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.
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).
The mass
spectrometry market is expected to grow from USD 4.6 billion in 2019 to USD
6.3 billion by 2024, at a CAGR of 6.7%.
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Applications of Mass Spectrometry:
1. Pharmaceuticals Companies
2. Biotechnology Companies
3. Environmental
4. Food Testing
Mass
spectrometry is widely used for accurate analysis of small as well as large
molecules in pharmaceuticals, forensic & clinical research, and other
areas. The mass spectrometry applications market is segmented into
pharmaceutical & biotechnology applications, environmental testing, food
& beverage testing, petrochemical applications, and other applications.
The pharmaceutical & biotechnology applications segment held the largest
share of the market in 2019, a trend that is expected to continue during the
forecast period. The large share of this segment can be attributed to the rise
in demand for pharmaceutical biosimilars, phytopharmaceuticals, and
regenerative medicine.
Geographical Growth Analysis:
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.
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Key Players in Mass Spectrometry Industry Market:
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.
