The global Q-TOF mass spectrometry market is projected to reach USD 1,009.7 million by 2022 from USD 698.4 million in 2017, at a CAGR of 7.7%. Factors such as government initiatives for pollution control and environmental testing, high expenditure on R&D activities of mass spectrometry supplements pertaining to applications such as pharmaceutical and biotechnology, technological advancements in Q-TOF mass spectrometry, and increased focus on producing high-quality food products are driving the growth of the mass spectrometry market.
On the basis of application, the Q-TOF mass spectrometry market is segmented into biotech applications, pharmaceutical applications, food and beverage testing, environmental testing, petrochemical applications, and other applications. The biotech applications segment is expected to register the highest CAGR during the forecast period, mainly due to the growing adoption of Q-TOF mass spectrometers in the fields of proteomics and metabolomics, and increasing R&D investment in biopharmaceutical and biotechnological industries.
Geographically, the Q-TOF mass spectrometry market in North America is expected to register the highest CAGR during the forecast period. The growth in this region is owing to the factors such as the rise in R&D activities with respect to biopharmaceutical and biotechnological applications of Q-TOF mass spectrometers and the availability of funding for innovation-based research.
The life sciences industry in countries such as the US and Canada is robust and is expected to contribute largely to the growth of the Q-TOF mass spectrometry market in the coming years. Also, rapid advancements in technologies, such as IMS (ion mobility spectrometry) and HDX (Hydrogen Deuterium Exchange) mass spectrometry, have demonstrated the capability of high-resolution mass spectrometers in various applications.
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Key Players In Q-TOF Mass Spectrometry Market:
The Q-TOF mass spectrometry market is emerging and fragmented in nature with limited regional and national players.
Waters Corporation (US) dominated the Q-TOF mass spectrometry market in 2017. The company provides a number of LC Q-TOF mass spectrometry technologies, accessories, and software in the mass spectrometry market. These products find applications in a variety of industries including pharmaceuticals, environmental agencies, food & beverages, as well as in anti-doping testing and research laboratories. To maintain its leading position and increase its customer base in the Q-TOF mass spectrometry market, the company mainly focuses on expanding its market presence by engaging in expansions and product launches and enhancements.
Agilent Technologies (US) held the second position in the mass spectrometry market in 2017. It is a leading player in all developed regions, including the US, Europe, and Asia. The company offers a wide range of GC and LC Q-TOF mass spectrometry products and also provides technical support. The prime strength of the company is innovation, which has helped it to sustain its brand equity.
SCIEX, a subsidiary of Danaher Corporation (US), was another leading player in the global Q-TOF mass spectrometry market in 2016. The company provides a wide range of Q-TOF mass spectrometry technologies and software in the mass spectrometry arena. To strengthen its market position and increase its customer base in the Q-TOF mass spectrometry market, the company mainly focuses on enhancing its product line through product launches and enhancements.
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