According to the latest report published by Credence Research, Inc. “Mass Spectrometry Market – (Platform Type – Hybrid Mass Spectrometry: Triple Quadrupole Mass Spectrometry; Single Mass Spectrometry: Time-of-Flight (TOF) Mass Spectrometry, Orbitrap Mass Spectrometry, Quadrupole; Others ; Application Type – Pharmaceutical, Biotechnology, Industry Chemistry, Environmental Testing, Food & Beverages Testing and Others); Market Growth, Future Prospects and Competitive Analysis, 2017-2025” the market was valued at USD 5.3 Bn in 2016, and is expected to reach USD 10.5 Bn by 2025, expanding at a CAGR of 7.7% from 2017 to 2025.
[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]
Mass spectrometry is an analytical method used to determine the molecular weight of the molecules by separating the molecular ions on the basis of their mass and load. Continuous technological advancement has led to an increase in the application of mass spectrometry. Mass spectrometry has a multitude of uses in biology, physics, chemistry, clinical medicine and space exploration. The rising scope of mass spectrometry applications is driving the global market for mass spectrometry. The application-based global mass spectrometry market has been segmented into pharmaceuticals, biotechnology, industrial chemistry, environmental testing, food & beverage testing and others.
The pharmaceutical application segment dominated the global market for mass spectrometry due to factors such as increased use of mass spectrometry in drug discovery, drug-drug interaction and other pharmaceutical and clinical medicine applications. Biotechnology and food and beverage testing is expected to be the fastest growing segment due to the rising use of mass spectrometry techniques in rapid food and beverage microbiology and other industrial microbiology tests that would further drive the growth of the mass spectrometry market during the forecast period. On the basis of platforms, the demand for mass spectrometry is segmented into hybrid mass spectrometry and single mass spectrometry.
The section of hybrid mass spectrometry is further divided into triple quadrupole, quadrupole TOF and Fourier Transform Mass Spectrometry (FTMS). Although single-mass spectrometry is further sub-segmented in Time-of-Flight (TOF) MS, Orbitrap MS and Quadrupole The hybrid mass spectrometry segment holds the largest share on the global platform market for mass spectrometry. The market for mass spectroscopy systems is increasing due to the growing applications in the life sciences and pharmaceutical industries as well as the high demand from the chemical and petrochemical industries. However, the development of these systems in conjunction with chromatography techniques such as gas chromatography / mass spectrometry (GC / MS) and liquid chromatography / mass spectrometry (LC / MS) has resulted in their widespread adoption.
As of the current market scenario, North America is the largest regional market for mass spectrometry with U.S. dominating the North America mass spectrometry market. The highest market share of the region is attributed to existence of evolved healthcare and biotechnology research infrastructure, swift entry of novel products in the U.S. market, and favorable private and public funding in research and development. In addition, U.S. is the home for major mass spectrometry manufacturing companies which gives the region upper hand in entry and accepting of novel technologies in the market.
Asia Pacific is anticipated to be the fastest growing mass spectrometry market during the forecast period. Some prime factors driving the Asia-Pacific mass spectrometry market include rapid entry of market leaders in the region, escalated status of Asia Pacific as a hub for CRO and CMO activities, and rapid evolution of healthcare and life sciences research infrastructure. The competitors in the Asia Pacific market are budding and are continually working on introducing new clinical uses to augment value of mass spectrometry technology.
Market Competition Assessment:
The mass spectrometry market currently possesses large number of companies having their products marketed. However, most of the companies are located in the North America, Europe and others developed regions. The companies have untapped opportunities in the developing regions of Asia Pacific and Latin America. The companies include Agilent Technologies, Danaher Corporation, Bruker Corporation, Thermo Fisher Scientific, Water Corporation, Shimadzu Corporation and others.
Key Market Movements:
Significant development in the field of personalized medicine and drug discovery is increasing the demand of mass spectrometry in research applications
Continuous introduction of new products and high level promotional activities are aggressively barraging information about such products.
Growing application of mass spectrometry in the biotechnology and food and beverages testing would augment the market growth