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 2015, and is expected to reach USD 10.5 Bn by 2025, expanding at a CAGR of 7.7% from 2017 to 2025.
Browse the full report Mass Spectrometry Market: Market Growth, Future Prospects and Competitive Analysis, 2017-2025 at http://www.credenceresearch.com/report/mass-spectrometry-market
Mass spectrometry is an analytical technique used to determine the molecular weight of compounds by separating molecular ions on the basis of their mass and charge. Continuous technological advancement have led to the growth in the application of mass spectrometry. Mass spectrometry has a myriad of applications in biology, physics, chemistry, clinical medicine and space exploration. The growing array of applications of mass spectrometry is driving the global mass spectrometry market. The global mass spectrometry market on the basis of application has been segmented into pharmaceuticals, biotechnology, industrial chemistry, environmental testing, food & beverage testing and others. Pharmaceutical application segment dominated the global mass spectrometry market due to factors such as rising usage of mass spectrometry in drug discovery, drug-drug interaction and other pharmaceutical and clinical medicine applications. Biotechnology and food & beverage testing are expected to be the fastest growing segment due to rising usage of mass spectrometry techniques in rapid microbiology testing of food and beverages and other industrial microbiology testing which would further fuel the growth of mass spectrometry market during the forecast period. On the basis of platforms, the mass spectrometry market is segmented into hybrid mass spectrometry and single mass spectrometry. The hybrid mass spectrometry segment is further divided into triple quadrupole, quadrupole TOF, and Fourier Transform Mass Spectrometry (FTMS). While single mass spectrometry is further sub-segmented into Time-of-Flight (TOF) MS, Orbitrap MS and Quadrupole The hybrid mass spectrometry segment held the largest share in the global mass spectrometry market by platform. The demand for mass spectroscopy systems is rising due to the expanding applications in life sciences and pharmaceutical industries as wells as the substantial demand from the chemical and petrochemical industries. Moreover, the advent of these systems in tandem 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