What Fueled Infrared And Terahertz Spectroscopy Market?
The infrared and terahertz spectroscopy market has seen considerable growth due to a variety of factors.
• In recent times, there has been a robust expansion in the size of the infrared and terahertz spectroscopy market. It's projected to escalate from a value of $1.33 billion in 2024, to reach $1.44 billion in 2025, representing a compound annual growth rate (CAGR) of 8.5%.
Factors that have contributed to the growth during the historical period include an increase in population, enhanced government investments, a surge in the demand for airport security, and growing awareness towards food safety.
What Can Be Expected from the Infrared And Terahertz Spectroscopy Market in the Coming Years?
The infrared and terahertz spectroscopy market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations are high for significant expansion in the infrared & terahertz spectroscopy market in the coming years, with projections reaching $1.97 billion by 2029 and a compound annual growth rate (CAGR) of 8.1%.
Factors expected to boost this growth include an increase in government funds for scientific research, heightened usage in preserving cultural heritage, a burgeoning need for spectroscopy in the cosmetic sector, growing popularity of portable and handheld spectrometers, and a surge in demand for spectroscopy in the field of biotechnology. Emerging trends within the projected timeframe include advances in technology, the incorporation of AI and machine learning, integration with the Internet of Things (IoT), and the advent of hybrid spectroscopy systems.
What Key Factors and Trends are Driving the Growth of the Infrared And Terahertz Spectroscopy Market?
The growth of the infrared and terahertz spectroscopy market is anticipated to be propelled by the rising occurrence of breast cancer. This type of cancer originates from the cells in the breast. The escalating prevalence of breast cancer can be tied to numerous factors, such as an older population, genetic risk factors, hormonal effects, unhealthy living habits, environmental exposure, and enhanced detection strategies. The methods of infrared and terahertz spectroscopy prove beneficial for detecting breast cancer early and tracking tumors through the analysis of tissue characteristics. For example, the National Center for Biotechnology Information, a government agency in the US, reported in September 2022 that by 2040 the annual count of new breast cancer diagnoses is anticipated to surge over 40%, reaching nearly 3 million instances. Thus, the mounting prevalence of breast cancer acts as a driving factor for the expansion of the infrared and terahertz spectroscopy market.
How Is the Infrared And Terahertz Spectroscopy Market segmented?
The infrared and terahertz spectroscopy market covered in this report is segmented –
1) By Type: Near-Infrared Radiation, Mid-Infrared Radiation, Far-Infrared Radiation
2) By Technology: Benchtop, Microscopy, Portable And Handheld, Hyphenated
3) By Application: Semiconductors, Homeland Security, Non-Destructive Testing, Research And Development Biomedical
4) By End User: Pharmaceuticals And Biotechnology, Industrial Chemistry, Food And Beverage Testing, Environmental Testing, Other End-Users
Subsegments:
1) By Near-Infrared Radiation: Fourier Transform Near-Infrared (FT-NIR) Spectroscopy, Dispersive Near-Infrared (DNIR) Spectroscopy
2) By Mid-Infrared Radiation: Fourier Transform Mid-Infrared (FT-MIR) Spectroscopy, Tunable Diode Laser (TDL) Spectroscopy
3) By Far-Infrared Radiation: Terahertz Spectroscopy, Time-Domain Terahertz Spectroscopy, Frequency-Domain Terahertz Spectroscopy
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What New Trends Are Influencing the Infrared And Terahertz Spectroscopy Market?
Main businesses in the infrared and terahertz spectroscopy market are honing their efforts in creating high-performance benchtop FTIR devices that feature innovation, reliability, and affordability, as they strive to accommodate the escalating requirements for precise analytical solutions in sectors like pharmaceuticals, environmental monitoring, materials science, and food quality control. Benchtop FTIR (Fourier Transform Infrared) devices are sophisticated, compact spectrometers, employed in the analysis of a material's infrared spectrum. For instance, March 2023 saw Edinburgh Instruments, a molecular spectroscopy product manufacturer based in Scotland, unveiling the IR5 FTIR Spectrometer. The device, with its easy-to-use features, caters to both beginners and experienced researchers. It contains a moisture control system that necessitates no maintenance and is outfitted with modern software, created exclusively for its functioning. All stages of the experimental process, from setup to data analysis and reporting, are seamlessly carried out by Miracle.
Who Are the Key Players in the Infrared And Terahertz Spectroscopy Market?
Major companies operating in the infrared and terahertz spectroscopy market are include:
• Hamamatsu Photonics K.K.
• Thermo Fisher Scientific Inc.
• Boston Electronics Corporation
• Agilent Technologies Inc.
• Advantest Corporation
• PerkinElmer Holdings Inc.
• Shimadzu Corporation
• Bruker Corporation
• Horiba Ltd.
• HÜBNER GmbH & Co. KG
• Novanta Inc.
• TOPTICA Photonics AG
• Luna Innovations Inc.
• JASCO Corporation
• Menlo Systems GmbH
• TeraView Limited
• Spectra Quest Lab Inc.
• TERASENSE GROUP INC.
• QMC Instruments Ltd.
• Applied Research & Photonics Inc.
• Zomega Terahertz Corporation
• Blue Sky Spectroscopy Inc.
• Science Tech Inc.
What Is The Most Dominant Region In The Infrared And Terahertz Spectroscopy Market?
Asia-Pacific was the largest region in the infrared and terahertz spectroscopy market in 2024. The regions covered in the infrared and terahertz spectroscopy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
