According to the new market research report “Infrared and Terahertz Spectroscopy Market by Instrument Type (Benchtop Instruments, Microscopy Instruments, Portable Instruments, Hyphenated Instruments), Spectrum, Application – Global Forecast to 2025″, published by MarketsandMarkets™.
The infrared spectroscopy market is expected to reach USD 1.3 billion by 2025 from USD 1.0 billion in 2020, at a CAGR of 5.2% during the forecast period.
The terahertz spectroscopy market is expected to reach USD 45 million by 2025 from USD 30 million in 2020, at a CAGR of 8.3% during the forecast period.
Growth Opportunities: Potential applications of terahertz spectroscopy in healthcare;
The Rapid advances in technology have demonstrated the capability of terahertz spectroscopy in various healthcare applications. The focus on using terahertz spectroscopy in biomedical applications has increased rapidly, and several studies are being conducted to investigate its potential applications in pharmaceutical quality control, protein characterization, and cancer detection. T-rays are non-invasive and non-ionizing and can be focused harmlessly on the body to capture signs of cancer. Due to these advantages, terahertz spectroscopy is used in several cancer-related research activities.
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Asia-Pacific to witness the highest growth rate in 2020
Based on region, the infrared and terahertz spectroscopy market is segmented into North America, Asia-Pacific, Europe and Rest of the world (Row). Asia Pacific is expected to register the highest CAGR during the forecast period. . The major factors driving the growth of the Asia Pacific market include strategic expansions by key players, increasing food safety concerns, and adoption of technologically advanced products.
The prominent players in the global infrared spectroscopy market include PerkinElmer (US), Bruker Corporation (US) Shimadzu Corporation (US), Thermo Fisher Scientiific (US), Agilent Technologies (US). And the major players in the terahertz spectroscopy market include TeraView Ltd (UK), Advantest Corporation (Japan), Menlo Systems GmbH (Germany, Toptica Photonix AG (Germany).
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The pharmaceutical and biopharmaceutical applications segment is expected to account for the largest share of the infrared spectroscopy market in 2020
Based on the applications, the market is segmented into food & beverage testing, pharmaceutical & biotechnology applications, industrial chemistry applications, environmental testing, and other applications (academic applications, forensic applications, biomonitoring, and agricultural applications). In 2020, the pharmaceutical and biotechnology applications segment to command the largest share of the market. The large share of this segment can be attributed to the stringent regulations in the pharmaceutical industry.
The semiconductor segment is expected to account for the largest share of the spectroscopy market.
Based on application, the terahertz spectroscopy market is segmented into semiconductor, homeland security, non-destructive testing and research & development. In 2020, the semiconductor segment is expected to command the largest share of the market. Technological advancement in the growing semiconductor industry is the major factor driving the growth of this segment.
The mid-infrared radiation segment is expected to account for the largest share of the infrared spectroscopy market in 2020
Based on the spectrum, the infrared and terahertz spectroscopy market is segmented into mid-infrared radiation, near-infrared radiation and far-infrared radiation. In 2020, the mid-infrared radiation segment is expected to command the largest share of the market. The increase in the number of healthcare and pharmaceuticals applications and extensive usage in the food industry are driving the growth of this segment.
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