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(Health-NewsWire.Net, July 02, 2021 ) The study involved four major activities in estimating the current size for Infrared and Terahertz Spectroscopy Market. Exhaustive secondary research was done to collect information on the market and its different sub-segments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.
Expected Revenue Surge:
The infrared spectroscopy market is expected to reach USD 1.3 billion by 2025 from USD 1.0 billion in 2020, at a CAGR of 5.2% during the forecast period.
Impact of Covid-19 on the Infrared and Terahertz Spectroscopy Market;
The COVID-19 outbreak has upended many lives and businesses on an unprecedented scale. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment
devices in several countries across the globe. The COVID-19 pandemic has created ample opportunities for the IR spectroscopy market. Companies are developing software that provides automatic measurement tools that perform elevated skin temperature screenings of individuals in two seconds or less at entries, checkpoints, and other high-traffic areas while maintaining recommended social distancing guidelines.
Apart from infrared spectroscopy, researchers are also increasingly using terahertz spectroscopy as a potential tool for detecting the virus. Owing to these advantages the market has witnessed significant growth.
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Market Segmentation in Detailed:
By Instrument Type;
the infrared spectroscopy market is segmented into benchtop instruments, portable instruments, microscopy instruments and hyphenated instruments. In 2020, the benchtop instruments segment is expected to command the largest share of the spectroscopy market. The large share of this segment can be attributed to the advantages offered by benchtop instruments such as improved workflow, minimum space requirements, and fewer maintenance requirements
By Spectrum;
Segmented into mid-infrared radiation, near-infrared radiation and far-infrared radiation. In 2020, the mid-infrared radiation segment is expected to command the largest share of the infrared spectroscopy market. The increase in the number of healthcare and pharmaceuticals applications and extensive usage in the food industry are driving the growth of this segment.
By Applications;
The terahertz spectroscopy market is segmented into semiconductor, homeland security, non-destructive testing and research & development. In 2020, the semiconductor segment is expected to command the largest share of the market. Technological advancement in the growing semiconductor industry is the major factor driving the growth of this segment.
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Asia-Pacific to witness the highest growth rate in 2020
Based on region, the infrared and terahertz spectroscopy market is segmented into North America, Asia-Pacific, Europe and Rest of the world(RoW). Asia Pacific is expected to register the highest CAGR during the forecast period. The major factors driving the growth of the Asia Pacific market include strategic expansions by key players, increasing food safety concerns, and adoption of technologically advanced products.
The prominent players in the global infrared spectroscopy market include PerkinElmer (US), Bruker Corporation (US) Shimadzu Corporation (US), Thermo Fisher Scientiific (US), Agilent Technologies (US). And the major players in the terahertz spectroscopy market include TeraView Ltd (UK), Advantest Corporation (Japan), Menlo Systems GmbH (Germany, Toptica Photonix AG (Germany).
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Mr. Aashish Mehra
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