Functional Near-infrared Spectroscopy Market size is estimated to be USD 1.2 Billion in 2024 and is expected to reach USD 2.5 Billion by 2033 at a CAGR of 8.9% from 2026 to 2033.
In 2022, the global Functional Near Infrared Spectroscopy (fNIRS) market was valued at approximately USD 1.2 billion, with projections indicating growth to around USD 2.3 billion by 2032, reflecting a compound annual growth rate (CAGR) of 7.2% over the forecast period. The markets expansion is primarily driven by the increasing adoption of fNIRS technology across various sectors, including pharmaceuticals, food and beverage, and agriculture, due to its non invasive nature and rapid analytical capabilities. Regionally, Europe dominated the fNIRS market in 2022, accounting for over 38.89% of the global revenue. This substantial share is attributed to the presence of major pharmaceutical manufacturers and supportive regulatory guidelines promoting the use of NIR spectroscopy for drug assessment. North America also held a significant portion of the market, driven by advanced healthcare infrastructure and robust research and development activities. The Asia Pacific region is anticipated to experience the fastest growth, with a projected CAGR of 6.3% during the forecast period, fueled by increasing adoption of NIR spectroscopy techniques in countries like India and Japan, and innovations such as multi point Near Infrared Spatially Resolved Spectroscopy (NIR SRS) probes for tablet analysis.
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Hitachi
Shimadzu Corporation
NIRx
ISS
Biopac
Techen
Artinis
Gowerlabs
Spectratech
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Functional Near-infrared Spectroscopy Market
Neurological Studies
Cardiovascular Monitoring
Oncology Research
Psychological Assessment
Sports Performance Analysis
Continuous Wave (CW) fNIRS
Pulsed Wave (PW) fNIRS
Frequency Domain fNIRS
Time Domain fNIRS
Research Institutions
Hospitals and Clinics
Pharmaceutical Companies
Universities and Educational Institutions
Sports Organizations
Portable Devices
Benchtop Devices
Wearable Devices
Machine Learning Techniques
Statistical Analysis
Signal Processing Methods
Image Processing Approaches
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Functional Near-infrared Spectroscopy Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Functional Near-infrared Spectroscopy Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Functional Near-infrared Spectroscopy Market, By Type
6. Global Functional Near-infrared Spectroscopy Market, By Application
7. Global Functional Near-infrared Spectroscopy Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Functional Near-infrared Spectroscopy Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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