The Asia Pacific IR spectroscopy market is expected to reach is expected to reach US$ 604.23 million by 2028 from 351.60 US$ million in 2020. The market is estimated to grow at a CAGR of 7.3% from 2021 to 2028. IR spectroscopes are the prominent spectroscopic technique used in healthcare & pharmaceutical industries. Owing to rising investments in diagnostics and biomedical research, the scope of IR spectroscopy market is expanding. As clinical and research instrumentation, optical spectroscopy, and sensing are a major part of life sciences, IR spectroscopy provides ideal means for real-time analysis and non-destructive sampling in labs. Additionally, increasing demand for IR spectroscopy from various pharmaceutical companies for integrating new age cloud-based devices is further propelling the market growth. Moreover, the adoption of IR spectroscopy among healthcare & pharmaceuticals industries for testing applications is increasing. Factors such as rising demand for quality maintenance in healthcare & pharmaceutical industry and increasing production of medical equipment and medicines in the wake of COVID-19 outbreak have surged the demand for IR spectroscopy, thereby driving the market growth. Additionally, the healthcare industry has witnessed a product development initiative in the field of spectroscopy. Since anemia is a major health problem observed mostly in the population of developing countries, need to have quick solutions/systems for measuring blood levels is mandatory. For instance, in June 2020, a smartphone-based spectral super-resolution spectroscopy has been developed by Purdue University to measure the hemoglobin level. This new technology is projected to help in detecting anemia. Such developments are further contributing toward the market growth.
According to latest situation report from the World Health Organization (WHO), India, Australia, Japan, and China are some of the worst affected countries due to COVID-19 outbreak.The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in 2020 and likely in 2021.
The outbreak has created significant disruptions in primary industries such as food & beverage, medical, energy & power, electronics & semiconductor, petroleum, and chemicals.A sharp decline in the growth of mentioned industrial activities is impacting the growth of the global IR spectroscopy market as they are the major supply and demand sources for IR spectroscopy products and solutions.
The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted manufacturing, supply, and sales of various electronic components that are required for the manufacturing of IR spectroscopy.
Based on end-user, the healthcare segment led the APAC IR spectroscopy market in 2020.Healthcare is one of the prominent end users of IR spectroscopy.
The IR spectroscopy in healthcare and pharmaceuticals sector is used to enhance lighting efficiency of the endoscopic instruments used for removing kidney stones, artery plaque, and others.Imaging and illumination components of endoscopes are prevalent application areas of IR spectroscopy in the healthcare industry.
Flexible and rigid multifiber cables built of graded-index imaging rods and step-index fibers are heavily used to visualize internal tissues and organs.IR spectroscopy is also utilized for remote spectrophotometry, scintillation counting, or pressure and position sensing applications.
Additionally, IR spectroscopy also finds its adoption in diagnostic and therapeutic applications, which might contribute to therapeutic methods such as photodynamic therapy. Therefore, need to have IR spectroscopy for diagnostics applications in healthcare is increasing as it is a crucial tool in pharmaceutical analysis.
The overall APAC IR spectroscopy market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the Asia Pacific IR spectroscopy market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific IR spectroscopy market. Agilent Technologies, Inc.; Bruker Corporation; Carl Zeiss AG; Hitachi, Ltd.; Horiba, Ltd.; JASCO; International Co., Ltd.; Lumex Instruments; PerkinElmer, Inc.; Shimadzu Corporation; and Thermo Fisher Scientific Inc. are among a few players operating in the Asia Pacific IR spectroscopy market.
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