The demand for mass spectroscopy systems has been on the rise due to the burgeoning requirements of the life sciences and pharmaceutical industries as wells as the substantial demand from the chemical and petrochemical industries.
The global market is witnessing a rapid transformation from conventional mass spectrometry to high- resolution mass spectroscopy technologies for improved qualitative analysis.
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.
The global market is segmented on the basis of platform, application, and region.
By platform, the mass spectroscopy market is categorized into hybrid, single, and other mass spectrometry. Hybrid mass spectrometry includes triple quadrupole, Q-TOF, and FTMS.
Single mass spectrometry includes Ion trap, quadrupole, and TOF. Other mass spectroscopy includes Magnetic sector, portable MS, and ICP-MS.
In 2015, the Hybrid mass spectrometry segment is estimated to account for the largest share of the mass spectrometry market and grow at the highest rate during the forecast period.
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On the basis of application, the mass spectroscopy market is divided into pharmaceuticals, biotechnology, industrial chemistry, environmental testing, food & beverage testing, and other applications (clinical use and academic research). In 2015, the pharmaceuticals segment is expected to account for the largest share of the market and grow at the highest rate.
The key factors expected to spur the growth of the mass spectrometry market are increased investments, funding, and grants by government bodies worldwide; ongoing new product launches; technological advancements; increase in the number of conferences, which helps to create awareness of the mass spectrometry techniques; growing concerns for food and drug safety; and increasing use of mass spectroscopy techniques in the fields of proteomics, biomarkers, and metabolomics. However, the high cost of equipments and the need for highly trained professionals are likely to restrain the growth of this market.
On the basis of region, this market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
Source: U.S. Food and Drug Association (USFDA), World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), The Natural Sciences and Engineering Research Council of Canada (NSERC), Associated Chambers of Commerce and Industry (ASSOCHAM), National Institutes of Health (NIH), American Society for Mass Spectrometry (ASMS), Canadian Society for Mass Spectrometry, International Mass Spectrometry Society (IMSS), British Mass Spectrometry Society, Indian Society for Mass Spectrometry (ISMAS), Expert Interviews, and MarketsandMarkets Analysis
The global market is expected to reach USD 7,279.1 Million in 2020 from USD 4,919.1 Million in 2015 at a CAGR of 8.1%. The market is dominated by North America, followed by Europe, Asia-Pacific, and the Rest of the World (RoW).
Asia-Pacific is expected to grow at the fastest rate during the forecast period.
The major players in this market include Thermo Fisher Scientific, Inc. (U.S.), PerkinElmer, Inc. (U.S.), Agilent Technologies (U.S.), Bruker Corporation (U.S.), Waters Corporation (U.S.), Danaher Corporation(U.S.), and Shimadzu Corporation (Japan) among others
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