According to a recent market study published by Growth Market Reports, titled, “Global FTIR Spectrometer Market – by type, by application, and by regions: Size, Share, Trends and Opportunity Analysis, 2018-2028”, the market was valued at US$ 1,364.3 Million in 2020 and is expected to grow at a moderate growth rate of US$ 1,932.6 by the year 2028. Increasing technological advancements in FTIR spectrometer, rising demand for FTIR spectrometer from the pharmaceutical industry, and growing global food processing industry are expected to drive the market growth during the forecast period.

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An FTIR spectroscopy is a technique used to determine the structure of individual molecules and the composition of molecular mixtures. Infrared spectroscopy is a technique that evaluates energy absorption in gas, liquid, or solid pharmaceutical samples. Spectroscopy is widely utilized in the pharmaceutical industry to comprehend chemical processes, analyze complicated mixture components, and detect unstable compounds during the development of new drugs (NDDD). An FTIR spectroscopy is used in the polymer and plastic industry to quickly and precisely identify substances such as blends, fillers, paints, rubbers, coatings, resins, and adhesives.

The global FTIR Spectrometer market is consolidated based on type, application, and region. Based on types, the global FTIR spectrometer market is segmented into portable and laboratory. The portable segment is estimated to expand at a high CAGR during the forecast period due to the increasing use of portable FTIR spectrometer for process monitoring and quality control.

Based on applications, the global FTIR spectrometer market is segregated into petrochemical engineering, pharmaceutical industry, food analysis, and others. The pharmaceutical industry segment is projected to expand at a significant CAGR during the projection period due to increasing global demand for vaccines and medications, rising pharmaceutical R&D spending, and growing elderly population, and the rising incidence rate of chronic illnesses.

The FTIR Spectrometer market is projected to witness a slight increase in year-on-year growth for 2020 as compared to the previous year 2019. Regulatory bodies anticipated to play a key role in boosting the market are supporting the growth of the market in 2020. The FTIR Spectrometer market is growing at a significant pace due to the growing pharmaceuticals industry expected to fuel the market.

As per Growth Market Reports industry analyst Sakshi Bhoyar, “The global FTIR Spectrometer market is anticipated to witness moderate growth during the forecast period 2020-2027. The FTIR Spectrometer market is registering growth opportunities across the globe, government initiatives toward FTIR spectrometer and increasing demand for FTIR spectrometer from the pharmaceuticals industry.”

The first quarter of 2020 was an unforeseen turning point for the FTIR Spectrometer market. Supply chains were disturbed by COVID-19 outbreaks in major regions, thus reducing the demand for various products, due to uncertainty in the global economy. Certain discrepancies in production and supply chain created mild disruptions across some areas in the supply chain of the FTIR Spectrometer market. However, after the second quadrant due to increasing product demand for industries has boosted the market growth in 2020.

Key Takeaways from the Study

  • The players include Thermo Fisher Scientific Inc., Bruker, PerkinElmer Inc., SHIMADZU CORPORATION, ABB, Agilent Technologies, Inc., JASCO, Torontech Inc., NETZSCH Group, ARCoptix, and Lumex Instruments among others hold a significant share of the Global FTIR Spectrometer market in the year 2020.
  • North America held a significant market share, owing to the increasing adoption of technologically advanced systems and rising R&D investments in the pharma and life sciences industry in this region.
  • In terms of applications, the global FTIR spectrometer market is segregated into petrochemical engineering, pharmaceutical industry, food analysis, and others. The pharmaceutical industry segment is anticipated to expand at a significant CAGR during the forecast period.

Report Scope

Report Metric

Details

Market Value in 2020

US$ 1,364.3 Million

Market Growth Rate (from 2020 to 2028)

4.6%

Historical Data

2018, & 2019

Base Year

2020

Forecast Period

2021 - 2028

Units Considered

Value (US$ Million)

Market Segments

Type, Application, and Regions

Regional Scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Companies Profiled

Thermo Fisher Scientific Inc., Bruker, PerkinElmer Inc., SHIMADZU CORPORATION, ABB, Agilent Technologies, Inc., JASCO, Torontech Inc., NETZSCH Group, ARCoptix, and Lumex Instruments

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail of tailor-made purchase options to meet your research requirements.

 

Target Audience

  • Supply-side: Manufacturers, raw material suppliers, and distributors
  • Demand Side: Pharmaceutical, Chemical, Food & Packaging, Environmental, Semiconductors, Forensics, and Others.
  • Regulatory Side: Concerned government authorities, and other regulatory bodies.