Infrared And Terahertz Spectroscopy Market Size to Exceed $1.97 Billion by 2029 | Growth and Industry Trends
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How Has the Infrared And Terahertz Spectroscopy Market Grown from 2024 to 2025?
In recent times, the market size for infrared and terahertz spectroscopy has seen substantial growth. The market is projected to expand from $1.33 billion in 2024 to $1.44 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.5%. Factors contributing to this growth during the historical period include an increase in population, surge in government investments, heightened demand for airport security, and an increasing concern for food safety.
What Growth Rate Is Anticipated for the Infrared And Terahertz Spectroscopy Market in the Coming Years?
The market of infrared & terahertz spectroscopy is projected to witness robust growth in the upcoming years, escalating to a market value of $1.97 billion in 2029, growing at an estimated compound annual growth rate (CAGR) of 8.1%. This anticipated growth during the forecast period can be ascribed to factors such as enhanced government support for scientific research, increased application in the preservation of cultural heritage, burgeoning need for spectroscopy in the cosmetics industry, rising popularity of portable and handheld spectrometers, plus growing demand within the biotechnology sector. The forecast period is set to see significant trends including technological advancements, application of AI and machine learning, integration with the Internet of Things (IoT), as well as the emergence of hybrid spectroscopy systems.
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Who Are the Leading Companies in 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.
What Are the Key Drivers of the Infrared And Terahertz Spectroscopy Market?
The escalating occurrence of breast cancer is predicted to fuel the expansion of the infrared and terahertz spectroscopy market. Breast cancer begins in the breast cells and its increasing occurrence is linked to aspects such as an aging demographic, genetic inclination, hormonal effects, unhealthy living habits, environmental encounters, and enhanced detection techniques. Infrared and terahertz spectroscopy prove advantageous for breast cancer as they aid in the preliminary detection and tracking of tumors through an analysis of tissue characteristics. For example, the National Center for Biotechnology Information, a government agency based in the US, stated in September 2022 that by 2040 there would be an over 40% raise in the annual count of new breast cancer diagnoses, amounting to around 3 million. Hence, the escalating occurrence of breast cancer stimulates the growth of the infrared and terahertz spectroscopy market.
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What Are the Key Market Segments in the Infrared And Terahertz Spectroscopy Industry?
The infrared and terahertz spectroscopy market 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
What Are the Latest Trends in the Infrared And Terahertz Spectroscopy Market?
Leading entities in the world of infrared and terahertz spectroscopy are concentrating their efforts on the creation of technologically advanced, high-performance benchtop FTIR devices. Their aim is to address the escalating demand for dependable, precision analytic solutions that are also affordable, a need felt across sectors like pharmaceuticals, environmental observation, materials science, and food quality regulation. The benchtop FTIR (Fourier Transform Infrared) instruments are state-of-the-art compact spectrometers utilised for the analysis of a material’s infrared spectrum. For example, in March 2023, Edinburgh Instruments, a company based in Scotland, which specializes in manufacturing molecular spectroscopy products, unveiled their new IR5 FTIR Spectrometer. The device, designed for usability across a range of users from beginners to experienced researchers, comes with inbuilt moisture control technology that doesn’t require any upkeep. The IR5 is outfitted with modern, user-friendly software tailored for its smooth functioning. It simplifies all parts of the experimental procedure from initiation to data trial and generating reports.
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What Are the Key Regional Markets in the Infrared And Terahertz Spectroscopy Industry?
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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This Report Delivers Insight On:
1. How big is the infrared and terahertz spectroscopy market, and how is it changing globally?
2. Who are the major companies in the infrared and terahertz spectroscopy market, and how are they performing?
3. What are the key opportunities and risks in the infrared and terahertz spectroscopy market right now?
4. Which products or customer segments are growing the most in the infrared and terahertz spectroscopy market?
5. What factors are helping or slowing down the growth of the infrared and terahertz spectroscopy market?
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