Of the top drivers currently augmenting the global mass spectrometry market, the leading one is the surge in the rate of technological advancements that are creating a high scope of applications for newer equipment. This includes the inclusion of the MALDI-IMS and HRAM systems that are dedicated to reducing analysis time as well as improve analysis accuracy. The market is also being driven by the growing use of mass spectrometry equipment in the analysis of fundamental chemical processes as well as life sciences and drug discovery.
The global mass spectrometry market is also being driven by the growing use of these equipment in the food and beverages industry for testing, as well as the favorable rate of mergers and acquisitions that have occurred for key players. However, the global mass spectrometry market is being stifled by the high costs of new equipment as well as the high expenses of research and development efforts it takes to introduce newer technologies into the market.
The global mass spectrometer market is shown to expand at a CAGR of 8.1% within the forecast period from 2016 to 2024. The market is likely to reach a valued of US$9.99 bn by the end of 2024. It was valued at US$4.96 bn in 2015.
MALDI-TOF Bags Top Spot in Mass Spectrometry Product Preference
Based on product types, MALDI-TOF equipment held the leading share of over 30% in the global mass spectrometer market for 2015. This segment is additionally expected to witness a very high growth rate till 2024, owing to the growing popularity of newer instruments by companies such as Shimadzu Corporation, Thermo Fisher Scientific, and Water Corporation. MALDI-TOF equipment are known to be exceptionally prominent and advanced mass spectrometer instruments that are commonly used for used for a diverse array of chemical analysis.
Additionally, the recent launch of instruments including the Vion IMS QTOF Mass Spectrometer by Waters Corporation is seen as a major driver for the overall mass spectrometer market. The high preference for MALDI-TOF over other mass spectrometers is primarily due to the simpler method of preparing samples as well as the faster rate of analysis achieved in it. The leading revenue generator for mass spectrometer globally is MALDI-TOF, followed by ICP-MS.
On the basis of applications, the global mass spectrometer market can be segmented into pharmaceuticals, biotechnology, industrial chemistry, food and beverages testing, and environmental testing. Environmental testing and food and beverages testing market are showing an exceptional rate of growth in the global mass spectrometry market, primarily due to the increasing implementations of stricter regulatory measures to ensure product quality and integrity. The global share of pharmaceutical and biotechnology industry in global mass spectrometry market was estimated to be around 55% in 2015.
APAC Shows High Promise of New Equipment Adoption
Geographically, the global mass spectrometer market has been segmented into North America, Europe, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for top share of the global market in 2015, on the basis of revenue, followed closely by Europe. At the same time, Asia Pacific is showing the leading rate of growth in the global mass spectrometry market, owing to a growing demand for better quality analysis tools. Latin America is expected to emerge as a highly beneficial region for players from the global mass spectrometry market due to the growing scope of applications found in mining, pharmaceuticals, and biotechnology.
In 2015, the leaders of the global mass spectrometry market included Thermo Fisher Scientific, Waters Corporation, Bruker, PerkinElmer, AB SCIEX, Charles River Laboratories, Shimadzu Corporation, and Agilent Technologies.
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