Near-infrared Spectroscopy Market Size, Share & Trends Analysis Report By Type (Benchtop, Portable), By Product (Dispersive, FT-NIR Spectrometers), By Application (Agriculture, Industrial Use), And Segment Forecasts, 2023 - 2030

Report Overview

The global near-infrared spectroscopy market size was valued at USD 502.7 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030. Along with the statistical treatment and advanced software algorithms, NIR spectroscopy is considered to be an optimal technique for quantitative analysis, providing a practical substitute for time-consuming methods, such as wet chemical and liquid chromatographic. The method is versatile with no requirement of sample preparation, and lower costs and time. The growth of near-infrared (NIR) spectroscopy is supported by pharmaceutical and nutraceutical manufacturers.

The COVID-19 pandemic led to an increase in the use of NIR spectrometry for assessing the authentication of vaccines for COVID-19. For instance, in May 2022, researchers affiliated with Pharmacy and Biomolecular Sciences, Liverpool John Moores University, to evaluate the use of NIR for vaccine authentication. The researchers demonstrated the potential of NIR spectrometry for examining COVID-19 vaccines and stated it as an effective and rapid method for COVID-19 vaccine authentication in the research. However, new installations observed a drop during the pandemic. The global industry is booming as a result of the growing demand for screening counterfeit pharmaceuticals.

According to an article published in May 2022, the WHO stated that around 11% of medications sold in emerging markets are counterfeit and resulting in 144,000 deaths. Various regulatory bodies, such as Health Canada, Dutch Medicines Authority, Ministry of Health, National Medical Stores & NDA, and U.S.-FDA, use NIR spectroscopy as one of the approaches to assess pharmaceutical authentication. Several factors, such as increasing numbers of applications, rising flexibility & versatility in the product line, and the growing scope of NIR spectroscopy in offering chemical & physical information are also contributing to the industry growth.

The utility of NIRS has become quite popular in the field of pharmaceutical, food, petrochemical, grain, chemical, and semiconductor industries. Since the technology provides significant signal-to-noise ratios. Numerous companies, such as PerkinElmer Inc., offer supplementary software free of cost for data processing and acquisition. In addition, near-infrared spectroscopy is an emerging and niche market with a large number of small- to mid-sized players. Major centralized laboratories conduct their testing of samples through NIR analyzers as a part of Good Manufacturing Processes (GMP) for pharmaceutical manufacturers. Under the GMP, companies are required to test finished and in-process materials for quality, strength, identity, and purity throughout the manufacturing process.

Product Insights

On the basis of products, the global industry has been further segmented into Fourier Transform-based (FT-NIR) spectrometers and dispersive infrared spectroscopy. The FT-NIR spectrometers segment dominated the global industry in 2022 and accounted for the maximum share of more than 79.6% of the overall revenue. The segment is estimated to expand further at the fastest growth rate retaining the leading position throughout the forecasted period. Fourier Transform-based spectrometers were developed to overcome the limitations of dispersive NIR instrumentation.

The product utilizes minimal time per sample for the analysis and measures every infrared frequency concurrently, instead of individually. Such product characteristics give a competitive advantage for analyzing NIR spectra of pharmaceuticals, polymers, and chemicals. The dispersive near-infrared spectroscopy segment is anticipated to register the second-fastest growth rate during the forecast period on account of the increasing frequency of usage in the agriculture segment. The product has been predominantly used for grain and grain product measurement and employed monochromators to extract spectral information.

Type Insights

On the basis of types, the global industry has been further categorized into portable and benchtop. The benchtop type segment dominated the global industry in 2022 and accounted for the maximum share of more than 76.9% of the overall revenue. The segment is projected to remain dominant throughout the forecast period owing to the high accuracy and, ability to trace multiple compounds in a drug. The product is estimated to have a low volume-based sale with a higher margin in the pricing as the benchtop has a longer lifespan that reduces the frequency of purchase by the companies. However, the increasing willingness of end-users to invest in testing instruments for robust analysis is anticipated to maintain the historical trend in the forecasted period.

