Mass Spectrometry: Pharmaceutical and Biotechnology Industries are Primary Applications To Offer Industry Growth
Growth in the mass spectrometry market is primarily driven by factors such as government initiatives for pollution control and environmental testing, increasing spending on pharmaceutical R&D across the globe, government regulations on drug safety, growing focus on the quality of food products, increase in crude and shale gas production, and technological advancements in mass spectrometers.
The mass spectrometry market is expected to grow from $4.6 billion in 2019 to $6.3 billion by 2024, at a CAGR of 6.7%.
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Pharmaceutical & biotechnology are the primary application areas of the global mass spectrometry market:
Mass spectrometry is widely used for accurate analysis of small as well as large molecules in pharmaceuticals, forensic & clinical research, and other areas.
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.
The Hybrid Mass Spectrometry:
The hybrid mass spectrometry segment is expected to witness the fastest growth during the forecast period. Advantages offered by hybrid mass spectrometers, such as rapid and high-resolution testing abilities with more accurate and precise results, are increasing its adoption. Consequently, the demand for mass spectrometry devices for high throughput screening is also growing.
North America and APAC to Dominate The Global Mass Spectrometry Market:
North America held the largest share of the market in 2018 and is projected to continue to do so during the forecast period. 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.
While North America is expected to dominate the global mass spectrometry market 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.
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Key Questions Answered in This Report:
1. Which of the platform segments will dominate the mass spectrometry market in the next five years?
2. What are the upcoming technologies in the market?
3. Which application segment will dominate the market in the next five years?
4. Emerging countries have immense opportunities for the growth and adoption of mass spectrometry, will this scenario continue in the next five years?
The major players operating in the mass spectrometry market include SCIEX (US), Agilent Technologies (US), Thermo Fisher Scientific (US), Waters Corporation (US), and Shimadzu Corporation (Japan). 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).