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.
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%.
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Pharmaceutical & Biotechnology applications held the largest share of the mass spectrometry market:
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 is expected to hold a dominant share in the mass spectrometry market during the forecast period:
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.
Get In-Depth Analysis of How COVID-19 is Impacting The Global Mass Spectrometry Market:
1. Covid Impact on Mass Spectrometry Market, growth/decline in product type/use cases of Mass Spectrometry Market due to cascaded impact of Covid on Extended Ecosystem.
2. How top 50 companies in Mass Spectrometry Market are making rapid shifts in their strategies.
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The major vendors in the mass spectrometry industry 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.