Global IR Spectroscopy Market, By Spectrum (Near Infrared, Far Infrared, and Mid Infrared), By Product Type (Benchtop IR Spectroscope, IR Microscopy, Portable IR Spectroscope, Hyphenated IR Spectroscope, and Terahertz IR Spectroscope), By End User (Biopharmaceutical Companies, Academic and research Institutes, and Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Aug 2024

Code : CMI7240

Pages :169

Formats :

Excel and PDF

Industry : Medical Devices

Market Challenges: Lack of Skilled Professionals

One of the key challenges currently being faced by the global IR spectroscopy market is the lack of availability of skilled professionals and labor force with expertise in operating complex IR spectroscopy instruments and analyzing the obtained spectral data. IR spectroscopy requires specialized technical know-how and training to handle sophisticated devices and interpret infrared spectra. However, there is a severe shortage of trained technicians and scientists familiar with advanced IR spectroscopy techniques like FT-IR, Near-IR, and Raman spectroscopy across major markets. This skill gap is hampering laboratory operations and R&D projects dependent on such analytical techniques. Furthermore, it is challenging for manufacturers to deploy new instruments and solutions in the market owing to lack of local support from trained local representatives. If the shortage of skilled workers is not addressed, it can negatively impact the adoption of novel IR spectroscopy technologies and expansion of related application areas.

Market Opportunities: Growth in Pharma and Biotech Industry

The global pharmaceutical and biotechnology industry has been witnessing steady growth over the past few decades driven by increasing investments in R&D and new drug development programs. IR spectroscopy has emerged as an invaluable analytical technique widely used across various phases of drug manufacturing and quality checks. It is being utilized for characterization of active pharmaceutical ingredients, detection of impurities, analysis of drug formulations, and quality testing. The biopharma industry’s increasing emphasis on process analytical technology adoption and in-line quality monitoring during manufacturing has further bolstered demand for portable and online IR spectroscopy systems. With robust pharma industry expansion projected in both developed and developing markets in the coming years, especially Asia-Pacific, it is expected to perpetually drive the requirement for sophisticated as well as affordable IR spectroscopy devices. This presents lucrative opportunities for spectroscopy product manufacturers to develop technologically advanced and customizable solutions catering to biotech analytical needs.