Near-infrared Spectroscopy Market Size

Near-infrared Spectroscopy Market size was valued at USD 550.2 Million in 2023 and is projected to exceed USD 1.17 Billion by the end of 2036, expanding at over 5.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of near-infrared spectroscopy is evaluated at USD 591 Million. The reason behind the growth is impelled by the increasing demand for food across the globe. As a result, the food safety concern has also increased, leading to a growing demand for near-infrared (NIR) spectroscopy. For the routine compositional, functional, and to ascertain the approximate chemical compositions of a variety of foods, near-infrared (NIR) spectroscopy is an emerging analytical approach. 

In addition, it is a non-destructive method that can be simply used in food processing and is particularly helpful for initial screening at the beginning of the food production process. By 2050, the demand for food is anticipated to rise globally by over 60%. 

The growing popularity of minimally invasive procedures are believed to fuel the market growth. Minimally invasive surgery (MIS) has rapidly increased in use as they need fewer incisions, cause less discomfort, and leaves no unsightly scars. NIR Spectroscopy has been used as an analytical tool across several academic disciplines since it uses no chemicals, and is non-destructive. Usually, patients prefer it as it doesn't involve ionizing radiation and isn't painful.