Global Near-Infrared Spectroscopy Market

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 2024-2031

Q: What is the global market size of Near-Infrared Spectroscopy Market?

Global Near-Infrared Spectroscopy Market size was valued at USD 502.77 Million in 2022 and is poised to grow from USD 531.93 Million in 2023 to USD 835.11 Million by 2031, at a CAGR of 5.8% during the forecast period (2024-2031).

Report ID: SQMIG35A2570 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 92 | Figures: 76

Near-Infrared Spectroscopy Market News

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.

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Near-Infrared Spectroscopy Market size was valued at USD 502.77 Million in 2022 and is poised to grow from USD 531.93 Million in 2023 to USD 835.11 Million by 2031, at a CAGR of 5.8% during the forecast period (2024-2031).

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. '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)'

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.

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.

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.

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