The rising applications of Q TOF mass spectrometers in pharmaceuticals and biotechnological industries, coupled with the increasing R&D activities in these sectors, would result in high adoption of this technology. In addition, favorable government initiatives and increased focus on producing high-quality products are the major factors that contribute to the
Q-TOF Mass Spectrometry Market growth.
The availability of government funding for various research projects in a number of countries such as the US and Canada will open new opportunities for market players. In the US, the National Institute of Health (NIH) has provided a grant of USD 694 million for Environmental Health Sciences (NIEHS) and USD 344 million for Biomedical Imaging/Bioengineering (NIBIB). In March 2016, the Minister of State for Science and Technology announced an investment of USD 23 million for supporting 95 research projects at 26 universities across Canada.
The global Q TOF mass spectrometry market was valued at USD 651.5 million in 2016 and projected to reach USD 1,009.7 million by 2022, grow at a CAGR of 7.7%.
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The report analyzes the market by application and region. On the basis of application, the Q TOF mass spectrometry market has been segmented into biotech applications, pharmaceutical applications, food and beverage testing, environmental testing, petrochemical applications, and other applications. In 2017, biotech applications are expected to account for the largest share of the market and this segment is also projected to register the highest CAGR during the forecast period.
Geographically, North America is estimated to account for the largest share of the global Q TOF mass spectrometry industry, followed by Europe. The growing government funding and increasing biotech and biopharma R&D in the US are the major factors driving the growth of the North American market. The increasing funding for R&D in Canada is expected to propel the market growth during the forecast period. However, the high costs of Q-TOF mass spectrometry instruments is restraining the growth of this market at present.
As of 2017, the global market was dominated by Waters Corporation (US), Agilent Technologies (US), and SCIEX (Subsidiary of Danaher) (US). These companies accounted for a majority share of the global Q TOF mass spectrometry market in 2017. Other players involved in this market include Bruker (US), and Shimadzu Corporation (Japan).
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Target Audience:
1. Mass spectrometry and related device manufacturing companies
2. Suppliers and distributors of mass spectrometry systems
3. Research institutes and academic centers
4. Pharmaceutical and biopharmaceutical companies
5. Biotechnology companies
6. Environment protection agencies and institutes
7. Food, beverage, and agricultural analyses companies
8. Cosmetic companies
