Report : Asia Pacific IR Spectroscopy Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Near-infrared, Mid-infrared, and Far-infrared), Product Type (Benchtop Spectroscopes, Micro Spectroscopes, Portable Spectroscopes, and Hyphenated Spectroscopes), and End-user (Healthcare, Chemicals, Oil and Gas, Food and Beverages, and Other End-users)
Healthcare Segment to Dominate APAC IR Spectroscopy Market during 2021–2028
According to a new market research study on “Asia Pacific IR Spectroscopy Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Product Type, and End- users,” is expected to reach US$ 604.23 million by 2028 from 351.60 US$ million in 2020. The market is estimated to grow at a CAGR of 7.3% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific IR spectroscopy market along with the trend, driver, and opportunity pertaining to the market growth. Emergence of portable/handheld spectrometers and increasing applications in pharmaceutical and healthcare industry as well as imminent growth opportunity in food Industry are the major factor driving the growth of the Asia Pacific IR spectroscopy market.
According to latest situation report from the World Health Organization (WHO), India, Australia, Japan, and China are some of the worst affected countries due to COVID-19 outbreak. The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in 2020 and likely in 2021. The outbreak has created significant disruptions in primary industries such as food & beverage, medical, energy & power, electronics & semiconductor, petroleum, and chemicals. A sharp decline in the growth of mentioned industrial activities is impacting the growth of the APAC IR spectroscopy market as they are the major supply and demand sources for IR spectroscopy products and solutions. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted manufacturing, supply, and sales of various electronic components that are required for the manufacturing of IR spectroscopy. Asia Pacific is characterized by the presence of a large number of developing countries, positive economic outlook, high industrial presence, and huge population. All these factors make APAC a major region for the growth of various markets including IR spectroscopy. The lockdown of various plants and factories in all economies of the region is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various products and services. In addition to this, the region is a global manufacturing hub with countries, such as China, Japan, South Korea, and India, leading the global manufacturing industry growth. Disruptions in manufacturing units has stopped the production of new IR spectroscopes, thus negatively impacted the market growth. On the contrary, the government is lifting lockdowns in all the countries, which is projected to positively impact the production and development of new spectroscopes. Also, in the wake of COVID-19, as IR spectroscopes are widely used among pharmaceutical industry for the formation of medicines, spectroscopes will play a vital role in analyzing the same.
Agilent Technologies, Inc.; Bruker Corporation; Carl Zeiss AG; Hitachi, Ltd.; Horiba, Ltd.; JASCO; International Co., Ltd.; Lumex Instruments; PerkinElmer, Inc.; Shimadzu Corporation; and Thermo Fisher Scientific Inc. are among the leading companies in the Europe IR spectroscopy market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Agilent Technologies, Inc. released MassHunter Workstation Plus 11.0, MassHunter BioConfirm, and MassHunter Networked Workstation 11.0 in order to comply with regulatory requirements from the EU EMEA and US FDA.
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