What This Report Will Provide?
This study involved four major activities in estimating the current size of the mass spectrometry market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.
Expected Revenue Growth:
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%.
Major Growth Boosters:
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.
Key Questions Addressed in The Report:
1. Who are the top 10 players operating in the global Mass Spectrometry market?
2. What are the drivers, restraints, opportunities, and challenges in the Mass Spectrometry Industry?
3. What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
4. What will be growth of Mass Spectrometry in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?
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Pharmaceuticals and Biotechnology Applications:
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.
North America and Europe to Dominate the 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.
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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).
Thermo Fisher Scientific (US) held the dominant position in the mass spectrometry market in 2018. This can be attributed to its vast portfolio of mass spectrometry equipment used for various applications. Thermo focuses on expanding its product portfolio by introducing new and advanced mass spectrometers for its customers in multiple fields such as biotechnology, pharmaceuticals, toxicology, and forensics, among others.
What This Report Will Provide?