The mass spectrometry market comprises several stakeholders, such as end-product manufacturers, raw material providers, and end-users in the supply chain. The demand-side of this market is characterized by its end-users, such as pharmaceutical industry, biotechnology industry, research & academic institutes, environmental testing industry, food & beverage testing industry, petrochemical industry among others. The supply-side is characterized by raw material providers, integrators, and others. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
This report aims to provide detailed insights into the global mass spectrometry market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Expected Revenue Growth:
The Mass Spectrometry Market size is expected to grow from an estimated USD 4.1 billion in 2020 to USD 5.6 billion by 2025, at a CAGR of 6.5%.
Key Factors Driving Market Growth:
The Increasing spending on pharmaceutical R&D across the globe, government regulations on drug safety, growing focus on the quality of food products, increase in crude and shale gas production, and growing government initiatives for pollution control and environmental testing are high growth prospects for the mass spectrometry market during the forecast period.
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The pharmaceutical industry end-user segment is expected to grow at the highest CAGR from 2020 to 2025.
Based on end user, the mass spectrometry market has been segmented into is pharmaceutical industry, biotechnology industry, research & academic institutes, environmental testing industry, food & beverage testing industry, petrochemical industry among and other end users. Pharmaceutical industries are among the key end-users of mass spectrometers. the availability of government and corporate funding for pharmaceutical research, growth of the pharmaceutical industry, and the presence of stringent regulatory guidelines for drug development and safety are some of the key factors driving the growth of this segment during the forecast period.
The hybrid mass spectrometry segment is expected to grow at the highest CAGR in the mass spectrometry market during the forecast period.
Based on the product, the foot and ankle devices market is segmented into hybrid mass spectrometry, single mass spectrometry and other technologies. The hybrid mass spectrometry segment is expected to witness the fastest growth during the forecast period. Advantages offered by hybrid mass spectrometers, such as rapid and high-resolution testing abilities with more accurate and precise results, are increasing its adoption. Consequently, the demand for mass spectrometry devices for high throughput screening is also growing. The hybrid mass spectrometry segment is further divided into Triple Quadrupole, Quadrupole ToF (Q-ToF), and Fourier Transform Mass Spectrometry (FTMS).
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The life science research segment is expected to grow at the highest CAGR during the forecast period.
Based on application, the mass spectrometry market has been segmented into life science research, drug discovery, environmental testing, food testing, applied industries, clinical diagnostics and other applications. Among these, the life science research segment dominated the market in 2019. The increasing application of omics technology in diagnostics & biomarker identification and the increasing R&D expenditure and government funding for proteomics are expected to drive the market for this segment.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the mass spectrometry market. The major players in the mass spectrometry amrket are Thermo Fisher Scientific (US), SCIEX (US) Agilent Technologies (US), Waters Corporation (US), PerkinElmer (US), Shimadzu Corporation (Japan), Bruker (US), Analytik Jena (Germany), JEOL (Japan), Rigaku (Japan), DANI Instruments (Italy), LECO (US), and Hiden Analytical (UK).
These players are adopting various strategies to increase their share in the mass spectrometry market. Collaborations & agreements, new product launches, expansions and mergers have been a widely adopted strategy by the major players in the mass spectrometry industry.