The increasing spending on pharmaceutical R&D across the globe, government regulations on drug safety, growing focus on the quality of food products, and technological advancements in mass spectrometers are the key drivers of the Mass Spectrometry Market. Government initiatives for pollution control and environmental testing and an increase in crude and shale gas production are also supporting the growth of this market.
According to the new market research report "Mass Spectrometry Market by Platform (Hybrid Mass Spectrometry (Triple Quadrupole, QTOF, FTMS), Single Mass Spectrometry (Quadrupole, TOF, Ion Trap)), Application (Pharma & Biotech, Environmental & Food Testing) - Global Forecasts to 2024", published by MarketsandMarkets™, the Mass Spectroscopy Market is expected to reach USD 6.3 billion by 2024 from USD 4.6 billion in 2019, at a CAGR of 6.7%.
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Pharmaceutical & biotechnology are the primary application areas of the global Mass Spectrometry Market
The market is 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.
Hybrid mass spectrometers are estimated to account for the largest share of the mass spectrometry platform market in 2019
The Mass Spectrometer 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 Spectroscopy 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.
Browse in-depth TOC on "Mass Spectrometry Market"
116 – Tables
31 – Figures
172 – Pages
The APAC Mass Spectrometry Market to grow at the highest CAGR during the forecast period
While North America is expected to dominate the global Mass Spectroscopy Market in 2019, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the numerous expansions and collaborations by key players in China, a significant amount of funding for mass spectrometry in Japan, and strict environmental monitoring regulations in India.
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The major players operating 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).
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.