Mass Spectrometry Market to Reach $7.92 Bn, Globally, by 2023 at 8.0% CAGR: Allied Market Research
PORTLAND, Oregon, Feb. 20, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Mass Spectrometry Market by Technology (Hybrid Mass Spectrometry [Triple Quadrapole, Quadrapole TOF, and Fourier Transform Mass Spectrometry], Single Mass Spectrometry [Ion Trap, Quadrapole, and Time-of-Flight], and Other Mass Spectrometry) and Application (Pharmaceutical, Biotechnology, Industrial Chemistry, Environmental Testing, Food & Beverage Testing, and Other Applications) - Global Opportunity Analysis and Industry Forecast, 2017-2023." The report provides an extensive analysis of key winning strategies, drivers & opportunities, market size & forecasts, and competitive landscape. According to the report, the global mass spectrometry market garnered $4.98 billion in 2017 and is expected to reach at $7.92 billion by 2023, registering a CAGR of 8.0% from 2017 to 2023.
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Technological advancements in mass spectrometry, rise in concerns related to food & environmental welfare, and wide application areas are currently driving the market. However, high costs related to mass spectrometry equipment and scarcity of trained professionals restrain the market growth. On the other hand, untapped potential in developing countries and miniaturization of mass spectrometry devices create new opportunities in the industry.
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Hybrid mass spectrometry to be a lucrative segment
Hybrid mass spectrometry contributed to more than half of the total market share in 2017 and is expected to remain dominant throughout the forecast period. This segment is expected to register the fastest CAGR of 8.2% from 2017 to 2023. It is a lucrative segment, owing to higher level of performance as compared to other types of spectrometers, technological advancements, miniaturization of spectrometers, user friendliness, and ability to offer sensitive data in short period of time. The report also analyzes single mass spectrometry and others.
Pharmaceuticals to maintain its leadership status by 2023
Pharmaceuticals accounted for more than nearly one-fourth of the total market share in 2017 and is expected to maintain its leadership status by 2023. This is due to massive utilization of mass spectrometry in the pharmaceuticals industry for different applications during the drug discovery processes and clinical trials. However, food & beverage testing is expected to grow at the highest growth rate, registering a CAGR of 10.0% from 2017 to 2023, owing to surge in awareness among population about food safety and increase in concerns related to food and environment welfare. The research also analyzes biotechnology, industrial chemistry, environmental testing, and others.
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North America to continue its dominance throughout the forecast period
North America contributed to nearly two-fifths of the total market share in 2017 and is expected to continue its dominance throughout the forecast period. This is due to increase in adoption of technologically advanced spectrometry techniques and integration of advanced software and hardware processes in spectrometry devices. Asia-Pacific is expected to grow at the highest CAGR of 8.7% from 2017 to 2023, owing to increase in food and beverage testing procedures by major food & beverage manufacturers, rise in demand for advanced devices, and surge in awareness of in developing nations.
Key market players
Leading market players analyzed in the research include Agilent Technologies, Inc., Waters Corporation, Danaher Corporation, Thermo Fisher Scientific, Inc., Bruker Corporation, Shimadzu Corporation, Perkinelmer, Inc., Dani Instruments S.P.A., Kore Technologies, Ltd., and Leco Corporation.
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