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.
What the Market Looks Like?
Predicted to grow at a CAGR of 6.7% during the forecast period, the global Mass Spectrometry Market is estimated to reach USD 6.3 Billion by the end of 2024. North America is expected to hold a dominant share in the mass spectrometry market during the forecast period
Based on The mass spectrometry market is segmented on the platform into hybrid mass spectrometry, single mass spectrometry, and other platforms. The hybrid mass spectrometry segment is further divided into triple quadrupole, quadrupole TOF, and Fourier transform mass spectrometry devices, while the single mass spectrometry segment includes single quadrupole, Time of Flight (TOF), and ion trap spectrometers.
The hybrid mass spectrometry segment held the largest share of the mass spectrometry market in 2019. The technological advancements in mass spec technologies and the advantages of hybrid mass spectrometry, such as sensitivity, accuracy, and efficiency over other platforms, are the major factors driving the growth of this product segment.
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Mass spectrometry market segmented into pharmaceutical & biotechnology applications, environmental testing, food & beverage testing, petrochemical applications, and other applications based on use. The pharmaceutical & biotechnology applications segment estimated to command the largest share of the market in 2019, and this segment is also projected to register the highest CAGR owing to the rise in pharmaceutical biosimilars phytopharmaceuticals and regenerative medicine along with the growing research in proteomics and metabolomics.
What Drives the Market?
The growth of the global market for Mass spectrometry is primarily influenced by the following factors:
- Technological Advancements in Mass Spectrometers
- Government Initiatives for Pollution Control and Environmental Testing
- Increasing Spending on Pharmaceutical R&D
- Government Regulations on Drug Safety
- Growing Focus on the Quality of Food Products
- Increase in Crude and Shale Gas Production
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Geographical growth scenario of Mass spectrometry Market
Geographically 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.
Leading market players and strategies adopted
The prominent players in the Mass spectrometry market include SCIEX (US), Agilent Technologies (US), Thermo Fisher Scientific (US), Waters Corporation (US), and Shimadzu Corporation (Japan). 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)
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