How Is The Infrared And Terahertz Spectroscopy Market Expected To Grow At 7.9% CAGR Over 2025–2029?
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How Much Will The Infrared And Terahertz Spectroscopy Market Be Worth By 2029?
The market size for infrared and terahertz spectroscopy has experienced significant expansion in the most recent years. It is projected to increase from $1.33 billion in 2024 to $1.44 billion in 2025, representing a compound annual growth rate (CAGR) of 8.0%. The growth during this historical period was due to an increase in population, amplified government investments, heightened demand for airport security, and a growing concern for food safety.
The market for infrared and terahertz spectroscopy is predicted to witness robust expansion in the upcoming years, with forecasts suggesting a surge to $1.95 billion by 2029, propelled by a compound annual growth rate (CAGR) of 7.9%. Factors contributing to this growth during the forecast period include enhanced government backing for scientific exploration, mounting utilization in cultural heritage conservation, escalating demand in the cosmetics sector, growing trend of portable and handheld spectrometers, and an uptick in the need for spectroscopy in the biotechnology field. Key trends set to dominate the forecast stretch incorporate technological evolution, the incorporation of artificial intelligence and machine learning, integration of Internet of Things (IoT), as well as the emergence of hybrid spectroscopy systems.
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What External And Internal Drivers Are Influencing The Infrared And Terahertz Spectroscopy Market?
The rising cases of breast cancer are anticipated to give impetus to the expansion of the infrared and terahertz spectroscopy market. This cancer starts from the cells in the breast and its growing occurrence can be traced back to elements like an older population, inherited risks, hormonal aspects, unwholesome lifestyles, exposures to the environment, and more sophisticated detection techniques. Infrared and terahertz spectroscopy prove advantageous for breast cancer as they promote early identification and management of tumors by assessing tissue properties. For instance, the National Center for Biotechnology Information, a government agency based in the US, reported in September 2022 that by 2040, the yearly number of new breast cancer cases is projected to surge by over 40%, touching about 3 million. Hence, the escalating prevalence of breast cancer fuels the infrared and terahertz spectroscopy market.
What Segmentation Insights Are Provided In The Infrared And Terahertz Spectroscopy Market Research?
The infrared and terahertz spectroscopymarket covered in this report is segmented –
1) By Type: Near-Infrared Radiation; Mid-Infrared Radiation; Far-Infrared Radiation
2) By Technology: Benchtop; Microscopy; Portable And Handheld; Hyphenated
3) By Application: Semiconductors; Homeland Security; Non-Destructive Testing; Research And Development Biomedical
4) By End User: Pharmaceuticals And Biotechnology; Industrial Chemistry; Food And Beverage Testing; Environmental Testing; Other End-Users
Subsegments:
1) By Near-Infrared Radiation: Fourier Transform Near-Infrared (FT-NIR) Spectroscopy; Dispersive Near-Infrared (DNIR) Spectroscopy
2) By Mid-Infrared Radiation: Fourier Transform Mid-Infrared (FT-MIR) Spectroscopy; Tunable Diode Laser (TDL) Spectroscopy
3) By Far-Infrared Radiation: Terahertz Spectroscopy; Time-Domain Terahertz Spectroscopy; Frequency-Domain Terahertz Spectroscopy
Which Notable Trends Are Transforming The Infrared And Terahertz Spectroscopy Market Outlook?
Main players in the infrared and terahertz spectroscopy sector are centering their efforts on the production of innovative, high-performing, benchtop FTIR solutions. Designed to satisfy the increasing need for cost-effective, trustworthy analytical tools across different sectors, including pharmaceuticals, environmental supervision, materials science, and food quality management. These superior benchtop FTIR (Fourier Transform Infrared) devices are state-of-the-art, compact spectrometers that handle material infrared spectrum analysis. Take, for example, Edinburgh Instruments, a Scottish manufacturer of molecular spectroscopy goods, which introduced the IR5 FTIR Spectrometer in March 2023. Featuring a user-friendly design, the instrument is suitable for both novice and advanced researchers. It also boasts a moisture control mechanism requiring no upkeep, and is complemented by specially designed software – Miracle – for smooth operation, data analysis, and report generation.
Who Are The Leading Companies Driving The Infrared And Terahertz Spectroscopy Market?
Major companies operating in the infrared and terahertz spectroscopy market are Hamamatsu Photonics K.K., Thermo Fisher Scientific Inc., Boston Electronics Corporation, Agilent Technologies Inc., Advantest Corporation, PerkinElmer Holdings Inc., Shimadzu Corporation, Bruker Corporation, Horiba Ltd., HÜBNER GmbH & Co. KG, Novanta Inc., TOPTICA Photonics AG, Luna Innovations Inc., JASCO Corporation, Menlo Systems GmbH, TeraView Limited, Spectra Quest Lab Inc., TERASENSE GROUP INC., QMC Instruments Ltd., Applied Research & Photonics Inc., Zomega Terahertz Corporation, Blue Sky Spectroscopy Inc., Science Tech Inc.
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Which Geographic Regions Are Creating Strong Demand In The Infrared And Terahertz Spectroscopy Market?
Asia-Pacific was the largest region in the infrared and terahertz spectroscopy market in 2024. The regions covered in the infrared and terahertz spectroscopy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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