Europe IR Spectroscopy Market
Germany, Russia, France, the UK, and Italy are the major countries in Europe, known for large-scale industrialization and urbanization. Thus, they hold great potential for adopting advanced solutions that boost the productivity of various industrial and urban processes. European countries are concentrated with prominent industries such as food & beverages, automobiles, chemicals, and pharmaceuticals. In addition to the above-mentioned countries, Norway, Finland, Sweden, the Netherlands, Denmark, and Switzerland are the other European countries having robust contribution to the tech strength of the region, and they are anticipated to nurture the growth of IR spectroscopy. The food processing units in Europe is also using technologies to ensure quality and safety of food, prescribed by governments of European countries, which is transforming the food industry. This factor will promote the use of IR spectroscopes at a broader scale to provide safe and quality food products to the consumers. With increasing number of food processing units in Europe, the number of food testing units will eventually rise that would positively impact the penetration of IR spectroscopes for testing purpose. Moreover, factors such as increasing diagnostic activities in clinical research units and hospitals and need to boost accuracy in thermal screeners in European territory is projected to fuel the adoption of the IR spectroscopy-based products and solutions. Moreover, presence of companies, such as ABB Ltd., LUMITOS AG, and Polytec GmbH, engaged in offering IR spectroscopes in Europe holds a substantial position in boosting the market growth. For instance, in November 2019, Photothermal Spectroscopy Corp. has developed mIRage-based on Optical Photothermal Infrared Technology (O-PTIR). mIRage IR+Raman microscope is an optical non-contact technique with imaging and IR spectroscopy. Polymer blends, nanocomposites, polymer multilayer films, life science, and 2D materials are among the application areas of mIRage. Therefore, product developments, foot prints of IR spectroscopy providers, dominant healthcare and food & beverage industry are some of the critical factors accountable for the market growth.
In Europe, Russia is the hardest-hit country by the COVID-19 outbreak, followed by the UK and others. Majority of European countries are expected to suffer an economic hit due to a lack of revenue from various industries, as these countries record the highest number of COVID-19 cases and deaths in the past year. Due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to face an economic slowdown in 2020 and most likely in 2021. European countries represent a major market for IR spectroscopy owing to the stringent quality and safety regulations in food & beverages and pharmaceutical industries proposed by the government and industry regulators. As spectrometers are used for analyzing samples, medicines and food items, manufacturers can ensure quality and make the final product as per the prescribed standards. However, the supply chain disruptions and demand decline from various end-user industries of IR spectroscopy market have led to a decline in revenues of market players operating in the European region.
Strategic insights for the Europe IR Spectroscopy provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 328.26 Million |
| Market Size by 2028 | US$ 511.81 Million |
| Global CAGR (2021 - 2028) | 6.0 % |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe IR Spectroscopy refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The IR spectroscopy market in Europe is expected to grow expected to reach US$ 511.81 million by 2028 from US$ 328.26 million in 2020. The market is estimated to grow at a CAGR of 6.0 % 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 the 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. Owing to the fact that 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. IR spectroscopes are the prominent spectroscopic technique used in healthcare & pharmaceutical industries.
In terms of technology, the mid-infrared segment accounted for the largest share of the Europe IR spectroscopy market in 2020. In terms of product type, the benchtop spectroscopes segment held a larger market share of the Europe IR spectroscopy market in 2020. Further, the healthcare segment held a larger share of the Europe IR spectroscopy market based on end-user in 2020.
A few major primary and secondary sources referred to for preparing this report on Europe IR spectroscopy market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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. among others.
The List of Companies - Europe IR Spectroscopy Market
The Europe IR Spectroscopy Market is valued at US$ 328.26 Million in 2020, it is projected to reach US$ 511.81 Million by 2028.
As per our report Europe IR Spectroscopy Market, the market size is valued at US$ 328.26 Million in 2020, projecting it to reach US$ 511.81 Million by 2028. This translates to a CAGR of approximately 6.0 % during the forecast period.
The Europe IR Spectroscopy Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe IR Spectroscopy Market report:
The Europe IR Spectroscopy Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe IR Spectroscopy Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe IR Spectroscopy Market value chain can benefit from the information contained in a comprehensive market report.
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