The North America IR Spectroscopy Market would witness market growth of 5.6% CAGR during the forecast period (2024-2031).
The US market dominated the North America IR Spectroscopy Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $477 million by 2031. The Canada market is experiencing a CAGR of 8% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 7.1% during (2024 - 2031).
One of the primary drivers of growth in the IR spectroscopy market is the expanding demand for analytical solutions in pharmaceutical and healthcare applications. IR spectroscopy plays a critical role in drug discovery, development, and manufacturing, providing rapid and reliable analysis of pharmaceutical compounds, formulations, and biological samples. In pharmaceutical research, IR spectroscopy enables the identification of drug candidates, characterization of APIs, and assessment of drug stability, purity, and bioavailability. Moreover, IR spectroscopy supports quality control and assurance processes in pharmaceutical manufacturing, helping to ensure compliance with regulatory standards and specifications. IR spectroscopy enables manufacturers to verify the identity, purity, and safety of products, ensuring regulatory compliance and consumer protection.
Furthermore, the chemicals and materials science sectors represent significant segments within the IR spectroscopy market, with applications spanning polymer analysis, chemical composition analysis, quality control, and process monitoring. IR spectroscopy is widely utilized in the analysis of polymers, plastics, coatings, and specialty chemicals, providing valuable insights into material properties, composition, and performance characteristics. In materials research, IR spectroscopy facilitates the investigation of structural defects, phase transitions, and surface interactions, supporting advancements in materials engineering, nanotechnology, and semiconductor manufacturing.
The IR spectroscopy market in the region is witnessing significant expansion, fueled by various factors that underline its importance and effectiveness across different industries. The data provided by the Government of Mexico, indicating a robust gross domestic product (GDP) of $5.18 trillion MX during the fourth quarter of 2023, reflects a strong economic foundation that supports the growth of industries like chemical manufacturing. These factors, combined with technological advancements in IR spectroscopy and its versatile applications across industries, are expected to drive further growth in the IR spectroscopy market.
Free Valuable Insights: The IR Spectroscopy Market is Predict to reach USD 1.8 Billion by 2031, at a CAGR of 6.3%
Based on Technology, the market is segmented into Dispersive and Fourier Transform. Based on Type, the market is segmented into Near-infrared Spectroscopy, Mid-infrared Spectroscopy, and Far-infrared Spectroscopy. Based on Product Type, the market is segmented into Benchtop Spectroscopes, Micro Spectroscopes, Portable Spectroscopes, and Hyphenated Spectroscopes. Based on End-user, the market is segmented into Healthcare & Pharmaceuticals, Chemicals, Food & Beverages, Biological Research, Environmental, and Consumer Electronics. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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