The portable type segment is projected to register a faster growth of 6.1% during the forecast period. The growing concerns for the quality of medicines in low- and middle-income regions, along with strategic initiatives by international organizations to establish a strong quality-check regulatory system, are the key contributors to the growth of this segment. A study published by PLOS in September 2021 on PLOS, stated that the current market requires a near-infrared portable device that can monitor the quality of all types of medicines.

Application Insights

The particle measurement segment dominated the global industry in 2022 and accounted for the largest share of more than 32.8% of the overall revenue. The segment includes studying the particles in various fields, including pharmaceutical drugs. Near-infrared spectroscopy has become a pillar in the pharmaceutical along with other sectors as an analytical method due to its rapid and non-destructive sampling ability. The segment is also propelled by an increase in the regulation of the pharmaceutical industry in emerging markets. Various analytical techniques and requirements for cGMP are based on the use of NIR spectroscopy and are found in numerous guidelines across the world.

The characteristics of NIR in an analytical method for pharmaceutical product development and drug substance, include instrument qualification, method validation, and sample design of experiment. In addition, the non-healthcare segments are projected to grow at faster rates during the forecasted period. The semiconductor industry is one of the emerging non-healthcare sectors for NIR spectroscopy. For instance, in May 2022, Thermo Fisher conducted a webinar on the analysis of chemicals and gas through the Mid and Near IR range for semiconductor manufacturers. NIR spectroscopy is considered to be an optimal solution for Process Analytical Technology (PAT).

Regional Insights

On the basis of geographies, the global industry is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe dominated the global industry in 2022 and accounted for the maximum share of more than 38.89% of the overall revenue. This largest share can be attributed to the presence of major pharmaceutical manufacturers in the region coupled with the recommendation of NIR spectroscopy by the regional regulatory bodies. The guidance by the regulatory bodies offers assistance in the development, validation, and use of NIR-based analytical processes in assessing the drug and its substances.

The recommendations apply to the applications of abbreviated new drug applications (ANDAs), new drug applications (NDAs), and supplementary NDAs and ANDAs for small molecule drugs. The Asia Pacific region is expected to be the fastest-growing regional market with 6.3% CAGR during the forecast period owing to considerable developments by India and Japan in the adoption of the near-infrared spectroscopy technique. A number of suppliers of equipment and instruments are developing innovative methods to measure critical quality attributes, including a probe that is multi-point Near Infrared Spatially Resolved Spectroscopy (NIR-SRS) to estimate the fraction of API in a tablet.

Key Companies & Market Share Insights

Key companies are undertaking various strategies, such as developing distributing networks, regional expansions, and strategic collaborations, to strengthen their industry presence in various fields. For instance, in February 2022, ABB announced to supply the MB3600 Fourier transform NIR spectrometer for testing and detecting raw materials in cement. The research was funded by the National Natural Science Foundation of China. Such initiatives assist in entering numerous markets with the same product at minimal expenditure. Some of the key players in the global near-infrared spectroscopy market include:

• Thermo Fisher Scientific Inc.

• Bruker

• PerkinElmer Inc.

• Oxford Instruments

• Brainbox Ltd.

• Malvern Panalytical Ltd

• Galaxy-Scientific

• ABB

• Metrohm AG

• KPM Analytics

Near-infrared Spectroscopy Market Report Scope

Global Near-infrared Spectroscopy Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global near-infrared spectroscopy market report on the basis of product, type, application, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Dispersive Infrared Spectroscopy

  • Fourier Transform Based (FT-NIR) Spectrometers

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Benchtop

  • Portable

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Medical Applications

  • Astronomical Spectroscopy

  • Remote Monitoring

  • Agriculture

  • Particle Measurement

  • Material Science

  • Industrial Use

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE