The Research Report on “Infrared and Terahertz Spectroscopy Market by Instrument Type (Benchtop Instruments, Microscopy Instruments, Portable Instruments, Hyphenated Instruments), Spectrum, Application – Global Forecast to 2025″.
The infrared spectroscopy market is expected to reach USD 1.3 billion by 2025 from USD 1.0 billion in 2020, at a CAGR of 5.2% during the forecast period.
The terahertz spectroscopy market is expected to reach USD 45 million by 2025 from USD 30 million in 2020, at a CAGR of 8.3% during the forecast period.
Growth Opportunities: Potential applications of terahertz spectroscopy in healthcare;
Rapid advances in technology have demonstrated the capability of terahertz spectroscopy in various healthcare applications. The focus on using terahertz spectroscopy in biomedical applications has increased rapidly, and several studies are being conducted to investigate its potential applications in pharmaceutical quality control, protein characterization, and cancer detection. T-rays are non-invasive and non-ionizing and can be focused harmlessly on the body to capture signs of cancer. Due to these advantages, terahertz spectroscopy is used in several cancer-related research activities.
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Industry Segmentation In Detailed:
The benchtop segment is expected to account for the largest share of the infrared spectroscopy market in 2020
Based on instrument type, the Infrared and Terahertz Spectroscopy Market is segmented into benchtop instruments, portable instruments, microscopy instruments and hyphenated instruments. In 2020, the benchtop instruments segment is expected to command the largest share of the spectroscopy market. The large share of this segment can be attributed to the advantages offered by benchtop instruments such as improved workflow, minimum space requirements, and fewer maintenance requirements
The mid-infrared radiation segment is expected to account for the largest share of the infrared spectroscopy market in 2020
Based on the spectrum, segmented into mid-infrared radiation, near-infrared radiation and far-infrared radiation. In 2020, the mid-infrared radiation segment is expected to command the largest share of the spectroscopy market. The increase in the number of healthcare and pharmaceuticals applications and extensive usage in the food industry are driving the growth of this segment.
The pharmaceutical and biopharmaceutical applications segment is expected to account for the largest share of the spectroscopy market in 2020
Based on the applications, the infrared spectroscopy market is segmented into food & beverage testing, pharmaceutical & biotechnology applications, industrial chemistry applications, environmental testing, and other applications (academic applications, forensic applications, biomonitoring, and agricultural applications). In 2020, the pharmaceutical and biotechnology applications segment to command the largest share of the Infrared and Terahertz Spectroscopy Market. The large share of this segment can be attributed to the stringent regulations in the pharmaceutical industry.
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Leading Key Players and Analysis:
The prominent players in the global infrared spectroscopy market include PerkinElmer (US), Bruker Corporation (US) Shimadzu Corporation (US), Thermo Fisher Scientiific (US), Agilent Technologies (US). And the major players in the terahertz spectroscopy market include TeraView Ltd (UK), Advantest Corporation (Japan), Menlo Systems GmbH (Germany, Toptica Photonix AG (Germany).
Perkinelmer (US) is one of the the leading players in the global infrared spectroscopy market. The firm designs and manufactures products for the life science and pharmaceutical industries as well as for various applications, such as biotechnological applications, clinical and molecular diagnostics research, materials and chemical analysis, and government applications. The firm offers a wide range of products based on infrared spectroscopy technologies. In 2020, the company launched the DA 7350 Spectroscopy Instrument and Process Plus Cloud-based Software based on the NIR technology to provide continuous quality control for food and food ingredient manufacturing processes.
Geographical Analysis in Detailed:
The infrared & terahertz spectroscopy market is segmented into North America, Asia-Pacific, Europe and Rest of the world(RoW). Asia Pacific is expected to register the highest CAGR during the forecast period. . The major factors driving the growth of the Asia Pacific market include strategic expansions by key players, increasing food safety concerns, and adoption of technologically advanced products.
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