Near-infrared Spectroscopy Market Growth & Trends
The global near-infrared spectroscopy market size is expected to reach USD 806.4 million by 2030, registering a CAGR of 6.08% over the forecast period, according to a new report by Grand View Research, Inc. The growing implementation of an analytical technique for raw materials in numerous sectors, such as oil & gas and agriculture, coupled with their increasing applications is anticipated to spur industry growth. For instance, various herbs and plants with therapeutic and medicinal properties are analyzed through near-infrared (NIR) spectroscopy to assess the bio-active components. The industry has witnessed considerable growth in 2021 and is expected to have similar developments during the forecasted period.
The demand for the products from the material science sector is a substantial contributor to the revenue. NIR spectrometry provides significant advantages as a process analytical technology over other techniques including wet chemical methods, resulting in increasing preference from manufacturers. Other determinants, such as rapid advancement in the workflows of material verification, as well as improving risk management in the supply chain by manufacturers to fulfill the GMP criteria, are also contributing to the growth. The major 20 pharmaceutical manufacturers employ portable NIR analyzers to authenticate either raw materials or finished products to comply with GMP guidelines. Similarly, regulatory bodies in Europe, North America, Africa, and Asia have purchased the product to strengthen their counterfeiting efforts.
The COVID-19 pandemic had a positive impact on the demand from pharmaceutical manufacturers. However, the disruptions in industries, such as electronics & semiconductors, food & beverages, and chemical, are projected to have an adverse impact on the growth rate. For instance, in February 2021, the U.S. government reviewed the supply chain of pharma and semiconductors to strengthen the domestic investment and process of manufacturing. The imposed lockdown norms across the globe created shortages in supplies and inflated the cost of raw materials, this affected the profitability of the players. Similarly, the capability of NIR spectroscopy to identify the polymers that are used in the packaging of pharmaceutical and nutraceutical products is anticipated to be another determinant of industry growth.
As per the Code of Federal Regulations (CFR) for the packaging of pharmaceutical products, components used to store drug products are required to be identified before the use by Quality Control. On the other hand, this industry has a considerable number of players with regional dominance. The development of rapid and cost-effective NIR spectrometry is anticipated to accelerate the level of competition in the industry. For instance, in November 2020, a group of researchers developed a handheld NIR spectroscopy for organic solvents testing. Hence, the low-cost NIR spectroscopy with high accuracy will assist players to expand their presence in low- and middle-income countries.
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Near-infrared Spectroscopy Market Report Highlights
The Fourier Transform-based (FT-NIR) spectrometers product segment held the major revenue share owing to the high accuracy in the material testing and verification
The particle measurement application segment had a substantial share in 2021 due to strict measures by emerging countries for dealing with counterfeited medicines
The portable near-infrared spectroscopy type segment is anticipated to register the fastest CAGR during the forecasted period
MicroPHAZIR RX analyzer by Thermo Fisher Scientific is one of the portable NIR spectrometry that can analyze various applications
Europe dominated the global industry in 2021 due to the establishment of a large number of pharmaceutical manufacturers and strict regulations for quality-check as a part of GMP compliance
Asia Pacific is estimated to grow at the fastest CAGR over the forecasted period owing to the expansion of the semiconductors industry in emerging regions, such as India
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