The terahertz spectroscopy market is expected to reach USD 52.5 million in 2020 from USD 20.0 million in 2015 at a CAGR of 21.30%, whereas the infrared spectroscopy market is expected to reach USD 1.25 billion in 2020 from USD 0.90 billion in 2015 at a CAGR of 6.9%. Over the years, the market has witnessed various technological advancements that have expanded the application horizons of terahertz and infrared spectroscopy. Some of these applications are drug discovery and development, metabolomics, and diagnostics. However, the high cost of instruments is hindering market growth.

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In 2015, the semiconductor segment is expected to account for the largest share of the global terahertz spectroscopy market, by application, while the pharmaceutical and biotechnology segment is expected to account for the largest share of the infrared spectroscopy market, by application.

In 2015, North America is expected to account for the largest share of the global terahertz and infrared spectroscopy market, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). In the coming years, the terahertz and infrared spectroscopy market is expected to witness the highest growth rate in the Asia-Pacific region. The high growth in this region can be attributed to government support, increased funding, and collaborations with established market players.

Competition is high in the global infrared spectroscopy market, as there are many big and small firms with similar product offerings. These companies adopt various strategies (collaboration, acquisition, new product launches, and expansion) to increase their market shares and establish a strong foothold in the global market.