Near-infrared Spectroscopy Market size is poised to reach USD 3 Billion by the end of 2035, growing at a rate of 7% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of NIR spectroscopy was USD 0.7 Billion. The reason behind the growth is impelled by the increasing demand for food across the globe. As a result, the food safety concern has also increased, leading to a growing demand for near-infrared (NIR) spectroscopy. For the routine compositional, functional, and to ascertain the approximate chemical compositions of a variety of foods, near-infrared (NIR) spectroscopy is an emerging analytical approach.
In addition, it is a non-destructive method that can be simply used in food processing and is particularly helpful for initial screening at the beginning of the food production process. By 2050, the demand for food is anticipated to rise globally by over 60%.
The growing popularity of minimally invasive procedures are believed to fuel the market growth. Minimally invasive surgery (MIS) has rapidly increased in use as they need fewer incisions, cause less discomfort, and leaves no unsightly scars. NIR Spectroscopy has been used as an analytical tool across several academic disciplines since it uses no chemicals, and is non-destructive. Usually, patients prefer it as it doesn't involve ionizing radiation and isn't painful.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~7% |
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Base Year Market Size (2022) |
~ USD 0.7 Billion |
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Forecast Year Market Size (2035) |
~ USD 3 Billion |
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Regional Scope |
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Product (Fourier Transform-based (FT-NIR) Spectrometers, Dispersive Infrared Spectroscopy)
The fourier transform-based (FT-NIR) spectrometers segment is estimated to hold 80% share of the global NIR spectroscopy market in the coming years owing to the growing chemical sector. As a result, the need for spectroscopic analysis has increased in the sector. FT-NIR spectrometers are used for non-destructive quantitative analysis and to identify chemicals, substances in a test sample, and monitoring chemical reactions. According to estimates, more than USD 4 trillion dollars in sales were generated by the chemical sector worldwide in 2021.
Type (Benchtop, Portable)
Near-infrared spectroscopy market in the benchtop segment is set to garner a notable share of 75% shortly owing to benefits offered by this type. Benchtop near-infrared devices are cost-effective and easily accessible to users. They can be used across a range of applications which makes them versatile. Besides this, they have a longer lifespan, require minimum space, and less maintenance. Further, they also help in the rapid analysis of samples without causing them any destruction.
Our in-depth analysis of the global NIR spectroscopy market includes the following segments:
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Type |
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Product |
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Application |
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European Market Forecast
Near-infrared spectroscopy market in Europe is predicted to account for the largest share of 40% by 2035 impelled by the growing spending in healthcare. Among EU Member States, Germany has the greatest level of current healthcare spending, followed by France, Italy, and Spain. As a result, research institutes in the region may spend more on advanced technologies such as near-infrared spectroscopy devices, which may increase their adoption for several applications. In 2020, Germany's current healthcare spending was the largest among EU member states and was estimated at over USD 470 billion.
North American Market Statistics
The North America near-infrared (NIR) spectroscopy market is estimated to be the second largest, during the forecast timeframe led by growing applications in research activities. Near-infrared reflectance spectroscopy is being applied to a broad range of research in the region to identify the molecular components of various samples for usage in practical applications.
Author Credits: Abhishek Verma, Hetal Singh
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