meeting regulations. Furthermore, the daily increasing tendency to monitor the environment has been complemented by the use of IR spectroscopy to determine pollutant levels and quality of air and water. For a long time, industries have turned to the use of IR spectroscopy as analytical tool to evaluate changes in their performance based on sustainability or compliance with legal aspects regulating emission outputs into the environment and vice versa.

IR Spectroscopy Market Trend Analysis:

Integration with AI and Machine Learning

• The presence of artificial intelligence and machine learning into the IR spectroscopy industry is an emerging trend within the market. These technologies assist data analysis since they increase the efficiency of coming to conclusions about spectra for efficient analysis of large amounts of data. Machine learning techniques can find much more opportunities and relations that old school methods admit; in result, the decision-making time in different areas such as pharma, environmental control is accelerated.

• Furthermore, it is possible to use AI to fine-tune characteristics of the equipment such as calibrated IR spectrometers thereby minimizing on the need to make so many corrections. This advancement not only brings efficiency to the spectral analysis but also reduces the probability of error by human which helps in increasing reliability of the results. With the ongoing advancements in AI, integration of AI to IR spectroscopy is expected to foster ongoing development and growth of the market due to the increasing demand for complex analytic instruments in research and business.

Growing Demand in Healthcare

• The demand for a better and efficient system for various analytical techniques in the healthcare sector has a substantial future scope and a relatively large scope for the IR spectroscopy market. On this basis, the new approaches give great significance to the development of rapid and accurate analytical techniques regarding drug composition and formulation for healthcare professionals working in the field of personalized medicine. Thus, thanks to its ability to give detailed information regarding the molecular composition IR spectroscopy can be used in drug discovery, formulation analysis and quality assurance processes that would improve patient results.

• Moreover, a continuous increase in the number of biopharmaceuticals currently in production requires strict analysis on the safety and effectiveness of these products. Also, in terms of compliance and product development, the potentials of identifying new structure-function relationships of biomolecules like proteins and nucleic acids through IR spectroscopy are invaluable. It may therefore be concluded that over the years that lie ahead, varieties of such measures and step in the healthcare sector will witness development across IR spectroscopy, upheld by the existing requirement and demand for efficient and reliable analytical solutions.

IR Spectroscopy Market Segment Analysis:

IR Spectroscopy Market is Segmented on the basis of Product Type, End User, and Region

By Product Type, Benchtop segment is expected to dominate the market during the forecast period

• The IR spectroscopy market in terms of products includes bench top, micro, portable and hyphenated systems. The benchtop IR spectrometers are portable, sensitive and highly resolved thus preferred for use in laboratories as well as in research and quality control. This kind of instruments is usually preceded with the enhanced features and automatic control to meet analysis for complicating samples.

• Conversely the portable and microIR spectrometers are gradually finding a place in the field applications because of their flexibility and interference. These embody portable gadgets that afford field analysis with immediate information of events which may be important in a variety of context such as environmental monitoring or assessment of quality in foods and drugs. The combined systems, coupled with other techniques along with IR spectroscopy, are also gradually preferred for offering complete information and the enhancement of the chemical analysis measurement. In total, the range is wide and targets a variety of users and their needs to help develop markets for such products.

By End User, Healthcare & Pharmaceuticals segment expected to held the largest share

• IR spectroscopy is widely applied in numerous fields of industry, medicine, chemistry, biology and ecology. In the healthcare industry, IR spectroscopy is generally used to assess drug content and monitor API and excipients formulation and quality in short time. The non-destructive character of this technique makes it particularly suitable for determining the stability and compatibility of drug formulations based on which new and effective medications can be developed and produced.

• In industry particularly the chemical and environmental sector, qualimeter applies application of IR spectroscopy in quality control and pollution analysis. The technique therefore facilitates determination of different chemical compositions conformance to safety and environmental standards. Industry growth is shifting its focus on sustainable approaches with regard to environmental factors and owing to growing importance of such accurate techniques like IR spectroscopy, the market is expected to develop in future.

IR Spectroscopy Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• At the moment, the largest market share of IR spectroscopy is located in North America due to developed pharma and biotech industries. R&D perspectives as well as increased investments in sophisticated analytical technologies which are key to the regions focus has supported the use of IR spectroscopy. In addition, the regulatory environment in the region is very strict regarding products quality, these strict rules make it necessary to have high accuracy and effectiveness analytical tools which form the basis for IR spectroscopy for drugs endorsement and quality assurance.

• Further, healthcare in North America is developed, and therefore, IR spectroscopy is employed commonly in medical studies and analysis. Personalized medicine, combined with continuous need for faster diagnostic tests, has created a need for accurate methods of sample analysis, which has placed IR spectroscopy in a center of a research laboratory or a healthcare facility. As new technologies are developed, hence NA is expected to maintain its dominance in the IR spectroscopy market and me further boosted while enhancing its technologies.

Active Key Players in the IR Spectroscopy Market:

• Thermo Fisher Scientific (USA)

• PerkinElmer, Inc. (USA)
• Bruker Corporation (USA)
• Agilent Technologies, Inc. (USA)
• Horiba, Ltd. (Japan)
• JASCO, Inc. (Japan)
• ABB Ltd. (Switzerland)
• SciMedix (USA)
• Mettler-Toledo International Inc. (USA)
• Edinburgh Instruments Ltd. (UK)
• SPECTRO Analytical Instruments GmbH (Germany)
• Shimadzu Corporation (Japan)
• Other Active Players

Key Industry Developments in the IR Spectroscopy Market:

• In July 2023, Bruker Optics unveiled MOBILE-IR II, a lightweight, rechargeable FT-IR spectrometer boasting laboratory-grade spectral performance. This portable device enables global users to execute both standard and unique FT-IR applications in the field, revolutionizing spectroscopic analysis beyond traditional laboratory confines.