Global Liquid Chromatography Mass Spectrometry Market Analysis
Food manufacturing, cosmetic, pharmaceutical, biotech, and other industries use liquid chromatography mass spectrometry to analyze biological, renewable, and inorganic substances from complex samples.
In 2019, the global liquid chromatography mass spectrometry market is estimated to be worth US$ 3,683.7 million, growing at a CAGR of 12.0 percent during the forecast period.
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The demand for the global liquid chromatography mass spectrometry market is expected to rise due to rising research and development spending in the healthcare sector.
As per the National Bureau of Statistics, China’s research and development spending rose by 11.6 percent in 2017 from 10.6 percent in 2016, to US$ 280 million in 2017.
Companies are launching new products to increase their services in the modern marketplace, which is projected to fuel growth of the global liquid chromatography mass spectrometry market. AB Sciex LLC, a Danaher Corporation company, unveiled the TripleTOF 6600+ LC0-MS/MS System with Scanning SWATH Acquisition and OneOmics in SCIEX Cloud in June 2019.
Low-flow source technology in the TripleTOF 6600+ LC-MS/MS System allows for large-scale, accurate, and reliable quantification. In addition, PerkinElmer, Inc. unveiled the QSight Triple Quadrupole LC/MS/MS instrument in China in October 2016. The patented low-based mass spectrometry in the QSight triple quad method improves sensitivity for complex sample analysis.
However, one of the major factors expected to restrain the growth of the global liquid chromatography mass spectrometry market during the forecast period is the high cost associated with LCMS systems. Furthermore, these mass spectrometry techniques are time-consuming and necessitate the use of a highly trained workforce. Although, the global liquid chromatography mass spectrometry market is projected to be hampered by a scarcity of professional operators.
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The demand for the liquid chromatography mass spectrometry market is expected to expand due to an increase in product releases and the introduction of inorganic growth strategies in North America.
Due to increased product launches, mergers, and acquisitions tactics followed by major companies, North America holds a leading spot in the global liquid chromatography mass spectrometry market. At the ASMS (American Society for Mass Spectrometry) Conference in 2017, Agilent Technologies Inc. unveiled a triple quadruple liquid chromatography mass spectrometer. Furthermore, Clarivate Analytics launched the Life Science Alliances Program in February 2019 to help drug and medical product developers accelerate their research and development (R&D) and commercialization efforts. This is expected to boost LCMS device demand and stimulate growth of the global liquid chromatography mass spectrometry market.
Furthermore, an increase in research and development spending is set to propel growth of the global liquid chromatography mass spectrometry market in North America. As per the Pharmaceutical Research and Manufacturers of America, the biopharmaceutical market in the U.S. spent approximately US$ 90 billion on research and development in 2016.
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Key companies contributing in the global liquid chromatography mass spectrometry market are Bruker Corporation, PerkinElmer, Inc., Agilent Technologies, Inc., Danaher Corporation, Newomics, Inc., Shimadzu Corporation, JEOL Ltd., Waters Corporation, and Thermo Fisher Scientific Inc.
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