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“The mass spectrometry market is projected to grow at a CAGR of 6.7% during the forecast period.”
The mass spectrometry market is projected to reach USD 6.3 billion by 2024 from USD 4.6 billion in 2019 at a CAGR of 6.7%. The technological advancements in mass spectrometers is driving the growth of the market. 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, and increase in crude and shale gas production are also supporting the growth of this market. However, the dearth of skilled professionals and the high cost of instruments may restrain the market to a certain extent during the forecast period.
“The hybrid mass spectrometry segment is projected to dominate the mass spectrometry products market during the forecast period.”
The mass spectrometry products market has been segmented into hybrid mass spectrometry, single mass spectrometry, and other platforms. The hybrid mass spectrometry segment further includes 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 this market in 2018 and is also estimated to grow at the highest CAGR during the forecast period. Hybrid mass spectrometers are technologically enhanced instruments that comprise a combination of two mass spectrometry platforms as compared to a single platform in single MS and hence provide higher accuracy, sensitivity, and efficiency in testing.
“The pharmaceutical & biotechnology applications segment held the largest market share in 2018.”
By application, the mass spectrometry market is segmented into pharmaceutical & biotechnology applications, environmental testing, food & beverage testing, petrochemical applications, and other applications. The pharmaceutical & biotechnology applications segment accounted for the largest share of this market in 2018. The large share of this segment can be attributed to the growing research in proteomics and metabolomics and the rise in demand for pharmaceutical biosimilars, phytopharmaceuticals, and regenerative medicine.
“The North American mass spectrometry market is expected to hold the largest market during the forecast period.”
Geographically, the mass spectrometry market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. The North American market is expected to hold the largest share of this market during the forecast period. 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 the key factors driving the North American mass spectrometry market.
Breakdown of supply-side primary interviews:
- By Company Type: Tier 1 – 50%, Tier 2 – 30%, and Tier 3 – 20%
- By Designation: C-level – 37%, Director-level – 29%, and Others – 34%
- By Region: North America - 30%, Europe – 33%, APAC – 27%, and RoW – 10%
The major players in the market include SCIEX (US), Agilent Technologies (US), Thermo Fisher Scientific (US), Waters Corporation (US), PerkinElmer (US), Shimadzu Corporation (Japan), 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).
This report studies the mass spectrometry market based on product, application, end-user, and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets concerning their growth trends and forecasts the revenue of the market segments for four main regions and respective countries.
Key Benefits of Buying the Report
- This report focuses on various levels of analysis industry trends, market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the mass spectrometry market, and high-growth regions with their drivers, restraints, challenges, and opportunities.
- The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.