One of the most common analytical techniques, mass spectrometry produces spectrum or molecule or atom through sample of the material. This spectrum is used for the determination of isotopic signature of the sample. The global mass spectrometry market is gaining great results thanks to the growth in the demand for this technique. Rising demand is also reflecting on the constant technological changes in the market. Growing range of applications is also a contributing factor for the overall rise in demand and revenue channels for the industry. Amidst these positive prospects, businesses from around the world are interested in business expansions, mergers, and global presence.
Driving Factors for Mass Spectrometry Industry
Over the last few years, the global industry for mass spectrometry has grown at significant rate. Rising demand is attributed as the strongest driver to this healthy growth the market has recorded over all these years. Growth in the concerns of food safety and changing government reforms about the same are equal contributors to these changing trends in the industry. Technological breakthroughs in the industry and rise in the accuracy level of this technique are also a contributing factor to this stability in the industry.
Modern-day mass spectrometers have increased speed, improved resolution, greater accuracy, and great miniaturization capacity. With help of all these factors, the industry makes way across various industrial verticals. Major industrial verticals with diverse applications of these products include diagnostics, pharmaceuticals, energy and utilities, government research, environmental research, food safety, etc. Increased applications and growth in laboratory operations are expected to create strong growth patterns in the global mass spectrometry market.
According to the experts, the mass spectrometry industry is expected to grow at a CAGR of over 8% from 2013 to 2018. During the aforementioned forecasting period of over four to five years, the market is poised to reach past $5.9 billion by the end of the year 2018. In the year 2013, the mass spectrometry market was worth $3.9 billion; hence, the projected revenue is expected to be a huge leap for the global industry. Rising demand and technological advancements are expected to be the crucial industry drivers.
Across different geographic regions like Asia Pacific, North America, Europe and rest of the world, the mass spectrometry market is expected to be dominated by North America. America will be followed by Europe. The American market is estimated to be driven by growth in the number of government investments, increasing research and development activities and rising demand and applications. Asia Pacific and rest of the world regions on the other hand are expected to witness impressive growth with the government initiatives.