Increasing demand for specific tests, technological advancements in healthcare sector, and rapidly rising global geriatric population are some key factors expected to drive market 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:
Near-infrared spectroscopy (NIRS) is a brain imaging technique that uses light absorption to calculate deoxy-hemoglobin (deoxy-HB) and oxy-hemoglobin (oxy-HB), which offers an indirect measure of brain activity, notably in the frontal cortex. Also referred to as near-IR spectroscopy or NIR spectroscopy, it is beneficial in numerous industries; for example, cosmetics, chemical production, pharmaceuticals, petrochemicals, pulp and paper, polymer production and palm oil. NIRS is particularly effective for working with potentially harmful or important materials found in the petrochemical and petroleum industries because it is a non-destructive secondary analytical method. Near-infrared spectroscopy is a useful instrument for analysis in medical science. Non-specialists can operate NIR spectrometers since they are simple to use. No in-depth knowledge of chemical analysis or chemical reactions is required. This has been boosting demand for near-infrared spectroscopy and is expected to drive market revenue growth during the forecast period.
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Near-infrared spectroscopy is one of the most commonly used analytical techniques in food quality control and testing. Food contamination is the most common source of concern around the world. World Health Organization estimates that roughly 200 diseases are caused by contaminated food intake every year. Every year, more than 600 million people fall ill as a result of consuming bad food. Contaminated food is a key source of concern and growing usage of near infrared spectroscopy to test food quality is expected to positively impact revenue growth of the market. However, high cost of machine and lack of awareness among physicians due to fewer training programs cost are some factors expected to restrain market growth to a certain extent over the forecast period.
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
Fourier Transform InfraRed (FT-IR) Spectroscopy Segment Revenue to Expand at a Rapid CAGR:
Fourier Transform InfraRed (FT-IR) spectroscopy segment is expected to register a rapid revenue CAGR over the forecast period. FT-IR is widely used in biology research fields, geology, chemistry, and materials due to high speed and improved sensitivity.
Portable Near Infrared Spectroscopy Segment to Register Significant Revenue Growth:
Portable near infrared spectroscopy segment is expected to register significant revenue growth over the forecast period. Portable near-infrared spectroscopy is a strong tool which provides advantages for non-destructive, online, or in situ analysis. These devices are small-sized, simpler, low cost, and robust with ergonomic design.
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North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to technological developments, and increasing private investments in advanced spectroscopy modalities. Further, presence of key players and rising healthcare expenditure are some factors expected to contribute to market growth in the region.
Major Companies in the Market Include:
- Stryker Corporation
- Abbott Laboratories
- Medtronic PLC
- Boston Scientific Corporation
- Johnson & Johnson
- OmniGuide Holdings Inc.
- Braun Melsungen AG
- Becton
- Dickinson and Company
- CONMED Corporation
- Hoya Corporation
For the purpose of this report, Emergen Research has segmented the global near infrared spectroscopy market on the basis of modality, technology, application, and region:
Modality Outlook (Revenue, USD Billion; 2018–2028)
- Benchtop
- Portable
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Dispersive Infrared Spectroscopy
- Fourier Transform Infrared (FT-IR) Spectroscopy
Application Outlook (Revenue, USD Billion; 2018–2028)
- Medical uses
- Astronomical Spectroscopy
- Remote Monitoring
- Agriculture
- Particle Measurement
- Material Science
- Industrial uses
- Others
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of MEA
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