Global Near-Infrared Spectroscopy Market Size, Share and Growth Analysis Report: Forecast Trends and Outlook 2024-2032

Near-Infrared Spectroscopy Market Outlook

• The market growth is driven by continuous research and development activities focused on expanding the application of non-infrared spectroscopy in various healthcare domains.
• The market for NIRS has been experiencing groundbreaking innovations enabling researchers and healthcare professionals to streamline their analytical process, contributing to higher efficiency and accuracy.
• Market players are expanding their portfolios by launching new and improved products to bring innovation into the market. 

Near-Infrared Spectroscopy Market Overview

Near-infrared spectroscopy (NIRS) is a non-invasive technique used to analyse the composition of substances by measuring the absorption or reflection of near-infrared light. The technology has various applications in the healthcare domain, ranging from brain monitoring and cerebral oxygenation, cardiac and vascular monitoring to pharmaceutical and drug delivery research. The market growth is driven by rising research and development initiatives, investments and product launches, intended to improve the available solutions for better outcomes. 

Near-Infrared Spectroscopy Market Growth Drivers

Expanding Application Across Various Domains

Near-infrared spectroscopy has multiple applications in critical conditions in healthcare including cardiac surgeries, neonatal intensive care, and respiratory monitoring, among others. However, continuous research and innovations in the domain are now enabling the development of cutting-edge products with expanded applications in other domains. 

For instance, in October 2024, trinamiX GmbH, a pioneer in miniaturisation of NIR spectroscopy modules, and developer of groundbreaking biometric and mobile NIR spectroscopy solutions launched a first-of-its-kind Consumer Spectroscopy solution. The latest innovation runs on Snapdragon® 8 Gen 3 Reference Design. The trinamiX consumer spectroscopy solution is the world’s first NIR spectrometer integrated into a smartphone reference design covering a wavelength range from 1-3µm. The cutting-edge innovation’s first application is under development in collaboration with Revea USA. The company provides high-end skincare products curated based on scientific analysis. Revea and trinamiX are collaborating to develop a product that analyses skin health through molecular biomarker measurements. Such innovations are poised to drive market transformation and revolutionise personal health for people.

Product launches by Affluent Companies to Meet Rising Near-Infrared Spectroscopy Market Demand

The market players are focused on bringing new products into the market to meet the rising need for development in the near-infrared spectroscopy domain. For instance, in April 2024, Metrohm, a leading global manufacturer of high-precision instruments for chemical analysis, launched its latest NIR spectrometer while expanding its OMNIS platform. The new NIRS enables comprehensive chemical analysis through a single system, streamlining the analysis process for both liquid and solid samples. As the system integrates a customisable setup, it is poised to boost pharmaceutical and drug delivery research and enhance laboratory efficiency, bolstering market demand in the forecast period. 

Integration with Wearable Devices to Increase Near-Infrared Spectroscopy Market Value

The market growth stimulation for near-infrared spectroscopy (NIRS) can be attributed to its increasing popularity. Wearable functional near-infrared spectroscopy fNIRS and diffuse optical imaging methods are gaining substantial traction among researchers due to their ability to noninvasively monitor cerebral hemodynamics. In this technique, near-infrared light evaluates changes in hemoglobin concentrations which further enables them to fetch information about the brain’s blood circulation, health, and functionality. The market is experiencing continuous advancements in the domain including miniaturisation and wearability of fNIRS devices over the past decades. These advancements have led to the development of fully wearable, wireless, and unobtrusive systems that are lightweight, and capable of high-density tissue measurement, enabling researchers to comprehend brain functionality during cognitive tasks involving movement and dynamic balance. 

Near-Infrared Spectroscopy Market Trends

The market is witnessing several trends and developments to improve the global current scenario. Some of the notable trends are as follows:

Near-Infrared Spectroscopy Market Segmentation

Market Breakup by Type

• Benchtop
• Portable

Market Breakup by Product

• Dispersive 
• FT-NIR Spectrometers

Market Breakup by Application

• Diagnostic
• Monitoring

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Near-Infrared Spectroscopy Market Share

Market Segmentation by Type to Witness Substantial Growth

By type, the market is divided into benchtop and portable. Benchtop near-infrared spectroscopy systems lead the market share due to their widespread use in laboratories and industrial arrangements to enable analysis with precision and accuracy. Comparatively, portable NIRS devices have started to gain traction, particularly in point-of-care diagnostics due to their convenience and growing technological advancements.

