NIR and Raman Spectroscopy Market Highlights
The NIR and Raman spectroscopy market is expected to reach USD 3,152.22 million by 2030 and register a CAGR of 11.72% during the forecast period of 2022 to 2030.
The global market is developing due to the increase in the prevalence of chronic diseases, growing demand for Process Analytical Technology (PAT) tools, and technological advancements in NIR and Raman spectroscopy Market. Moreover, the rising demand for cloud-based spectroscopy will provide growth opportunities for the market in the future. However, the shortage of skilled and experienced professionals might hamper the market's growth in the forecast period.
Segment Analysis
The global NIR and Raman spectroscopy market is mainly segmented into product and application. Based on product, the market has been segmented into near-infrared spectroscopy and Raman spectroscopy. Based on application, the market has been segmented into pharmaceutical applications, biotechnology &, biopharmaceutical applications, food & beverage testing environment testing, academic research, and others.
Regional Analysis
The global NIR and Raman spectroscopy market report has been segmented based on region into North America, Europe, Asia-Pacific, and Rest of the World.
The market growth in North America is attributed to the high prevalence of various chronic diseases, including cancer, diabetes & cardiovascular disorders, and rising healthcare expenditure. The American Cancer Society estimated that 1.9 million new cancer cases would be diagnosed and 609,360 cancer-related deaths in 2022 in the US. Similarly, according to the data published by World Health Organization (WHO), in 2020, 2,281,685 new cancer cases were registered in the US 2020. On the other hand, Canada accounted for 274,364 new cancer cases in 2020. Raman and NIR spectroscopy is widely used in PAT applications as these techniques are non-destructive analytical techniques that are capable of analysing materials in their current state without sample preparation (without dissolving the materials). Near-infrared spectroscopy has gained significant attention in the region as a simple, fast, portable, non-invasive, and inexpensive method for functional diagnosis and therapeutic monitoring of cancer diseases.
The increasing prevalence of chronic diseases, rising geriatric population, and NIR and Raman spectroscopy technological advancements drive market growth. An article published by Population Reference Bureau (PRB) in 2019 stated that Asia and Europe are the home to the world’s oldest populations, aged 65 and above. Japan (28%) registered the highest geriatric population, followed by Italy (23%), Finland, Portugal & Greece (22%), and China (12%). In addition, the countries in the southern European region, including Croatia, Malta, Portugal, Greece, Italy, Slovenia, Serbia, and Spain, accounted for 21% of the population aged 65 and above.
Key Players:
The global NIR and Raman spectroscopy market players are Thermo Fisher Scientific Inc. (US), Bruker (US), PerkinElmer Inc. (US), Agilent Technologies, Inc. (US), JASCO (Spain), Shimadzu Corporation (Japan), Danaher (US), Merck KGaA (Germany), ABB (Sweden), and Horiba, ltd (Japan).
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