According to the report, the global mass spectrometry market accounted for $4.60 billion in 2016 and is expected to reach $7.92 billion by 2023, registering a CAGR of 8% during the period 2017–2023.
Rapid technological advancements in mass spectrometry, rise in private and government funding for R&D in mass spectrometry have boosted the growth of the global mass spectrometry market. However, stringent guidelines for manufacturing of food products by regulating authorities hamper the market growth. On the contrary, advantages of mass spectrometry over other traditional analytical techniques are expected to create lucrative opportunities in the near future.
Global mass spectrometry market is divided on the basis of technology, application, and geography. Based on technology, the market is segmented into hybrid mass spectrometry, single mass spectrometry, and others. The hybrid mass spectrometry segment is further divided into triple quadrupole (tandem), quadrupole TOF (Q-TOF), and Fourier transform mass spectrometry (FTMS). The single mass spectrometry segment is further segmented into ION Trap, quadrupole, and time-of-flight (TOF).
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The hybrid mass spectrometry segment is expected to manifest the fastest CAGR during the forecast period. This is attributed to rapid development in hybrid mass spectrometry sector. However, the other segments are also projected to register a gradual growth through 2023.
On the basis of application, the market is bifurcated into pharmaceutical, biotechnology, industrial chemistry, environmental testing, food & beverage testing, and other. The pharmaceutical segment dominated the market in terms of revenue and is expected to continue its trend throughout the study period. On the other hand, food & beverage segment is expected to manifest CAGR of 7.5% through 2023.
Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). The market in the North America region accounted for the largest share in 2016, owing to increase in investment in R&D activities and availability of mass spectrometry analytical techniques. However, Asia-Pacific market is expected to portray the fastest growth during the forecast period, owing to rise in disposable income, increase in government initiative to modernize healthcare infrastructure and surge in healthcare expenditure. The market in China is projected to portray at the fastest CAGR of 9.7% in the Asia-Pacific market.
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Global mass spectrometry market report includes an in-depth study of the major market players including Danaher Corporation, Agilent Technologies, Inc., Bruker Corporation, Waters Corporation, Perkinelmer, Inc., Thermo Fisher Scientific, Inc., Kore Technologies, Ltd., Shimadzu Corporation., Leco Corporation, and Dani Instruments S.P.A. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
Key Findings of the Mass Spectrometry Market:
- The hybrid mass spectrometry segment is projected to grow at the highest rate during the analysis period.
- The pharmaceuticals segment was the highest revenue contributor in 2016, and is expected to continue its dominance in future.
- North America dominated the global mass spectrometry market, and is projected to grow at a CAGR of 7.5%.
- China is expected to grow at the highest CAGR of 9.7% in the Asia-Pacific market.
- The food & beverage segment is anticipated to grow at the highest CAGR of 8.5%.
The report provides extensive analysis and profiles of key market players, such as, Agilent Technologies, Inc., Danaher Corporation, Waters Corporation, Bruker Corporation, Thermo Fisher Scientific, Inc., Perkinelmer, Inc., Shimadzu Corporation., Kore Technologies, Ltd., Dani Instruments S.P.A., and Leco Corporation.
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