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.
According to the market research by MarketsandMarkets, “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% during the forecast period.”
Current Market Opportunities:
1. Growing Opportunities in Emerging Markets
2. Growing Focus on the Quality of Food Products
3. Technological Advancements in Mass Spectrometers
Market Size Estimation:
The study involved four major activities in estimating the current size of the mass spectrometry market. Both top-down and bottom-up approaches were used to estimate and validate the total size of the market. These methods were also used extensively to determine the extent of various subsegments in the market. The research methodology used to estimate the market size includes the following:
1. The key players in the industry and markets have been identified through extensive secondary research.
2. The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
3. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
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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.
By platform, the mass spectrometry market is segmented into hybrid mass spectrometry (triple quadrupole, quadrupole TOF, and Fourier transform mass spectrometry devices), single mass spectrometry (single quadrupole, Time of Flight (TOF), and ion trap spectrometers), and other platforms. The hybrid mass spectrometry segment is expected to witness the fastest growth during the forecast period.
Key Questioned Answered in Mass Spectrometry Market Report:
# Who are the key players in the market and which strategies have they pursued?
# What does the competitive landscape in this market look like?
# What is the strategic analysis of different geographical regions?
# What are the different market opportunities for stakeholders?
Geographical Growth Analysis of Mass Spectrometry Market:
North America held the largest share of the mass spectrometry 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. Lately, the US has seen a significant increase in the shale gas and crude oil production with increasing oil fields and the subsequent increase in the employment of analytical tools such as mass spectrometers.
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Key Players in Mass Spectrometry Market:
The major vendors in the mass spectrometry 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. 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).
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