Report : North America 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)
Mid-infrared Segment to Dominate North America IR Spectroscopy Market during 2021–2028
According to a new market research study on “North America 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$ 699.54 million by 2028 from US$ 432.24 million in 2020. The market is estimated to grow at a CAGR of 6.5% from 2021 to 2028. The report provides trends prevailing in the North America IR spectroscopy market along with the drivers and restraints pertaining to the market growth. Upraising applications in pharmaceutical and healthcare industry and forthcoming growth opportunity in food Industry are the major factor driving the growth of the North America IR spectroscopy market. However, heavy cost of IR spectroscopy solutions hinders the growth of North America IR spectroscopy market.
The US is the worst-hit country in North America due to the outbreak of COVID-19, with thousands of infected individuals facing severe health conditions across the country. Increasing number of infected individuals has led the government to impose lockdown across the nation’s borders during Q2. The majority of the manufacturing plants were either temporarily shut or are operating with minimum staff; the supply chain of components and parts is disrupted; these are some of the critical issues faced by the North American manufacturers. The US is one of the largest markets for IR spectroscopy especially in medical, food & beverages, and oil & gas, owing to stringent government/industry regulations regarding safety and quality standards. Also, the country has a larger density of IR spectroscopy manufacturers. However, the outbreak has severely affected the production and revenue generation with the lower number of manufacturing staff. Thus, the factors mentioned above have had a negative impact on the growth of the IR spectroscopy market in the region.
North America IR Spectroscopy Market is segmented into technology, product type, end-users, and country. Based on technology, the North America IR spectroscopy market is segmented into near-infrared, mid-infrared, far-infrared. The mid-infrared segment held the largest market share in 2020 owing to increasing need for addressing industrial, scientific, and biomedical problems. Based on product type, the North America IR spectroscopy market is segmented into benchtop spectroscopes, micro spectroscopes, portable spectroscopes, and hyphenated spectroscopes. The benchtop spectroscopes segment dominated the market pertaining to the fact that benchtop instruments are appropriate for high-sample-volume and routine applications such as substance qualification, material identification, and quality control. Based on end user, the market is segmented into healthcare, chemicals, oil & gas, food & beverages, and others. The healthcare industry dominates the end user segment in the market. The growth of this segment is attributed to the rising demand for diagnosing chronic disease and for conducting medical research. With increasing number of hospital clinics, the scope of using IR spectroscopes is rising.
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 North America 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
The report segments the North America IR Spectroscopy Market as follows:
North America IR Spectroscopy Market – By Technology
- Mid- infrared
North America IR Spectroscopy Market – By Product Type
- Benchtop Spectroscopes
- Micro Spectroscopes
- Portable Spectroscopes
- Hyphenated Spectroscopes
North America IR Spectroscopy Market – By End-user
- Oil and Gas
- Food and Beverages
- Other End-users
North America IR Spectroscopy Market – By Country
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