Middle East and Africa IR Spectroscopy Market
The IR spectroscopy market in the MEA is further segmented into South Africa, Saudi Arabia, and the UAE. The region is expected to witness a rapid increase in commercialization and industrialization, which would further boost the growth of various sectors. The Gulf countries are economically developed, while the African countries are yet to match up to the economic conditions of these countries. In the era of continuous technological developments, integration of advanced technologies is increasing in a range of industries, including healthcare in Middle East. The use of advanced technologies in the existing healthcare industry will promote the scope of IR spectroscopy in the MEA region. Countries such as the UAE, Saudi Arabia, Kuwait, Qatar, and Bahrain are making significant investment into healthcare ventures with an aim to assist multiple healthcare requirements of rapidly growing populations. Both private and government healthcare companies are working together to cater patients and earn high revenues. The government bodies of the UAE are also looking ahead to developing advanced healthcare technology in collaboration with private sector for handling influx of medical patients of the country. The scope of developing advanced technologies in healthcare opportunities to access medical technology and medication in the country will help in propelling the penetration of IR spectroscopes. Growing healthcare industry is projected to create lucrative opportunities for the providers of IR spectroscopes. Along with healthcare sector, pharmaceutical is another industry in the region growing at a high rate.
According to latest situation report from the World Health Organization (WHO) South Africa, UAE, and Saudi Arabia 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 MEA 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. The MEA IR spectroscopy market is majorly affected by the disruption in the supply chain. Pertaining to the closure of country borders, the supply chain of several components and parts have been disturbed. The demand for IR spectroscopy has weakened over the past couple of months in MEA countries. This has resulted in a loss of business among the IR spectroscopy manufacturers and distributors offering their products to oil & gas and healthcare institutes. However, there were some positivity in the market, as hospitals in Saudi Arabia are working with German doctors to deploy advanced healthcare solutions with the help of spectroscopy in respect to diagnose chronic diseases. Additionally, countries such as the UAE are deploying sophisticated healthcare systems and digitized solutions to make medical research easy and convenient.
Strategic insights for the Middle East and Africa 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$ 50.44 US$ Million |
| Market Size by 2028 | US$ 67.75 Million |
| Global CAGR (2021 - 2028) | 4.0% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East and Africa 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 Middle East & Africa IR spectroscopy market is expected to grow from is expected to reach US$ 67.75 million by 2028 from 50.44 US$ million in 2020. The market is estimated to grow at a CAGR of 4.0% 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 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. 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.
In terms of technology, the mid-infrared segment accounted for the largest share of the MEA IR spectroscopy market in 2020. In terms of product type, the benchtop spectroscopes segment held a larger market share of the MEA IR spectroscopy market in 2020. Further, the healthcare segment held a larger share of the MEA IR spectroscopy market based on end-user in 2020.
A few major primary and secondary sources referred to for preparing this report on the MEA 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.
The List of Companies - Middle East and Africa IR Spectroscopy Market
The Middle East and Africa IR Spectroscopy Market is valued at US$ 50.44 US$ Million in 2020, it is projected to reach US$ 67.75 Million by 2028.
As per our report Middle East and Africa IR Spectroscopy Market, the market size is valued at US$ 50.44 US$ Million in 2020, projecting it to reach US$ 67.75 Million by 2028. This translates to a CAGR of approximately 4.0% during the forecast period.
The Middle East and Africa 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 Middle East and Africa IR Spectroscopy Market report:
The Middle East and Africa IR Spectroscopy Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East and Africa IR Spectroscopy Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East and Africa IR Spectroscopy Market value chain can benefit from the information contained in a comprehensive market report.
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