The global market for mass spectrometers is prognosticated to rise at a healthy rate, according to Transparency Market Research (TMR). In 2015, the market was held by a few leading players, accounting for nearly half of the market share. These companies, to name, are Shimadzu Corporation, Thermo Fisher Scientific, Inc., and Agilent Technologies. Prominent names in the global mass spectrometer market also include Charles River Laboratories, PerkinElmer, AB SCIEX, and Waters Corporation. Vendors in the market are anticipated to focus on end-use industries such as pharmaceuticals, mass spectrometer manufacturers, and food and beverage testing industries, in order to survive the intense competition in the market. New product launches, partnerships and agreements, are expected to be extensively adopted by vendors to increment their consumer base.
Over 2016 to 2024, the forecast duration, the global mass spectrometer market is predicted to witness a vigorous 8.1% CAGR. The market, estimated to be at US$4.96 bn in 2015, at this rate the CAGR is predicted to rise to US$9.9 bn by the end of 2024.
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Food and Beverage Testing Market Segments to See Exceptional Growth
Segmented on the basis of applications, food and beverage testing is expected to emerge as the leading one among others. The rising awareness regarding the maintenance of the integrity and quality of the food products is a significant factor propelling the growth of this application segment. The growing number of regulatory measures implemented for the same are fuelling the food and beverage testing segment in the global mass spectrometer market.
Regionally, Asia Pacific is foretold to showcase high demand in the world market. This is ascribed to the rising adoption of improved and advanced tools for quality analysis. The unprecedented rise of biotechnology and pharmaceutical industries in the region is providing an impetus to market growth.
Demand for Precise Analytics to Offer Rich Market Opportunity
The increasing funding and subsidiaries provided by governments towards life science research and pharmaceutical industry is a key driver of the global mass spectrometry market. Additionally, the growing safety concerns in food and beverages industry has also fueled the growth of global mass spectrometry market. Moreover, headways in technological innovations in the field of mass spectrometry also attracts end users to adopt the technology.
A number of advanced technologies such as ion mobility spectrometry and capillary electrophoresis is used for the separation of complex biological mixtures such as derived peptide products. Mass spectrometry is being increasingly used in proteomics, metabolomics and in pharmaceutical sectors, providing a rich growth opportunity to the market. A rising trend expected to be further fuel the market is miniaturization. Systems such as MALDI-IMS and HRAM, are dedicated to improving the precision of analysis and reducing analysis time are bound to provide an impetus to the market.