Near-infrared (NIR) Spectroscopy Market Size & Share, by Type (Benchtop, Portable); Product (Fourier Transform-based (FT-NIR) Spectrometers, Dispersive Infrared Spectroscopy); Application (Medical Applications, Remote Monitoring, Agriculture, Astronomical Spectroscopy, Particle Measurement, Industrial Use, Material Science) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5141
  • Published Date: Aug 10, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

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.


Near-infrared Spectroscopy Market
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Near-infrared Spectroscopy Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Trend of Miniaturization Techniques – The growing popularity of miniaturization techniques has led to an increase in the use of small NIR spectrometers, which has made New and previously impossible NIR spectroscopy applications. In addition, these spectrometers can be used in isolated areas for quick on-site analysis, as they are adaptable, and precise equipment.
  • Growing Sales of Semiconductor – This may increase the demand for near-infrared (NIR) spectroscopy since it is useful in evaluating semiconductor manufacturing equipment such as wafers, and thin films to ensure effective performance and reduce wastage.
    Global semiconductor sales totaled over USD 580 billion USD in 2022.

Challenges

  • Exorbitant Cost of NIR Instruments – To meet the high performance standards a NIR device is made up of advanced components. These components require high-quality materials which are expensive to manufacture. This, as a result, increases the overall cost of the device.
  • Incapability to Consider the Different Percentages of Brain and Extracranial Tissues in People.
  • Lack of Standardization

Near-infrared Spectroscopy Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~7%

Base Year Market Size (2022)

~ USD 0.7 Billion

Forecast Year Market Size (2035)

~ USD 3 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Near-infrared (NIR) Spectroscopy Segmentation

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: 

   Type

  • Benchtop
  • Portable

   Product

  • Dispersive Infrared Spectroscopy
  • Fourier Transform-based (FT-NIR) Spectrometers

   Application

  • Medical Applications
  • Remote Monitoring
  •  Agriculture
  • Astronomical Spectroscopy
  • Particle Measurement
  • Industrial Use
  • Material Science

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Near-infrared Spectroscopy Industry- Regional Synopsis

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.

Research Nester
Near-infrared Spectroscopy Market Size
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Companies Dominating the Near-infrared Spectroscopy Landscape

top-features-companies
    • PerkinElmer Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Thermo Fisher Scientific Inc.
    • Bruker
    • Oxford Instruments
    • Brainbox Ltd.
    • Malvern Panalytical Ltd
    • Galaxy-Scientific
    • ABB

In-the-news

In The News

  • PerkinElmer Inc. introduced a new FT-IR liquid food testing platform, the LQA300 system to identify key quality markers in wine and detect important quality indicators, including levels of alcohol, sugar, acidity, pH, and density, at each stage of the wine-making process.
  • Thermo Fisher Scientific Inc. acquired MarqMetrix, a pioneer in Raman spectroscopy-based compositional analysis to provide a valuable addition to Raman-based in-line PAT and expand the market-leading portfolio of analytical solutions.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5141
  • Published Date: Aug 10, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for food across the globe and the growing popularity of minimally invasive procedures are the major factors driving the growth of the market.

The market size of Near-infrared (NIR) Spectroscopy is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Thermo Fisher Scientific Inc., Bruker, Oxford Instruments, Brainbox Ltd., Malvern Panalytical Ltd, Galaxy-Scientific, ABB, Metrohm AG.

The fourier transform-based (FT-NIR) spectrometers segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the European region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Near-infrared Spectroscopy Market Report Scope
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