The global mass spectrometry market is projected to reach USD 5.27 billion by 2022 from USD 3.68 billion in 2017, at a CAGR of 7.4%. Factors such as technological advancements in mass spectrometry, government initiatives for pollution control and environmental testing, increasing spending on pharmaceutical R&D across the globe, growing petrochemical industry, and growing focus on ensuring the quality of food products are driving the growth of the mass spectrometry market.
On the basis of platform, the mass spectrometry market is segmented into single mass spectrometry, hybrid mass spectrometry, and other mass spectrometry. The single mass sepctrometry segment includes quadrupole mass spectrometry, time-of-flight mass spectrometry, and ion trap mass spectrometry, whereas the hybrid mass spectrometry segment includes triple qudarupole mass spetcrometry, quadrupole time-of-flight mass (Q-TOF) spectrometry, and fourier transform mass spectrometry (FTMS). The other mass spectrometry segment includes the magnetic sector mass spectrometry and inductively coupled plasma mass spectrometry (ICP-MS). The hybrid mass spectrometry segment is expected to register the highest CAGR of the global mass spectrometry market during the forecast period. The wide applications of this technique coupled with the availability of technologically advanced products are driving the growth of this segment.
Based on application, the mass spectrometry market is further segmented into pharmaceutical applications, biotech applications, environmental testing, food and beverage testing, petrochemical applications, and other applications. The pharmaceutical application segment is expected to register the highest CAGR during the forecast period. The growth is mainly due to the increased R&D in the pharmaceutical industry and increasing use of mass spectrometry at various stages of the drug development process.
Geographically, the mass spectrometry market in the North American region is expected to register the highest CAGR during the forecast period. Growth in this regional segment is due to factors such as growing biopharmacuetical and biotechnology research & development and availability of funding for innovation-based research. In the US the boom in oil and gas production from sources such as oil shale rocks provides opportunity for wide utilization of mass spectrometers throughout the process.
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 mass spectrometry market in the coming years. Also, rapid advances in technology have demonstrated the capability of high resolution mass spectrometry in various applications. With major applications of high resolution techniques such as time-of-flight, tandem, and orbitrap mass spectrometry in pharmaceuticals for drug screening and in environmental testing along with quality control of food and beverages, the demand for such high resolution mass spectrometry is expected to increase in the coming years.