USD 502.77 Million
Near-Infrared Spectroscopy Market Size, Share, Growth Analysis, By Product(Benchtop Near-Infrared Spectroscopy Devices, Portable Near-Infrared Spectroscopy Devices, and others.), By Spectrometer(Dispersive, Fourier Transform, and Others), By Application(Pharmaceutical and Life Sciences, Food and Agriculture, Oil and Gas, Chemical and Material Science), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG35A2570 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
92
|Figures:
76
Near-Infrared Spectroscopy Market Insights
Near-Infrared Spectroscopy Market size was valued at USD 531.93 Million in 2023 and is poised to grow from USD 562.78 Million in 2024 to USD 883.55 Million by 2032, growing at a CAGR of 5.8% during the forecast period (2025-2032).
In recent years, the global near-infrared spectroscopy market has been witnessing significant growth due to its versatile applications in various industries such as pharmaceuticals, agriculture, food and beverages, and healthcare. NIRS technology enables non-destructive analysis of chemical and physical properties, offering real-time insights into complex substances. The pharmaceutical sector utilizes NIRS for quality control and process monitoring, while agriculture benefits from soil analysis and crop monitoring.
Additionally, In healthcare, NIRS is employed for diagnostics and monitoring oxygen levels in tissues. The market's growth is fueled by technological advancements, increasing research and development activities, and the growing demand for quality control in diverse industries. The adoption of NIRS in emerging economies further contributes to the market expansion.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Portable Near-Infrared Spectroscopy Devices
Fastest Growth
Benchtop Near-Infrared Spectroscopy Devices
Growth Rate
5.8% CAGR
Global Near-Infrared Spectroscopy Market ($ Bn)
Country Share for North America Region (%)
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Near-Infrared Spectroscopy Market Segmental Analysis
The global near-infrared spectroscopy market is segmented into four major segments i.e. by product, spectrometer, application and region. Based on product, it is divided into benchtop near-infrared spectroscopy devices, portable near-infrared spectroscopy devices, and others. Based on application, it is bifurcated into pharmaceutical and life sciences, food and agriculture, oil and gas, chemical and material science, environmental testing and others. Based on spectrometers, it is segregated into, dispersive, fourier transform, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa, and others.
Analysis by Product
Portable near-infrared spectroscopy devices have typically held a substantial market share due to the demand for portability. Moreover, the real-time analysis in industries like agriculture, food, and pharmaceuticals has been increasing. Portable NIRS devices offer flexibility, enabling on-field or on-site measurements, and contributing to their potential dominance.
Due to their use of agility and versatility, benchtop near-infrared spectroscopy devices have gained popularity. These portable devices cater to the rising need for point-of-care diagnostics, in-field analysis, and on-site monitoring across various sectors, potentially driving rapid growth.
Analysis by Applications
Pharmaceutical and life sciences have long dominated the global Near-Infrared Spectroscopy market due to the technology's widespread use in drug development, quality control, and process monitoring.
The agriculture sector is the fastest-growing segment right now due to the increasing adoption of NIRS for soil analysis, crop monitoring, and quality control. The technology's ability to provide real-time data aligns with the evolving needs of precision agriculture.
Global Near-Infrared Spectroscopy Market By Product
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Near-Infrared Spectroscopy Market Regional Insights
North America has historically dominated the near-infrared spectroscopy market due to a substantial consumer base along with technological advances. The region's advanced healthcare infrastructure, substantial investment in research and development, and widespread adoption of technology contribute to its potential dominance.
The Asia-Pacific region, particularly countries like China and India, may experience rapid growth. Increasing industrialization, rising healthcare expenditures, and the adoption of technology in diverse sectors contribute to the potential for the fastest growth in this region.
Global Near-Infrared Spectroscopy Market By Region
- Largest
- Fastest
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Near-Infrared Spectroscopy Market Dynamics
Drivers
Increasing Technology's Versatility and Real-time Analysis Capabilities
- The technology's versatility across multiple industries, including pharmaceuticals, agriculture, food and beverages, and healthcare, establishes it as a valuable analytical tool. The non-destructive and real-time analysis capabilities of NIRS enable precise measurements of chemical and physical properties, enhancing quality control processes. In the pharmaceutical sector, NIRS aids in drug development and ensures manufacturing quality, while in agriculture, it facilitates soil analysis and crop monitoring.
