Near-infrared Spectroscopy (NIRS) Market Value By Form (Portable, Benchtop), By Application (Material Science, Medical Applications, Astronomical Spectroscopy, Industrial Use, Remote Monitoring, Agriculture, Particle Measurement), By Region - Industry Share, Statistics & Forecast, 2023 - 2032

Market Overview:

Near-infrared Spectroscopy Market size was surpassed USD 510.8 Million in 2022 and is expected to showcase a CAGR of over 5.3% from 2023 to 2032. By the end of the forecast period, the industry is slated to reach a valuation of around USD 851.2 Million.

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Near-infrared spectroscopy (NIRS) is a non-invasive analytical technique that utilizes the near-infrared region of the electromagnetic spectrum to study the molecular composition of a sample. It has found applications in a wide range of fields, including chemistry, biology, medicine, and agriculture. It has wavelengths between approximately 700 to 2500 nanometers, which corresponds to energies that are lower than those of visible light but higher than those of mid-infrared radiation. Some of the key advantages of NIRS is its non-destructive nature, which means that samples can be analyzed without being altered or destroyed. This makes it particularly useful for monitoring processes in real-time or for analyzing delicate or valuable samples. Additionally, NIRS can be applied to a wide range of sample types, including liquids, solids, and gases. 

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Growth Drivers:

• Increasing Demand in Pharmaceutical and Biotechnology Industries: NIRS is widely used in pharmaceutical and biotechnology research and development for drug discovery, quality control, and process monitoring. The growing demand for effective and efficient drug development processes has boosted the adoption of NIRS in these industries.
   
• Non-Invasive and Real-Time Analysis: NIRS offers non-destructive and real-time analysis capabilities, making it highly attractive for various applications. In medical settings, NIRS enables non-invasive monitoring of tissue oxygenation, blood flow, and brain activity. These features have led to increased adoption of NIRS in healthcare and medical research.
   
• Advancements in Technology: Technological advancements in NIRS instruments, such as improved detectors, light sources, and data analysis techniques, have contributed to the growth of the market. These advancements have enhanced the accuracy, sensitivity, and reliability of NIRS systems, expanding their application areas. Moreover, in March 2020, trinamiX GmbH, a subsidiary of BASF SE based in Ludwigshafen, Germany, announced the release of a mobile solution for near-infrared (NIR) spectroscopy. This innovative Mobile NIR Spectroscopy Solution provided by trinamiX aims to support and improve real-time decision-making processes.

Based on Product Overview:

Fourier Transform Based (FT-NIR) Spectrometers hold more than 80% shares in the global near-infrared spectroscopy market in 2022. The segment is projected to experience rapid growth, maintaining its position as the market leader throughout the forecasted period. Fourier Transform-based spectrometers were introduced to address the limitations of dispersive NIR instrumentation.

However, driven by its expanding usage in the agriculture segment, the dispersive near-infrared spectroscopy segment is projected to demonstrate the second-highest growth rate throughout the forecast period. This particular product has predominantly been employed for grain and grain product measurement, utilizing monochromators to extract spectral information.

Regional Overview:

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North America held over 32% share of the near-infrared spectroscopy market in 2022. The region is characterized by well-established healthcare infrastructure, advanced research and development facilities, and a strong presence of pharmaceutical and biotechnology companies. The industry growth is driven by the increasing adoption of NIRS in medical diagnostics, pharmaceutical development, and quality control processes.

The Asia Pacific region is poised to witness significant growth in the near-infrared spectroscopy market. Factors such as increasing healthcare expenditure, expanding pharmaceutical and biotechnology industries, and rising awareness about non-invasive diagnostics contribute to market growth. Countries like China, India, and Japan are at the forefront of NIRS adoption in medical applications, agriculture, and industrial sectors. 

Furthermore, industry growth is positively impacted by major players' activities endeavors such as In 2022, KPM Analytics Inc. and AB Vista, the feed additives business of AB Agri Limited, have entered into a multi-year partnership agreement. This new licensing agreement aims to enhance the collaboration and support between the two companies in terms of calibration development, customization, and overall operations. The agreement further strengthens the strategic partnership between KPM Analytics and AB Vista.

Top companies includes in the global near-infrared spectroscopy market:

• Metrohm AG
• Thermo Fisher Scientific Inc.
• Bruker
• ABB
• PerkinElmer Inc.
• Oxford Instruments
• Brainbox Ltd.
• KPM Analytics 
• Malvern Panalytical Ltd
• Galaxy-Scientific
• Other Players

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In-depth analysis of near-infrared spectroscopy (NIRS) market along with industry coverage and forecasting for the following segments:

Market Size, By Product

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

Market Size, By Form

• Portable
• Benchtop

Market Size, By Application

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

Market Size, By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America