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Mass Spectrometry Market Opportunity & Growth Outlook Report 2017


(ARABNEWSWIRE.COM, April 11, 2018 ) The global mass spectrometry market is expected to reach USD 5.27 Billion by 2022 from USD 3.68 Billion in 2017, at a CAGR of 7.4%. The growth of this market is majorly driven by technological advancements in mass spectrometry, government initiatives for pollution control and environmental testing, increasing spending on pharmaceutical R&D across the globe, government regulations on drug safety and growing petrochemical industry. However, the high cost of equipment is likely to restrain the growth of the market during the forecast period.

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Availability of government funding for various research projects in a number of countries such as the US and Canada will open new opportunities for market players. In the US, the National Institute of Health (NIH) has provided a grant of USD 694 Million for Environmental Health Sciences (NIEHS) and USD 344 Million for Biomedical Imaging/Bioengineering (NIBIB). In March 2016, the Minister of State for Science and Technology announced an investment of USD 23 million for supporting 95 research projects at 26 universities across Canada.

The report analyzes the market by platform, application, and region. On the basis of platform, the market is segmented into single mass spectrometry, hybrid mass spectrometry, and other mass spectrometry. The hybrid mass spectrometry segment is expected to account for the largest share of the market in 2017, owing to its increased use in determining the structure of organic compounds. Based on application, the market is segmented into pharmaceutical applications, biotech applications, environmental testing, food and beverage testing, petrochemical applications, and other applications. In 2017, the pharmaceutical applications segment is expected to account for the largest share of the mass spectrometry market and is also projected to register the highest CAGR during the forecast period.

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Geographically, North America is estimated to account for the largest share of the global market, followed by Europe. Availability of government funding, growing biotech and biopharma R&D in the US are the major factors driving the growth of the market. Growing funding for R&D in Canada will also drive market growth during the forecast period. However, high cost of mass spectrometry instruments is restraining the growth of this market.

As of 2016, the global mass spectrometry market was dominated by Agilent Technologies (US) Thermo Fisher Scientific (US), Waters Corporation (US), and SCIEX (Subsidiary of Danaher) (US). These companies accounted for a majority share of the global market in 2016. The other players involved in this market include Bruker (US), PerkinElmer (US), JEOL (Japan), Analytik Jena (Germany), Hiden Analytical (UK), Rigaku Corporation (Japan), LECO (US), and DANI Instruments (Italy).

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