Restraints
High Initial Cost and Standardization of NIRS Methods
- One of the main market restraints that the high initial cost associated with acquiring NIRS equipment, which may pose a barrier to entry for smaller enterprises and limit widespread adoption. Additionally, challenges related to the standardization of NIRS methods and data interpretation may hinder seamless integration into existing workflows, impacting user confidence. The complexity of interpreting NIRS data requires skilled professionals, creating a potential skill gap that could impede its effective utilization.
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Near-Infrared Spectroscopy Market Competitive Landscape
The competitive environment of the Near-Infrared Spectroscopy market is dynamic and characterized by the presence of established industry players and the continual entry of new entrants, contributing to a dynamic and evolving marketplace. Intense competition fosters continuous innovation, with companies investing in research and development to enhance product capabilities and stay ahead in this technology-driven sector. Strategic collaborations, partnerships, and acquisitions are common strategies employed by major players to expand their market share and geographical presence.
Top Player’s Company Profiles
- Agilent Technologies (USA)
- PerkinElmer (USA)
- Thermo Fisher Scientific (USA)
- Bruker Corporation (Germany)
- FOSS (Denmark)
- Metrohm International (Switzerland)
- Danaher Corporation (USA)
- Malvern Panalytical (UK)
- HORIBA (Japan)
- Shimadzu Corporation (Japan)
- Anton Paar (Austria)
- JASCO International Co. (Japan)
- ABB (Switzerland)
- Analytik Jena AG (Germany)
- Hamamatsu Photonics (Japan)
- Ocean Optics (USA)
- BioSpec Solutions (USA)
- Technicon (USA)
- Proceq SA (Switzerland)
- ASD Inc. (USA)
Recent Developments
- In August 2023 Agilent Technologies Inc. (NYSE: A) reported Q3 2023 revenue at USD 1.67 billion, marking a 2.7% decrease compared to the same period in 2022 and a 2.3% decline on a core basis. GAAP net income for Q3 was USD 111 million, or $0.38 per share, contrasting with USD 329 million, or USD 1.10 per share, in Q3 of fiscal year 2022.
- In October 2023, Thermo Fisher Scientific Inc. (NYSE: TMO), a global leader in scientific services, and Olink Holding AB (publ) (Nasdaq: OLK), a prominent provider of advanced proteomics solutions, have jointly announced the approval of Thermo Fisher's proposal to acquire Olink.
Near-Infrared Spectroscopy Key Market Trends
Rising Integration of NIRS with Advanced Technologies, such as Artificial Intelligence
- The increasing integration of NIRS with advanced technologies, such as artificial intelligence and machine learning, enhances data analysis capabilities. This synergy allows for more accurate and insightful interpretation of spectral data, fostering improved outcomes across industries. Another significant trend is the rising demand for portable and handheld NIRS devices, driven by the need for on-site and point-of-care diagnostics in various sectors, including healthcare and agriculture.
Near-Infrared Spectroscopy Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global near-infrared spectroscopy market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is propelled by versatile applications across pharmaceuticals, agriculture, and healthcare, driven by non-destructive and real-time analytical capabilities. However, high initial costs and standardization challenges act as restraints.
Product-wise, portable NIRS devices see increasing demand for on-site diagnostics. Regionally, North America dominates due to advanced healthcare infrastructure, while Asia-Pacific experiences rapid growth. Key trends include technological integration with AI, a shift towards portable devices, and the miniaturization of NIRS tools, reflecting a dynamic landscape influenced by innovation and expanding applications.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 502.77 Million |
| Market size value in 2031 | USD 835.11 Million |
| Growth Rate | 5.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Near-Infrared Spectroscopy Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Near-Infrared Spectroscopy Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Near-Infrared Spectroscopy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Near-Infrared Spectroscopy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Near-Infrared Spectroscopy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Near-Infrared Spectroscopy Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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