Near-infrared Spectroscopy Market Trends

Growth Drivers

Rising Trend of Miniaturization Techniques – The growing popularity of miniaturization techniques has led to an increase in the use of small NIR spectrometers, which has made New and previously impossible NIR spectroscopy applications. In addition, these spectrometers can be used in isolated areas for quick on-site analysis, as they are adaptable, and precise equipment.
Growing Sales of Semiconductor – This may increase the demand for near-infrared (NIR) spectroscopy since it is useful in evaluating semiconductor manufacturing equipment such as wafers, and thin films to ensure effective performance and reduce wastage.
Global semiconductor sales totaled over USD 580 billion USD in 2022.

Challenges

Exorbitant Cost of NIR Instruments – To meet the high performance standards a NIR device is made up of advanced components. These components require high-quality materials which are expensive to manufacture. This, as a result, increases the overall cost of the device.
Incapability to Consider the Different Percentages of Brain and Extracranial Tissues in People.
Lack of Standardization

Near-infrared Spectroscopy Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	5.9%
Base Year Market Size (2023)	USD 550.2 Million
Forecast Year Market Size (2036)	USD 1.17 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of near-infrared spectroscopy is evaluated at USD 591 Million.

The 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. Increasing demand for food across the globe and the growing popularity of minimally invasive procedures are the major factors driving the growth of the market.

Europe industry is predicted to account for the largest share of 40% by 2036, impelled by the growing spending in healthcare sector in the region.

PerkinElmer Inc., Thermo Fisher Scientific Inc., Bruker, Oxford Instruments, Brainbox Ltd., Malvern Panalytical Ltd, Galaxy-Scientific, ABB

Near-infrared Spectroscopy Market Trends