Increasing need for medical treatment due to rise in prevalence of various chronic diseases is propelling near infrared spectroscopy market revenue growth

The global Near Infrared (NIR) spectroscopy market size is expected to reach USD 437.3 Million at a steady CAGR of 6.2% in 2028, according to latest analysis by Emergen Research. Near infrared spectroscopy market revenue growth is driven by steady rise in demand for specific tests and improved quality results. The technology offers various advantages and is used extensively in fields such as food, pharmacy, chemicals, and agriculture which is driving market revenue growth to a significant extent currently.

The report studies the impact of the COVID-19 pandemic on the Near Infrared Spectroscopy market and its crucial segments. The supply chain disruptions and economic instability have negatively impacted the growth of the market in several key regions. The report offers an in-depth analysis of the market size, market share, and market growth and its estimation through the forecast years on the basis of the COVID-19 crisis.

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According to the World Health Organization, there are approximately 200 types of diseases as a result of consumption of contaminated food every year. It is also estimated that more than 600 million people fall ill from intake of unsafe food and approximately 420,000 die every year due to the same. Contaminated food is a major cause of concern and application of near infrared spectroscopy to test the quality of food is driving growth of the near infrared spectroscopy market revenue.

The report also offers an in-depth analysis of the market players along with their business overview, product portfolio, technological advancements, expansion plans, financial standing, and global position. It also sheds light on the collaborations in the competitive landscape, such as mergers and acquisitions, joint ventures, collaborations, product launches, brand promotions, corporate and government deals, licensing agreements, and others.

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Regional Analysis:

Regional analysis includes an in-depth study of the key geographical regions to gain a better understanding of the market and provide an accurate analysis. The regional analysis covers North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis covers the analysis of key market segments, including revenue, CAGR, import/export, supply and demand ratio, production and consumption ratio, industrial chain analysis, and market dynamics in each region of the geographies.

Some Key Highlights From the Report

·        In March 2020, trinamiX GmbH, which is a subsidiary of BASF SE, launched mobile Near Infrared (NIR) spectroscopy solution. The company makes spectroscopy affordable and accessible beyond laboratory and factory applications. trinamiX is providing all the features, such as precise data and material analytics, mobile and robust hardware, and excellent chemical and molecular expertise in a single handheld device.

·        Portable near infrared spectroscopy is powerful instrument which provides advantages for online, non-destructive or in situ analysis. These devices are cost-effective, small-sized, simpler, and robust with ergonomic design. The portable segment revenue is expected to register a rapid growth rate during the forecast period.

·        Fourier Transform InfraRed (FT-IR) spectrometer is an instrument which acquires broadband near infrared spectra. FT-IR is used in various applications due to its improved sensitivity and speed. Fourier Transform InfraRed spectroscopy is used in chemistry, biology research fields, geology, and materials.

·         Key players in the market include Agilent Technologies, PerkinElmer, Thermo Fisher Scientific Inc., Bruker Corp., Hitachi Ltd., Shimadzu Corporation, Carl Zeiss AG, JASCO International Co., Ltd., Horiba Ltd., and Lumex Instruments.

Emergen Research has segmented the global near infrared spectroscopy market on the basis of modality, technology, application, and region:

·         Modality Outlook (Revenue, USD Million; 20182028)

o    Benchtop

o    Portable

·         Technology Outlook (Revenue, USD Million; 20182028)

o    Dispersive Infrared Spectroscopy

o    Fourier Transform Infrared (FT-IR) Spectroscopy

·         Application Outlook (Revenue, USD Million; 20182028)

o    Medical uses

o    Astronomical Spectroscopy

o    Remote Monitoring

o    Agriculture

o    Particle Measurement

o    Material Science

o    Industrial uses

o    Others

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