GLOBAL IR SPECTROSCOPY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global IR Spectroscopy Market Size and Trends

The Global IR Spectroscopy Market is estimated to be valued at USD 1.30 Bn in 2024 and is expected to reach USD 2.10 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031. The market is expected to witness significant growth over the forecast period owing to rising applications of IR spectroscopy techniques across various industries such as healthcare, semiconductors, oil and gas, and chemicals, among others.

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The global IR spectroscopy market trend shows growing demand for infrared spectroscopy instruments across various end-use industries. Technological advancements in IR spectroscopy instruments along with the miniaturization of spectrometers and integration of software tools are driving the overall market growth. Adoption of portable devices and incorporation of microfluidics are opening new growth avenues for players operating in this market.

The growing demand from pharmaceutical and biotechnology companies

The demand for IR spectroscopy from the pharmaceutical and biotechnology sector has been rising significantly over the past decade. The need for improved analytical capabilities during drug discovery and development processes has fueled the adoption of IR spectroscopy techniques. Pharmaceutical companies are under constant pressure to develop new drugs and bring them to market at a rapid pace to gain an edge over competitors. IR spectroscopy helps streamline various processes involved such as identifying functional groups in chemical structures, detecting polymorphic forms of drug compounds, characterizing complex biomolecules, and ensuring consistent quality of active ingredients and final drug products. Its non-destructive nature makes it very suitable for analysis of sensitive biological samples. Furthermore, strict quality control regulations imposed by authorities have prompted pharmaceutical manufacturers to heavily rely on spectroscopic methods for raw material testing and finished product quality assurance. IR spectroscopy allows for quick, reproducible and reliable analysis of chemical and phase purity of materials without destroying the sample structure. This has been a key factor contributing to its increased uptake. Going forward, as R&D expenses rise and competition intensifies in the pharmaceutical industry, the need for high-precision analytical tools like IR spectroscopy will only magnify. 

Advancements in IR spectroscopy technologies

The IR spectroscopy market has witnessed tremendous technological innovations over the past decade. Manufacturers have developed new breeds of IR spectrometers with improved capabilities to address the evolving analytical needs. For instance, the integration of FT-IR with imaging microscopes has enabled mapping of chemical variations at micro and nanoscale levels. Systems combining IR spectroscopy with mass spectrometry have augmented molecular identification. Synchrotron-based IR techniques offer new insights by generating spectroscopic fingerprints of sample structures at an unprecedented resolution. Advances in detector technology have augmented sensitivity to parts-per-million or billion levels. Portable handheld devices have enabled on-site analysis, reducing turnaround time. Integration of IR instruments with lab automation solutions through software has streamlined workflows. Data processing has become more sophisticated with machine learning and artificial intelligence finding increased usage. Miniaturized IR chips promise decentralization of testing. Continued focus on developing quantum cascade lasers with broader wavelength coverage and higher output is further raising the analytical bar. The advent of such innovations has expanded IR applications into new domains like art preservation and archaeology. To gain competitive edge, manufacturers are continuously pumping investments in R&D to introduce upgraded product versions. This has certainly fueled demand from customers looking for advanced analytical solutions.