Global Statistics Representing Mass Spectrometry Market Scenario
Mass spectrometry is one of the most capable tools or methods to be used in analysis of a range of biological and chemical entities. Many economies of the world are increasing their investments in healthcare and in pharmaceutical products. It is estimated that the global healthcare spending is going to reach USD 10 trillion by the year 2022. Additionally, the number of people over the age of 65 will constitute to around 11.6% of the global population which is expected to provide significant boost to the pharmaceutical sector also.
Additionally, rising demands and relevant requirements to cater to these demands are expected to be some of the major factors in driving growth of this market. improvements in mass spectroscopy technology continue to increase resolution factors and speed. The discovery of new software and tools have the potential to stimulate the increased usage of mass spectroscopy across, proteomics, drug development, pharmaceuticals, many other fields, food safety testing. Many mass spectrometers are available in the market. Several labs have different types of spectrometers owing to their unique advantages and price factors. These factors are expected to drive the mass spectrometry market during the forecast period.
Global mass spectrometry market is expected to grow at a CAGR of around 6.5% during the forecast period of 2019–2026.
Mass spectrometry market is segmented on the basis of technology and application.
Based on technology it is segmented as hybrid mass spectrometry, single mass spectrometry and other mass spectrometry. Hybrid mass spectrometry is expected to have the larger share in this market during the forecast period owing to it being higher in sensitivity, having higher resolving powers and having higher speed of data production and data richness.
On the basis of application, the market is classified into pharmaceutical, biotechnology, industrial chemistry, environmental testing, food & beverage testing, and other applications. Pharmaceutical segment is expected to witness highest growth in this market.
Geographically, the global mass spectrometry market is segmented into four regions: North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America is expected to dominate the market. Mass spectrometry is used in pharmaceutical, in biotechnology sectors and industrial chemistry. North America has a significant presence of chemical industries. USA boasts of some prominent names in the chemical manufacturing market. additionally, USA accounts for almost 15% of the global chemical shipments thus making it the market leader in chemical production. Moreover, in the year 2016 USA had final sales exceeding USD 800 billion and it directly employed around 800,000 workers and the total foreign direct investment in the industry passed USD 700 billion marks in 2017.
Europe too is expected to witness significant growth in this market. Europe has a significant presence in biotechnology. This is evident by the fact that after the economic recession that happened around 2008, the European biotech industry had, instead of laying off workers, started to hire them. For instance, in 2011 European biotech sector employed 47,700 people and by 2016 this number went up to 67,460. Subsequently, more than 50% of the companies had increased their spending in research and development in biotechnology. These factors are expected to boost the mass spectrometry market.
Asia Pacific region too is expected to witness considerable growth in this market. mass spectrometry is also used in food and beverages industry. There were around 400 cases of contamination that were reported in the last two years in China, Hong Kong, Japan, Australia, Philippines, Malaysia and Singapore. Due to these factors, China has strengthened its policy for the scrutiny of food quality. Additionally, around 2.7million cups of Haagen-Dazs ice-cream were called back in Japan owing to pieces of black rubber being discovered in the cups. Additionally, Indian pharmaceutical industry’s rise too can be a favourable factor for mass spectrometry market. For instance, pharma exports from India reached up to USD 17.27 billion in the year 2018.
Some of the key players in this market include Agilent Technologies, Thermo Fisher Scientific, Waters Corporation, and SCIEX (Subsidiary of Danaher) are the key players in the mass spectrometry market. Other players involved in this market are Bruker, JEOL, PerkinElmer, Hiden Analytical, Rigaku, Analytik Jena, LECO, and DANI Instruments.
Mass Spectrometry Market Segmentation