The individual-based approach is built on a continuous time Markov chain, and it is capable of evaluating the state probability for every individual in the network. Through mathematical analysis, we rigorously confirm the existence of an epidemic threshold below which an epidemic does not propagate in the network. We also show that the epidemic threshold is inversely proportional to the maximum eigenvalue of the network. Additionally, we study the role of the whole spectrum of the network, and determine the relationship between the maximum number of infected individuals and the set of eigenvalues and eigenvectors. To validate our approach, we analytically study the deviation with respect to the continuous time Markov chain model, and we show that the new approach is accurate for a large range of infection strength. Furthermore, we compare the new approach with the well-known
heterogeneous mean field approach in the literature. Ultimately, we support our theoretical results through extensive numerical evaluations and Monte Carlo simulations.