What is the Expert Analysis of Mass Spectrometry Market?
According to the new market research report “Mass Spectrometry Market by Platform (Hybrid Mass Spectrometry (Triple Quadrupole, QTOF, FTMS), Single Mass Spectrometry (Quadrupole, TOF, Ion Trap)), Application (Pharma & Biotech, Environmental & Food Testing) – Global Forecasts to 2024”, published by MarketsandMarkets™, the Mass Spectrometry Market is expected to reach USD 6.3 billion by 2024 from USD 4.6 billion in 2019, at a CAGR of 6.7%.
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Key Players In Mass Spectrometry Industry:
The major vendors in the mass spectrometry market include SCIEX (US), Agilent Technologies (US), Thermo Fisher Scientific (US), Waters Corporation (US), and Shimadzu Corporation (Japan). These leading players offer an expansive product portfolio for mass spectrometers and have a broad geographic presence. The other players in this market include PerkinElmer (US), Bruker (US), Analytik Jena (Germany), JEOL (Japan), Rigaku (Japan), DANI Instruments (Italy), LECO (US), Hiden Analytical (UK), Kore Technology (UK), Extrel CMS (US), MassTech (US), AMETEK Process Instruments (US), MKS Instruments (US), Advion (US), and FLIR Systems (US).
What are the Key Factors Driving Mass Spectrometry Market Growth?
The increasing spending on pharmaceutical R&D across the globe, government regulations on drug safety, growing focus on the quality of food products, and technological advancements in mass spectrometers are the key drivers of the Mass Spectrometry Market. Government initiatives for pollution control and environmental testing and an increase in crude and shale gas production are also supporting the growth of this market.
Segmentation Of Global Market:
Hybrid mass spectrometers are estimated to account for the largest share of the mass spectrometry platform market in 2019
The Mass Spectrometry Industry is segmented on the platform into hybrid mass spectrometry, single mass spectrometry, and other platforms. The hybrid mass spectrometry segment is further divided into triple quadrupole, quadrupole TOF, and Fourier transform mass spectrometry devices, while the single mass spectrometry segment includes single quadrupole, Time of Flight (TOF), and ion trap spectrometers. The hybrid mass spectrometry segment held the largest share of the Mass Spectrometry Market in 2019. The technological advancements in mass spec technologies and the advantages of hybrid mass spectrometry, such as sensitivity, accuracy, and efficiency over other platforms, are the major factors driving the growth of this product segment.
Pharmaceutical & biotechnology are the primary application areas of the global Mass Spectrometry Market
The market is segmented into pharmaceutical & biotechnology applications, environmental testing, food & beverage testing, petrochemical applications, and other applications based on use. The pharmaceutical & biotechnology applications segment estimated to command the largest share of the market in 2019, and this segment is also projected to register the highest CAGR owing to the rise in pharmaceutical biosimilars phytopharmaceuticals and regenerative medicine along with the growing research in proteomics and metabolomics.
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Geographic Analysis with Key Revenue Growth Factors:
The APAC Mass Spectrometry Industry to grow at the highest CAGR during the forecast period
While North America is expected to dominate the global Mass Spectrometry Industry in 2019, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the numerous expansions and collaborations by key players in China, a significant amount of funding for mass spectrometry in Japan, and strict environmental monitoring regulations in India.
Factors such as the growing funding for research and government initiatives in the US, widespread usage of mass spectrometry in the metabolomics and petroleum sector, and CFI funding towards mass spectrometry projects in Canada are driving the North American market. Lately, the US has seen a significant increase in the shale gas and crude oil production with increasing oil fields and the subsequent increase in the employment of analytical tools such as mass spectrometers.