IR spectroscopy or infrared spectroscopy is a process used to study and identify different chemicals that could be in various forms including gas, liquid, or solid. Analysis is done by interacting infrared light with molecules with the help of an infrared spectrometer to determine functional groups in molecules. Some of the benefits of using IR spectroscopy are high sensitivity, high resolution, and high scan speed. Infrared spectroscopy is used in several applications such as identification of substances, nanoscale semiconductor analysis, identification of molecular functional groups, detection of impurities, and determination of molecular structure.
Factors such as growth in research and development investment in pharma and life sciences, stringent regulations pertaining to process analytical technology in the pharmaceuticals industry, and constant technological advancements in IR spectroscopy are some of the factors that are expected to drive the global IR spectroscopy market from 2017 to 2025. As per estimates, global life sciences spending on research and development stood at US$ 170 billion in 2016. Out of the total spending, approximately US$ 72.1 billion was spent by the organizations based in the U.S. This significant amount of R&D investments in the U.S is due to the presence of large number of manufacturers of biotech products, pharmaceuticals, medical devices and instruments, and agricultural biosciences products.
Further, infrared spectroscopy market is witnessing significant technological advancements. In June 2016, Changchun Institute of Applied Chemistry based in China developed a new technique for AFM-IR (Atomic Force Microscope IR). The new technique will be able to provide quantitative analysis of chemical concentrations of polymer nanodomains of rubber particles. Further, new technological developments and applications of Near Infrared Spectroscopy (NIR) technology are expected to give a push to market growth in the coming years. Rising adoption of NIR Spectroscopy in brain research to explore the cognitive and linguistic abilities of young infants and neonates is anticipated to present huge market growth opportunity over the forecast period. Further, increasing adoption of Near Infrared Spectroscopy (NIR) in various agriculture applications such as seed quality detection is expected to have a positive impact on the market over the forecast period.
The global infrared spectroscopy market is segmented on the basis of product type, spectrum sensitivity, industry vertical, and region. By product type, the market is divided into Benchtop IR Spectroscope, Portable IR Spectroscope, Micro, Hyphenated IR Spectroscope and others. By spectrum sensitivity, the market is segmented into Near Infrared (NIR), Mid Infrared (MIR), and Far Infrared (FIR). Due to significant adoption of NIR spectroscopy in various industrial and research applications, the segment is expected to hold substantial market share. By industry vertical, the IR spectroscopy market is divided into food and beverages, pharma and biotech, environmental testing, agriculture, petrochemicals and others. With several applications of IR spectroscopy in pharma and biotech, this industry is likely to hold significant market share over the forecast period.
By geography, the market is classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Huge government and private players’ spending on research and development in North America is likely to boost the regional IR spectroscopy market over the forecast period. Further, stringent drug development regulations in the region, especially in the U.S. are expected to drive the North America infrared spectroscopy market.
Major players are adopting various strategies such as acquisitions, partnerships, launch of technologically advanced products, and regional expansions due to the presence of significant number of players in the market. Some of the key players in the global IR spectroscopy market are Thermo Fisher Scientific Inc., Agilent Technologies, PerkinElmer Inc., Bruker Corporation, Hamamatsu Photonics K.K., Andor Technology Ltd, the ABB Group, TeraView, Teledyne Technologies Inc., Bayspec, Inc., HORIBA, Ltd. and ZEISS International.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.