According to a new market research report “Mass Spectrometry Market by Platform (Hybrid mass spectrometry (Triple Quadrupole, QTOF & FTMS), Single mass spectrometry (Quadrupole, TOF & Ion Trap)), Application (Pharmaceuticals, Biotechnology, Environmental testing) – Global Forecast to 2022“, published by MarketsandMarkets™, the market is expected to reach USD 5.27 Billion by 2022 from an estimated USD 3.68 Billion in 2017, at a CAGR of 7.4%.
Browse 109 Market Data Tables and 36 Figures spread through 176 Pages and in-depth TOC on “Mass Spectrometry Market”
The key factors which include the growth of the pharmaceutical and biotechnology industry and technological advancements in mass spectrometry are driving the growth of the global Mass Spectrometry Market during the forecast period. The growing use of mass spectrometry in emerging markets and the rising potential for the application of high-resolution mass spectrometry in healthcare are the key areas of opportunity in this market.
By technology, the hybrid mass spectrometry segment accounted for the largest share of the market in 2017
On the basis of technology, the Mass Spectrometry Market is broadly segmented into single mass spectrometry, hybrid mass spectrometry, and other mass spectrometry technologies (magnetic sector, inductively coupled plasma mass spectrometry). In 2017, the hybrid mass spectrometry segment is expected to account for the largest share of this market. The extensive applications of hybrid mass spectrometers coupled with the technological advancements in mass spectrometry are driving the growth of this segment.
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By application, the pharmaceutical application industry held the largest market share in 2017
Based on application, the Mass Spectrometry Market is further segmented into pharmaceutical application, biotech application, environmental testing, food and beverage testing, petrochemical applications, and other applications. In 2017, the pharmaceutical applications segment is expected to account for the largest share. Extensive use of mass spectrometry technologies at various stages of drug development processes and increase in R&D investments by pharmaceutical industries are driving the growth of the market.
North America dominated the market in 2017
North America accounted for the largest share of the Mass Spectrometry Market in 2016, followed by Europe. High usage of mass spectrometry in the pharmaceutical sector, growing funding to favor Mass Spectrometry Market in the US, high petrol and natural gas production, growing biopharmaceuticals and biotechnology research & development and fundings for innovation based projects in Canada is expected to drive market during the forecast period.
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Factors such as availability of funds for research, growing cosmetics industry in Germany, growing food safety concerns and increased investments for pharmaceuticals in the UK, favorable scenario of biotechnology and pharmaceutical industry in Italy, company’s expansion in France and strong food and beverage industry in Spain are driving factors of the European Mass Spectrometry Market.
Agilent Technologies (US), Thermo Fisher Scientific (US), Waters Corporation (US), and SCIEX (Subsidiary of Danaher) (US) are the key players in the Mass Spectrometry Market. Other players involved in this market are Bruker (US), PerkinElmer (US), JEOL (Japan), Analytik Jena (Germany), Hiden Analytical (UK), Rigaku (Japan), LECO (US), and DANI Instruments (Italy).
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. In 2019, the company launched new triple quadrupole LC-MS systems, Orbitrap LC-MS systems, and Mass Spectrometry software.