Market Introduction
The US, Canada, and Mexico are the major economies in North America that have witnessed growth in their industrial sectors including healthcare and food. The continuous contribution of tech-giants in technological advancements has created a stir in the competitive market across the region, thereby integrating advanced technologies in their respective business processes for better growth in future. North America leads the IR spectroscopy market, and the market is anticipated to be the largest revenue contributor to the region during the forecast period. Also, healthcare industry is a major part of the US economy, and the countries such as the US spends heavily on advancing its healthcare industry to support the well-being and health of individuals. Ambulatory surgical centers, clinics and medical offices, diabetes education centers, dialysis centers, and hospitals are the common healthcare facilities found in the region, especially in the US. With a large number of mentioned healthcare facilities, the scope for IR spectroscopes is projected to grow in the region. In context to the US food processing industry, the companies are well-aware of safety and quality norms prescribed by the Food and Drug Administration (FDA). To follow those guidelines of food safety, the food manufacturers are using advanced technologies, such as IR spectroscopes. As per the data released by Census Bureau's 2017 Economic Census, there are more than 36,000 food & beverage processing plants established in the US. This huge number of plants offers the IR spectroscope manufacturers an opportunity to cater more food processing units to produce high quality food. Additionally, the presence of well-known IR spectroscope manufacturers such as Agilent Technologies, Inc.; Bruker Corporation; Lumex Instruments; PerkinElmer, Inc.; and Thermo Fisher Scientific Inc. is also expected to create a positive impact on both production and sales of IR spectroscopes in the region. Additionally, any development undertaken by mentioned companies would generate revenue in this market. For instance, PerkinElmer Inc. launched DA 6200 NIR analyser in May 2019. This new NIR spectrometer will facilitate meat and olive processors to perform accurately.
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.
Market Overview and Dynamics
The North America IR spectroscopy market is expected to grow from US$ 432.24 million in 2020 to US$ 699.54 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028. Portable spectrometers or handheld spectrometers enable the researchers to analyze varied samples on the go. Identification of raw materials, field analysis of samples, and forensic analysis are among the applications of portable spectroscopes. Moreover, portable spectroscopes provide analysis capabilities similar to benchtop models. Compatibility for specific applications, software and interface, spectral range, integration to mobile or computer, and accuracy are among the notable factors to be considered while buying portable spectrometer. Metrohm Instant Raman Analyzers (Mira P), ASD QualitySpec Trek Portable Spectrometer (Malvern Panalytical), RapID Portable Raman Raw Material ID Verification (Agilent Technologies), and TerraSpec Halo Portable Mineral Analyzer, (Malvern Panalytical) are some of the portable spectroscopes along with the name of their providers. In the last few years, the IR spectroscopy has witnessed the arrival of handheld/portable laser-induced breakdown spectroscopy (LIBS) and smartphone spectroscopy concentrating on medical diagnostics for low-resource areas. The emergence and capabilities of portable instruments have increased drastically in the last 20 years, along with becoming compact and lighter. Pertaining to the factors such as developments in computing power, consumer electronics, constant R&D, and manufacturing advancement for the production of instruments are contributing toward the adoption of portable spectroscopy. In addition, a few product launches have been experienced in the market in context to North America IR spectroscopy. Therefore, as the analyzing instruments are becoming lighter, smaller, and more capable, the application areas of IR spectroscopy are broadening.
Key Market Segments
In terms of technology, the mid-infrared segment accounted for the largest share of the North America IR spectroscopy market in 2020. In terms of product type, the benchtop spectroscopes segment held a larger market share of the North America IR spectroscopy market in 2020. Further, the healthcare segment held a larger share of the North America IR spectroscopy market based on end-user in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the North America IR spectroscopy market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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.
Reasons to buy report
North America IR Spectroscopy Market Segmentation
North America IR Spectroscopy Market – By Technology
North America IR Spectroscopy Market – By Product Type
North America IR Spectroscopy Market – By End-user
North America IR Spectroscopy Market - By Country
North America IR Spectroscopy Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 432.24 Million |
| Market Size by 2028 | US$ 699.54 Million |
| CAGR (2021 - 2028) | 6.5% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America IR Spectroscopy Market is valued at US$ 432.24 Million in 2020, it is projected to reach US$ 699.54 Million by 2028.
As per our report North America IR Spectroscopy Market, the market size is valued at US$ 432.24 Million in 2020, projecting it to reach US$ 699.54 Million by 2028. This translates to a CAGR of approximately 6.5% during the forecast period.
The North America IR Spectroscopy Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America IR Spectroscopy Market report:
The North America IR Spectroscopy Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America IR Spectroscopy Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America IR Spectroscopy Market value chain can benefit from the information contained in a comprehensive market report.
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