Near-Infrared Spectroscopy Market Analysis by Region

North America leads the regional market due to the presence of advanced healthcare infrastructure. The regional dominance can be attributed to the presence of many leading pharmaceutical and biotechnology companies, which are at the forefront of developing and commercialising advanced near-infrared spectroscopy technologies in medical diagnostics, specifically in non-invasive monitoring. The increasing use of NIRS by pharmaceutical and biotechnology companies for quality control and process monitoring in the region are driving market growth and supporting regional dominance. Additionally, the region is also experiencing increased focus on research and development activities, along with the introduction of new technologies, thus, fuelling market growth.

Leading players in the Near-infrared Spectroscopy Market

The key features of the market report comprise patent analysis, funding and investment analysis, and strategic initiatives by the leading players. The major companies in the market are as follows:

Thermo Fisher Scientific Inc.

Thermo Fisher Scientific Inc. is a global leader in scientific instrumentation, offering a comprehensive portfolio of near-infrared spectroscopy (NIRS) solutions. Their NIRS systems are widely used in pharmaceutical, food, and environmental industries for precise and reliable chemical analysis. With a focus on innovation and quality, Thermo Fisher provides both benchtop and portable NIRS devices, enabling real-time monitoring and rapid analysis, which are essential for improving process efficiency and ensuring product quality across various sectors.

Bruker Corporation

Bruker Corporation is a prominent provider of advanced scientific instruments, including a robust range of near-infrared spectroscopy (NIRS) technologies. Bruker’s NIRS systems are known for their precision, ease of use, and versatility, offering customers reliable tools for material identification, compositional analysis, and process monitoring in both laboratory and industrial settings.

PerkinElmer Inc.

PerkinElmer Inc. is a global leader in analytical instrumentation, offering state-of-the-art near-infrared spectroscopy (NIRS) systems that support a wide range of industries, including pharmaceuticals, agriculture, and food safety. Their NIRS portfolio is designed to provide accurate, non-destructive analysis of chemical compositions, enabling efficient quality control and product testing. PerkinElmer's innovative NIRS technologies help businesses enhance productivity and ensure compliance with stringent industry standards, making them a trusted partner in research and industrial applications.

Oxford Instruments plc

Oxford Instruments plc is a leading provider of high-technology tools and systems, including sophisticated near-infrared spectroscopy (NIRS) solutions. Their NIRS portfolio serves the needs of the materials science, healthcare, and environmental sectors, offering precise analysis for research and industrial purposes. Oxford Instruments is known for its cutting-edge NIRS technologies that provide detailed insights into chemical compositions, helping scientists and engineers advance their research and improve the quality and safety of products across global markets.

Other key players in the market include Brainbox Ltd., Malvern Panalytical Ltd, Galaxy Scientific Inc., ABB Group, Metrohm AG, KPM Analytics Inc., Agilent Technologies Inc., Carl Zeiss AG, Edinburgh Instruments Ltd, Horiba Ltd., Lumex Instruments Inc., and JASCO International Co.

Key Questions Answered in the Near-infrared Spectroscopy Market

• What was the global near-infrared spectroscopy market value in 2023? 
• What is the global near-infrared spectroscopy market forecast outlook for 2024-2032? 
• What are the regional markets covered in the EMR report? 
• What is market segmentation based on product? 
• How is the market segmented based on type? 
• What is the market segmentation based on application? 
• What are the major factors aiding the near-infrared spectroscopy market demand?
• How has the market performed so far and how is it anticipated to perform in the coming years? 
• What are the market's major drivers, opportunities, and restraints?
• Which regional market is expected to lead the market share in the forecast period?
• Which country is expected to experience expedited growth during the forecast period?
• What are the major near-infrared spectroscopy market trends?
• Which product is expected to dominate the market? 
• Which type will dominate the market share?
• Which application will bolster market expansion?
• Which end-user will lead the market?
• Who are the key players involved in the near-infrared spectroscopy market? 
• What is the patent landscape of the market? 
• What are the current unmet needs and challenges in the market?
• How are partnerships, collaborations, mergers, and acquisitions among the key market players shaping the market dynamics?